The Week Ahead
1.Geopolitical and Fiscal Events. This week sees the FOMC out with their latest rate decision on Wednesday.
2.Economic Releases. Releases of note this week include the weekly chain store sales, oil/gas numbers, mortgage applications and jobless claims as well as durable goods, consumer confidence, Case Shiller Home Price Index, GDP Q, pending home sales, Chicago PMI, University of Michigan Consumer Sentiment and personal income.
3.Earnings Releases. Notable releases this upcoming week include TSLA NXPI MSFT GOOGL AAPL FB AMZN MA XOM CVX.
Monday, April 26th
March Durable Orders came out at 8:30 a.m. EDT and were expected to rise to 2.0% from -1.1% in February. They came in at 0.5% less than expected.
The latest NYSE and NASDQ Short Interest from March 29th through April 13th trade date and April 15th settlement date is due out after the close of trading. During this period the S&P 500 rose 4.29% while the Russell 2000 rose 3.25%. There was no covering by short sellers as they increase NYSE bets by 1.70% and NASDAQ by 2.84%..
Tuesday, April 27th
S&P Case-Shiller Home Price Index is due out at 9:00 a.m. EDT and is expected to rise to 11.8% from 11.1%. The actual number was 11.9% rise.
April Consumer Confidence is due out at 10:00 a.m. EDT and was expected to rise to 115 from 109.70. It blew the doors off the estimate with a 121.70 increase.
The Federal Reserve Open Market Committee (FOMC) begins a two day meeting.
Wednesday, April 28th
The FOMC concludes its two day meeting with a rate decision and a press conference at 2:30 p.m. EDT.
Thursday, April 29nd
Q1 GDP (advanced) is due out at 8:30 a.m. EDT and is expected to 6.5% from 4.3%.
March Pending Home Sales are due out at 10:00 a.m. EDT and are expected to rise to 7.20% from -10.6%.
Friday, April 30th
March Personal Income is due out at 8:30 a.m. EDT and is expected to rise to 20.5% from -7.1% as stimulus checks hit bank accounts.
March PCE Price Index the Federal Reserve’s measure of inflation is due out as well and expected to rise by 0.5% from 0.2%.
April Chicago PMI is due out at 9:45 a.m. EDT and is expected to fall to 62 from 66.30.
April University of Michigan Consumer Sentiment is expected to rise to 87 from 84.90.