The S&P 500, Russell 2000 and NASDAQ 100 were lower last week while the Dow Jones Industrial Average was higher.
- Geopolitical and Fiscal Events. This week will see Federal Reserve Chairman Powell testify on Tuesday and Wednesday before Congress. The stimulus bill is still being worked on and has a chance to get passed by the end of the week.
- Economic Releases. Releases of note this week include the weekly chain store sales, oil/gas numbers, mortgage applications and jobless claims as well as leading indicators, consumer confidence, new home sales, durable goods, Q4 GDP revised, pending home sales, personal income, Chicago PMI and University of Michigan Consumer Sentiment -Final.
- Earnings Releases. Notable releases this upcoming week include CDNS PANW HD MDT NVDA LOW CRM ABNB PEG DKNG
Monday, February 22
- January Leading Indicators are due out at 10:00 a.m. EST and expected to rise to 0.4% from 0.3%.
Tuesday, February 23
- February Consumer Confidence is out at 10:00 a.m. EST and came in last month at 89.3 and is expected to rise to 91.00.
- Federal Reserve Chairman Powell begins two days of testimony if front of Congress.
- Extreme Networks (EXTR) holds their analyst meeting and is a Type 1 Short Squeeze.
- Henry Schein (HSIC) holds their analyst meeting and is a Type 4 Long Squeeze.
Wednesday, February 24
- January New Home Sales are due out at 10:00 a.m. EST and is expected to improve to 855,000 from 842,000.
- Seagate Technologies (STX) holds their analyst meeting and is a Type 1 Short Squeeze.
- The latest NYSE and NASDAQ Short Interest is due out after the close for the period ended on settlement date of 2/12. During this period from 1/27/21 through 2/10 on a trade date basis the S&P 500 rose 4.24%, so expect more short covering.
Thursday, February 25
- January Durable Goods are due out at 8:30 a.m. EST and are expected to fall slightly to 0.6% from 0.7%.
- Q4 GDP Second Estimate is due out at 8:30 a.m. EST and is expected to rise to 4.1% from 4.0%
- January Pending Home Sales are due out at 10:00 a.m. EST and came in last month at -0.3%.
Friday, February 26
- January Personal Income is due out at 8:30 a.m. EST and is expected to rise to 2.3% from -0.2%.
- February Chicago PMI is due out at 9:45 a.m. EST and is expected to fall to 60 from 63.8.
- February University of Michigan Consumer Sentiment (final) is due out at 10:00 a.m. EST and is expected to fall to 76.4 from 79.