The most important event for the market this week is Federal Reserve Chair Jerome Powell’s speech later this week. However, investors should not disregard the earnings calendar as good reports could be on the way.
NVIDIA Corporation
NVIDIA Corporation is anticipated to report earnings on August 24, 2022, following the close of the market, The report will cover the accounting quarter that ends in July 2022. The consensus EPS forecast for the quarter is $0.27, based on analyst projections. For the same quarter last year, there was a reported EPS of $0.89.
Salesforce, Inc.
Salesforce, Inc. is expected to report earnings after the market close on August 24, 2022. The report will cover the fiscal quarter that ends in July 2022. The consensus EPS forecast for the quarter is $0.37, according to analyst estimates. The reported earnings per share for the same quarter last year were $0.87.
Autodesk, Inc.
Autodesk, Inc. is expected to report earnings after the market close on August 24, 2022. The report will cover the fiscal quarter that ends in July 2022. The consensus EPS forecast for the quarter is $0.92, according to analyst estimates. Last year, the reported EPS for the same quarter was $0.67.
Stocks Fear A Fed Rate Hike
Wall Street endured yet another bruising session. The S&P 500 fell more than 2%, led by consumer discretionary and technology stocks, while measures of implied volatility such as the VIX ‘fear index’ rose sharply as demand for protection returned.
There was no news catalyst for this selloff, which appears to have been driven by a rise in Treasury yields, which compressed equity valuations, and the recent short-squeeze simply running out of steam.
Traders are likely to be ahead of the Jackson Hole trade, where the Fed may try to quell speculation that interest rates will be cut next year.
As for the rest of today’s highlights, the spotlight will fall on the latest S&P Global PMI business surveys from America and new home sales. Both are forward-looking indicators of economic activity and will therefore be crucial for investors trying to piece together where the terminal Fed funds rate is and how long it will stay there.
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