For the trading week beginning August 24th, equities are still looking for a catalyst to correct or break out, and Nvidia earnings after the close on Wednesday may be it.
Wednesday also brings PCE inflation data and the second estimate of second quarter GDP, while the Jackson Hole Symposium begins Thursday, giving a clearer read on the tech trade and rate expectations.
Treasury Secretary Scott Besson holds a Monday press conference on what he calls the toughest sanctions ever imposed on Iran, adding economic pressure alongside the existing U.S. naval blockade.
Fed Chair Kevin Warsh gives his first Jackson Hole keynote on Friday, August 28th, 19 days before the September 16th FOMC decision on whether to hike or hold rates, though he has stripped back forward guidance.
The week's calendar also includes RBA minutes, Japan core CPI, German GDP, U.S. Case-Shiller, consumer confidence, durable goods, two- and five-year Treasury auctions, ECB minutes, jobless claims, Tokyo CPI and Canadian GDP.
Brief overview
Nvidia earnings, PCE data and Warsh's Jackson Hole debut could set markets' next direction.
Nvidia earnings are the key catalystNvidia reports after Wednesday's close and could decide whether stocks break out.
Warsh's Jackson Hole debut may shape rate betsIt is the last big platform before the September 16th FOMC decision.
New sanctions ratchet up pressure on IranBesson calls them the toughest sanctions ever imposed on Iran.
Questions this recording answers
6 questions, each answered where it is said
What could be the next catalyst for stocks this week?
Equities are still looking for a catalyst to either correct or break out higher, and Nvidia earnings after the close on Wednesday may be it. Wednesday's PCE inflation data and second quarter GDP estimate, plus the Jackson Hole Symposium starting Thursday, should also clarify the tech trade and rate expectations.
When is Kevin Warsh's Jackson Hole speech and why does it matter?
Fed Chair Kevin Warsh delivers his first Jackson Hole keynote on Friday, August 28th, at the Kansas City Fed's symposium in Wyoming, 19 days before the September 16th FOMC decision. It is the last big platform to signal whether he favors a hike or a hold on rates.
Will Warsh's speech give clear guidance on interest rates?
Possibly not. Warsh has deliberately stripped back forward guidance since taking the chair in May, so the sharper signal may come from the FOMC, where dissenters at the last meeting pushed for an immediate hike. The speech could be an event or a non-event for markets.
What new action is being taken against Iran?
Treasury Secretary Scott Besson holds a Monday morning press conference outlining what he calls the toughest sanctions ever imposed on Iran. He told CNBC it is part of a broader effort to increase economic pressure on Tehran alongside the existing U.S. naval blockade, which he argues could reduce the risk of wider conflict.
What U.S. economic data is released on Wednesday?
Wednesday is a big day in the U.S., with durable goods orders, the second estimate of second quarter GDP, PCE inflation data and a five-year Treasury note auction. Nvidia also reports earnings after the close that day, making it a key session for markets.
What international data is on the calendar next week?
Monday brings Reserve Bank of Australia minutes; Tuesday, BOJ core CPI, German GDP and the German business climate survey; Thursday, ECB meeting minutes and Tokyo CPI in the evening; Friday, U.K. home price data, German employment figures and Canadian GDP.
Key Quote
“Nvidia earnings after the close on Wednesday may be that.”
— Host
Key Quote
“But specifically, NVIDIA's earnings are key to watch.”
— Host
Key Quote
“So in other words, this could be an event or it could be a non-event for markets.”