Here are the most important news items that investors need to start their trading day:
1. Tripped up
All streaks need to come to an end. The Dow closed last week in the red, breaking a run of four consecutive weeks of wins. The S&P 500 and the Nasdaq also finished last week down. Investors are trying to get a hold on where the economy is headed, particularly since the Federal Reserve has signaled it would slow down its rate-hiking plans. This week should bring more data points for markets to digest. First quarter GDP numbers are expected, as is a huge slate of major corporate earnings (see below). Follow live market updates.
2. Tech leads a huge earnings week
The Amazon logo is seen at the company logistics center in Lauwin-Planque, northern France, November 15, 2022.
Pascal Rossignol | Reuters
This is your week if you’re an earnings geek. Several major companies, including tech mega caps such as Meta and Amazon, are on deck. Coca-Cola kicked things off Monday morning (see below), while First Republic Bank, which was at the center of the recent banking crisis, is set to post results after the bell Monday afternoon. This week we should also get a taste of how restaurant companies are doing as consumers contend with high inflation. Here’s a look at several of the big names set to report this week:
- Tuesday: General Motors, McDonald’s, PepsiCo, UPS (before the bell); Alphabet, Microsoft, Chipotle (after the bell)
- Wednesday: Boeing, Norfolk Southern (before the bell); Meta, Mattel (after the bell)
- Thursday: American Airlines, Eli Lilly, Merck, Comcast (before the bell); Amazon, Intel (after the bell)
3. NBCUniversal CEO Shell exits
CEO of NBC Jeff Shell arrives for the Allen & Company Sun Valley Conference on July 06, 2021 in Sun Valley, Idaho. After a year hiatus due to the COVID-19 pandemic the world’s most wealthy and powerful businesspeople from the media, finance, and technology will converge at the Sun Valley Resort for the exclusive week-long conference.
Kevin Dietsch | Getty Images
4. Coke reports earnings
A man walks past shelves of Coca-Cola bottles and cans at a shopping mall in Lagos, Nigeria November 5, 2019.
Temilade Adelaja | Reuters
Coca-Cola came through with an earnings beat Monday morning, as the beverage giant benefited from price hikes and healthy demand. And the company is confident it can continue producing strong results. “We have the right portfolio, the right strategy and the right execution to deliver in the marketplace,” CEO James Quincey said in an earnings release. Coke’s net sales for the most recent period rose 5% from the year-earlier quarter, and the company is sticking with its outlook for the year.
5. Bankruptcy comes for Bed Bath & Beyond
A closing Bed Bath & Beyond store in the Brooklyn borough of New York, US, on Monday, Feb. 6, 2023.
Stephanie Keith | Bloomberg | Getty Images
That’s about it, folks. Bed Bath & Beyond is on its way out. After months of trying to delay the inevitable with various financing plans and maneuvers, the beleagured home goods retailer filed for bankruptcy over the weekend. In the end, Bed Bath just wasn’t relevant anymore after multiple shifts in strategy alienated both shoppers and suppliers in recent years. Now, the company is moving to close its remaining namesake and Buybuy Baby stores, unless another party swoops in and saves the brands. According to court filings, Bed Bath has about 14,000 nonseasonal employees and as many as 50,000 creditors.
– CNBC’s Hakyung Kim, Ashley Capoot, Lillian Rizzo, Alex Sherman, Amelia Lucas and Gabrielle Fonrouge contributed to this report.
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