September Ends With Fed Meeting, GDP Data

The Fed is widely expected to raise interest rates at its late-September meeting

Managing Editor
Sep 20, 2018 at 3:40 PM
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The economic action will really start to heat up in the final week of September. The Federal Open Market Committee (FOMC) meeting will kick off on Tuesday, and fed funds futures are pricing in a 94% chance that the committee will announce its third interest rate hike of 2018, per CME Group.

There will also be the final reading on second-quarter gross domestic product (GDP) to digest, as well as jobs and manufacturing data. And if that's not enough, there will be earnings reports from the likes of Nike (NKE), KB Home (KBH), and Rite-Aid (RAD). 

On the global trade front, the tit-for-tat trade barbs with China continue to be on the forefront of investors' minds. The recent escalation of tariffs from both sides threw a wrench in plans for late-September talks, although there's always a chance dialogue could sprout up again. 

Below is a brief list of some key market events scheduled for the upcoming week. All earnings dates listed below are tentative and subject to change. Please check with each company's respective website for official reporting dates.

The week begins quietly on Monday, Sept. 24, with the Chicago Fed National Activity Index, and the Dallas Fed manufacturing survey. Ascena (ASNA) will report earnings. 

On Tuesday, Sept. 25, the two-day Fed meeting will kick off. There will also be the S&P CoreLogic Case-Shiller housing price index, consumer confidence data, and the Richmond Fed manufacturing survey. Nike, Carnival (CCL), Jabil (JBL), and KB Home (KBH) are expected to release earnings.

The Fed meeting will conclude Wednesday, Sept. 26 with the policy decision at 2:00 PM Eastern, and a press conference with Fed Chair Jerome Powell to follow at 2:30. The weekly crude inventories report, new home sales, and the MBA mortgage index are also slated for release. CarMax (KMX), Bed Bath & Beyond (BBBY), and Pier 1 Imports (PIR) will step into the earnings confessional.

Thursday, Sept. 27, is nearly as busy, with reports due out on the final GDP reading for the second quarter, weekly jobless claims, durable goods orders, international trade data, and pending home sales. For earnings, Accenture (ACN), ConAgra (CAG), and Ride Aid (RAD) are expected to report.

Data on personal income and spending starts off the schedule on Friday, Sept. 28, while the Chicago purchasing managers index (PMI), University of Michigan consumer sentiment index, and Baker-Hughes rig count are also expected. BlackBerry (BB) and MiMedx (MDXG) will report earnings.

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