Fed Minutes, Inflation Data Highlighted President's Day Week

There was a handful of other economic data as well

Deputy Editor
Feb 24, 2023 at 1:39 PM
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It was a pretty rough President's Day week on Wall Street, as investors mused over the Federal Reserve's stance regarding rate hikes and unpacked a host of economic data. Stocks fell to start the week, with the Dow Jones Industrial Average (DJI) dropping nearly 700 points. The major indexes extended their slide on midweek following the latest Fed minutes, before the S&P 500 Index (SPX) found some relief and snapped a four-day losing streak. However, Friday's red-hot inflation data rattled the market once again, and all three major benchmarks are on track for weekly losses.  

Earnings Reports This Week

Blue-chip retailer Walmart Inc (WMT) announced an upbeat fourth-quarter report this week. Several stocks made big moves after results came in, including Nvidia Corporation (NVDA), which gave the chip sector a boost after its surge, and Palo Alto Networks Inc (PANW). Meanwhile, options traders targeted Moderna Inc (MRNA) after its disappointing report and FDA update, and Warner Bros Discovery Inc (WBD) and Booking Holdings Inc (BKNG) announced earnings on Friday. 

What's On Tap as March Begins

Earnings season will continue next week, with reports from several retail names. There will be a good amount of economic data too, particularly on Tuesday. Meanwhile, newsletters have been becoming more bullish, which could signal a short-term pullback, and VIX call buying has been at elevated levels as well. 

 

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