[ad_1]
On Friday, the S&P 500 closed at an all-time high. Wall Street will now wait to see if the good times continue. The Federal Reserve has so far been successful in keeping inflation in check without pushing the U.S. economy into recession, and investors are pushing stocks higher on expectations the central bank will start cutting interest rates later this year. But it may take a delicate combination of conditions for stocks to break new records. It’s a combination of slowing stock price growth and a strong but not strong economy. The Fed will have two important pieces of data on the economy this week, as preliminary fourth-quarter GDP numbers are scheduled for Thursday and the personal consumption expenditure price index is scheduled for Friday. Follow live market updates here.
This week’s corporate earnings reports will also shape the stock market, providing a glimpse into the health of several major sectors. United Airlines begins a busy week for the airline on Monday. Investors are keeping an eye on Alaska Airlines, seeking updates on radioactive fallout from a blown-out panel on a Boeing 737 Max 9 plane during an airline flight earlier this month. Tesla will report earnings this week, along with two major media companies (Netflix and Comcast). Procter & Gamble, Johnson & Johnson, and Intel are among the consumer goods, health care, and technology companies scheduled to report. The main results of note are:
- Monday: United Airlines (after Bell)
- Tuesday: Johnson & Johnson, Procter & Gamble, Lockheed Martin (before Bell). Netflix (After the Bell)
- Wednesday: IBM, Tesla (after Bell)
- Thursday: Comcast, American Airlines, Alaska Airlines, Southwest Airlines (in front of the Bell). Inter (after the bell)
Disclosure: Comcast is the parent company of NBCUniversal and CNBC.
Florida Governor Ron DeSantis has withdrawn from the 2024 presidential race, ending a campaign that was seen as a threat to challenge former President Donald Trump for the Republican nomination. With his withdrawal from the Republican race, front-runner Trump will face only one major rival in Tuesday’s New Hampshire primary: Nikki Haley of South Carolina. Trump, who has been charged in four separate criminal cases, leads Haley by a wide margin in New Hampshire polls after easily winning the Iowa caucuses. DeSantis has a history of high-profile public relations, including the glitchy launch of Elon Musk’s social media platform X and his battle with Walt Disney, which used state power against media giants. The campaign featured a number of failures.
Macy’s has rejected a $5.8 billion takeover offer from ArkHouse Management and its partner Brigade Capital Management. The department store chain’s CEO, Jeff Gennette, said the company’s offer to buy the remaining Macy’s shares it doesn’t already own for $21 a share “doesn’t provide compelling value” to shareholders. said. He added that Macy’s is “open to opportunities that are in the best interest” of the company and its shareholders. The proposal comes as department stores seek to boost sluggish sales and compete with online retailers and discounters. Last week, Macy’s announced it would cut about 2,350 jobs, or 3.5% of its workforce, and close five stores.
Sports Illustrated’s future is in doubt. Arena Group, the publisher of the iconic magazine, plans to lay off most of the magazine’s staff. The cuts came after Arena failed to pay licensing fees for the magazine to owner Authentic Brands Group. Authentic said it hopes to find a way to continue publishing Sports Illustrated. The layoffs come amid a wave of layoffs at publishing outlets including the Los Angeles Times and Pitchfork. It also captures the magazine industry’s years of decline. Sports Illustrated, once a sports journalism institution, has now reduced its staff to a fraction of what it once was and publishes a monthly rather than a weekly magazine.
–CNBC’s Brian Evans, Jeff Cox, Rebecca Picciotto and Melissa Repko contributed to this report.
— Follow broader market movements like a pro CNBC Pro.
[ad_2]
Source link
