Market Perspective for February 24, 2020

Equities pulled back after further reports of coronavirus. The S&P 500 Index fell 3.35 percent. One Fed official called for an intermeeting rate cut to support the stock market and economy. The market rallied midday on this news, trimming some of the losses from the open. A number of central banks and finance ministers, including in China and the USA, have also called for supportive action if necessary.

The Case-Shiller home price index for December will be released tomorrow, along with the FHFA home price index. The Conference Board’s consumer confidence index for February is out as well. Analysts expect it will rise to 132.5, up from 131.6 in January.

January new home sales will be released on Wednesday. Economist predict an annualized pace of 721,000, up sharply from the prior month’s 694,000. Pending home sales are out the following day.
The second estimate of fourth quarter GDP come on Thursday. Growth was 2.1 percent in the initial estimate and economists expect that will hold.

Friday brings the Chicago PMI and the University of Michigan’s consumer sentiment survey, both for February. Regional Fed PMIs have been surprisingly strong over the past couple of weeks.

HP Inc (HPQ) kicked off this week’s earnings news with a strong report. Shares climbed more than 5 percent in initial after-hours trading.

Tuesday will see earnings reports from Virgin Galactic (SPCE), Salesforce.com (CRM), Home Depot (HD), American Tower (AMT), Public Storage (PSA), Macy’s (M) and Cheniere (LNG).
Wednesday brings Booking Holdings (BKNG), Square (SQ), Crown Castle International (CCI), Lowes (LOW), L Brands (LB), The TJX Companies (TJX), BioMarin Pharmaceuticals (BMRN) and Marriot (MAR).

Beyond Meat (BYND), Workday (WDAY), Trade Desk (TTD), Baidu (BIDU), Occidental Petroleum (OXY), Autodesk (ADSK), Best Buy (BBY), Monster Beverage (MNST) and VMware (VMW) report on Thursday.

The week closes out with Wayfair (W), Foot Locker (FL) and AES Corp (AES).

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