Thursday, March 23, 2023
HomeMarketU.S. Stocks Poised for Slightly Lower Open

U.S. Stocks Poised for Slightly Lower Open

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U.S. stocks are poised for a lower open on Monday, ahead of the week when President Joe Biden delivers his State of the Union address, and the University of Michigan releases its preliminary Consumer Sentiment Index reading for February.

At 6:12 p.m. Eastern time on Sunday night, Dow Jones Industrial Average futures lost 60 points, or 0.2%, while the S&P 500 futures lost 0.2%, and Nasdaq Composite futures lost 0.3%.

Crude oil futures (West Texas Intermediate, the U.S. standard) rose 0.2% to $73.53 a barrel. Brent crude, the international standard, rose 0.2% to $80.09 a barrel. 

Ninety-five S&P 500 companies are scheduled to report earnings this week, the third straight week with more than 90 companies reporting, including: Activision Blizzard, Cummins, Idexx Laboratories, ON Semiconductor, Pinterest, Simon Property Group, Spirit Airlines, Take-Two Interactive Software and Tyson Foods on Monday; BP, Chipotle Mexican Grill, DuPont, Linde, Royal Caribbean Group, and TransDigm Group on Tuesday.

CVS Health, Dominion Energy, Eaton, Emerson Electric, MGM Resorts International, Uber, Walt Disney, and Yum! Brands report earnings on Wednesday.

AbbVie, ArcelorMittal, AstraZeneca, Expedia Group, Flowers Foods, Goodyear Tire & Rubber, Hilton Worldwide Holdings, Kellogg, Lyft, Motorola Solutions, PayPal, PepsiCo, Philip Morris International, and S&P Global report on Thursday; and Global Payments, Honda Motor, IQVIA Holdings, and Newell Brands on Friday. 

This week’s notable economic events include: On Tuesday, Federal Reserve Chairman Jerome Powell will speak at the Economic Club of Washington, D.C., at noon Eastern time, and President Biden delivers the State of the Union address at 9 p.m. Eastern.

Also Tuesday, the Federal Reserve reports consumer credit data for December, and the Commerce Department reports on exports and imports of goods and services in December.

On Wednesday, New York Fed President John Williams will be interviewed at The Wall Street Journal’s CFO Network Summit in New York City. On Thursday, the Department of Labor reports initial jobless claims for the week ending Feb. 4.

On Friday, the University of Michigan releases the Consumer Sentiment Index for February.

Write to Janet H. Cho at janet.cho@dowjones.com 

Credit: marketwatch.com

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