Broadcom, Palo Alto Networks Headline Earnings Amid A Tight Economic Calendar

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Wall Street swung between modest gains and losses on Friday as traders digested Federal Reserve Chair Kevin Warsh’s speech at the Jackson Hole Symposium. While the summer’s PCE and CPI readings came in better than expected, “they do not tell me that underlying trends have meaningfully improved,” Federal Reserve Chair Kevin Warsh said at the Jackson Hole economic symposium. “We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do,” he added.

A slew of economic data is scheduled for next week, kicking off with Chicago PMI for August on Monday. S&P Global and ISM manufacturing PMI data for August, ISM manufacturing prices for August, and JOLTS job openings data for July are due on Tuesday. On Wednesday, ADP nonfarm employment numbers for August will be released. Initial jobless claims numbers are scheduled for Thursday alongside S&P Global services and composite PMI for August and ISM Non-Manufacturing PMI and prices for the month. Friday is relatively packed with nonfarm payrolls and the unemployment rate for August being released.

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Earnings spotlight: Tuesday: Palo Alto Networks (PANW), Dell (DELL), and Medtronic (MDT). See the full earnings calendar.

Earnings spotlight: Wednesday: Broadcom (AVGO), Snowflake (SNOW). See the full earnings calendar.

Earnings spotlight: Thursday: Ciena (CIEN), Zscaler (ZS). See the full earnings calendar.

Volatility watch: Car rental stocks Avis Budget (CAR) and Hertz Global (HTZ) have seen options volatility increase over the last week. The most overbought stocks per their 14-day