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Oracle Q3 Earnings On Deck; Inflation, Jobs Data Also In Focus
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The stock market was deep in the red on Friday, as the nonfarm payrolls unexpectedly contracted in February. The U.S. nonfarm payrolls: -92K vs. +60K consensus and +126K prior (revised from +130K), according to data released by the Bureau of Labor Statistics on Friday. Unemployment rate: 4.4% vs. 4.4% consensus and 4.3% prior. Oil prices topped $80/bbl on Thursday as investors weighed escalating geopolitical tensions in the Middle East and rising oil prices following military confrontations between the U.S. and Iran.
With only a few major companies reporting their earnings, investors will turn their attention to major economic indicators releasing next week. Existing home sales data for February will be released on Tuesday. CPI data for the month is due on Wednesday, with initial jobless claims data releasing on Thursday. Prelim GDP, core PCE price index and JOLTS job openings will be out on Friday.
Oracle, Adobe, and Hewlett Packard are among the companies reporting their results next week.
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Earnings spotlight: Monday: Hewlett Packard (HPE). See the full earnings calendar.
Earnings spotlight: Tuesday: Oracle (ORCL), BioNTech (BNTX). See the full earnings calendar.
Earnings spotlight: Thursday: Adobe (ADBE), Alibaba Group (BABA). See the full earnings calendar.
Volatility watch: IREN (IREN) and Xenon Pharmaceuticals (XENE) are set up for a volatile week of trading based on options volume. The most overbought stocks per their 14-day relative strength index include White Pearl Acquisition (WPAC), Peakstone Realty Trust (PKST), and Archrock (AROC). The most oversold stocks
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