Stocks Poised for Lower OpenByJanet H. Cho
Updated Sept 22, 2024, 6:39 pm EDT / Original Sept 22, 2024, 6:32 pm EDT
In this article
KBH
SFIX
JEF
KMX
Stocks are poised to fall slightly at the open in New York on Monday. (Michael M. Santiago/Getty Images)
Stocks are poised for a slightly lower open on Monday as investors close out the last full week of September awaiting a key inflation report.
At 6:10 p.m. ET on Sunday, Dow Jones Industrial Average futures were down 34 points or 0.1%; the S&P 500 futures lost 0.1%; and Nasdaq Composite futures lost 0.1%.
Stocks roared higher last week, after the Federal Reserve cut its benchmark interest rate by a half of a percentage point, pushing the blue chip Dow to a record close on Friday.
Several Fed officials are slated to speak this week after that policy meeting decision, and investors will be listening to any clues they offer on their outlook for the remainder of the year.
This week’s notable earnings include reports from AAR Corp.on Monday; and AutoZone, KB Home
KBH
-2.68%
, and Stitch Fix
SFIX
-5.74%
on Tuesday.
Cintas, Jefferies Financial Group
JEF
-0.35%
, and Micron Technology report earnings on Wednesday, and Accenture, CarMax
KMX
-1.67%
, Costco Wholesale, Jabil, and Vail Resorts report on Thursday.
In notable economic events this week, on Monday, S&P Global will report both its Manufacturing and Services Purchasing Managers’ Indexes for September.
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Also Monday, Atlanta Fed President Raphael Bostic is speaking at the European Economics and Financial Centre at the University of London, and Minneapolis Fed President Neel Kashkari will talk about the economic impact of early childhood education at the Greater Kansas City Chamber of Commerce at the Science Museum of Minnesota in St. Paul, Minn.
Chicago Fed President Austan Goolsbee will discuss monetary policy and the economy at the annual National Association of State Treasurers meeting in Chicago.
On Tuesday, S&P CoreLogic will release its Case-Shiller National Home Price Indexes for July, and the Conference Board will report the Consumer Confidence Index for September.
Also Tuesday, Fed Gov. Michelle Bowman, who cast the only dissenting vote on the central bank’s decision to cut interest rates by a half percentage point last week, will discuss the economic outlook and monetary policy at the Kentucky Bankers Association Annual Convention in Hot Springs, Va.
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On Wednesday, the Census Bureau will report new home sales. Fed Gov. Adriana Kugler will talk about the economic outlook at Harvard’s Kennedy School in Boston.
On Thursday, the Bureau of Economic Analysis will release its final estimate of second-quarter gross domestic product growth; the Census Bureau will release its durable goods report for August; the National Association of Realtors will release its Pending Home Sales Index, a leading indicator of housing activity, for August; and the Labor Department will report initial jobless claims for the week ended Sept. 21.
Also Thursday, Fed Chair Jerome Powell will deliver the opening remarks at the 2024 U.S. Treasury Market Conference at the Federal Reserve Bank of New York. Fed Vice Chair for Supervision Michael S. Barr will speak at the same event about supervision and regulation. Barr will also discuss the relationship between banking supervision and inclusive lending practices in a virtual fireside chat with Kashkari.
Separately, Boston Fed President Susan Collins and Fed Gov. Kugler will discuss the intersection between bank supervision and financial inclusion in a virtual fireside chat. Fed Gov. Lisa D. Cook will talk about artificial intelligence and workforce development at Columbus State Community College in Columbus, Ohio, and on artificial intelligence and the labor force at The Ohio State University President and Provost’s Diversity Lecture and Cultural Arts Series in Columbus.
Bowman will talk about the economic outlook and monetary policy at the Mid-size Bank Coalition of America Board of Directors Workshop.
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On Friday, the University of Michigan will release its final consumer sentiment index for September; and the Bureau of Economic Analysis will release its Personal Consumption Expenditures Price Index for August. Bowman will speak at the Alabama Bankers Association Bank CEO Meeting in Birmingham, Ala.
Write to Janet H. Cho at janet.cho@dowjones.com