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Costco earnings, United Natural Foods, new home sales: 3 things to watch
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Published Sep 25, 2023 04:00PM ET
© Reuters.
Investing.com -- Stocks wobbled in trading on Monday, as investors tried to close out the quarter and month on a positive note despite last week's news that the Federal Reserve sees interest rates staying higher for longer.
Stocks have retreated in recent sessions after the Fed's decision to keep rates steady but signal another rate increase this year and just two rate cuts next year, down from the four officials forecast in their June projections.
While actions to now have helped cool inflation, the Fed is still determined to get the rate down to its 2% annual target. Resilient consumer spending and strong employment numbers are driving the economy but many analysts see conditions cooling in the last quarter of the year.
Some factors could complicate the Fed's efforts, including the resumption of federal student loan payments next month after being suspended during the pandemic. That could remove money from household discretionary spending. In addition, Washington headed for a showdown on funding the government after the Sept. 30 deadline. A shutdown, even briefly, could through parts of the economy into disarray.
Here are three things that could affect markets tomorrow:
1. Costco earnings
The warehouse retailer Costco Wholesale Corp (NASDAQ:COST) is expected to report earnings per share of $4.78 on revenue of $77.7 billion.
2. United National Foods
Whole Foods distributor United Natural Foods Inc (NYSE:UNFI) is expected to report a loss per share of 38 cents on revenue of $7.47 billion.
3. New home sales
New home sales for August are expected out at 10:00 ET (14:00 GMT). Analysts expect a reading of 700,000, down slightly from the prior month.
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