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Sunday, August 25, 2024

Wall Street Breakfast: The Week Ahead

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Welcome to the Sunday edition of Wall Street Breakfast, which previews events for investors to watch during the upcoming week. If you want to receive this a day earlier, follow Stocks to Watch and select the option to receive email notifications.

Top News
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The spotlight next week will be on Nvidia's (NVDA) earnings report, which has the potential to move markets. The chipmaking giant's highly anticipated report could have broad implications for the AI growth story.

Wedbush Securities Dan Ives believes the Nvidia (NVDA) report makes the week the most important of the year for the stock market this year.

The earnings calendar for the week ahead also includes key reports from Salesforce (CRM), CrowdStrike (CRWD), Best Buy (BBY), and Dollar General (DG).

Also on the deck is the Bureau of Economic Analysis' PCE report, which will be the last one ahead of the Federal Reserve's next decision on interest rates on September 18.

Earnings

Earnings spotlight: Monday, August 26 - BHP Group (BHP), Heico (HEI), and Trip.com (TCOM). See the full earnings calendar.

Earnings spotlight: Tuesday, August 27 - Bank of Montreal (BMO), Bank of Nova Scotia (BNS), PVH (PVH), and Box (BOX). See the full earnings calendar.

Earnings spotlight: Wednesday, August 28 - Nvidia (NVDA), Salesforce (CRM), Royal Bank of Canada (RY), CrowdStrike (CRWD), HP (HPQ), Okta (OKTA), J.M. Smucker (SJM), and Pure Storage (PSTG). See the full earnings calendar.

Earnings spotlight: Thursday, August 29 - Dell Technologies (DELL), Marvell Technology (MRVL), Autodesk (ADSK), Dollar General (DG), Best Buy (BBY), Gap (GAP), Ulta Beauty (ULTA), and Lululemon (LULU). See the full earnings calendar.


Data
Volatility watch: Options trading volume is elevated on Sana Biotechnology (SANA) and Clover Health Investments (CLOV). The most overbought stocks per their 14-day relative strength index include BAIYU Holdings (BYU), Nutex Health (NUTX), and U-BX Technology (UBXG). The most oversold stocks per their 14-day Relative Strength Index include Verrica Pharma (VRCA), Tela Bio (TELA), and Westrock Coffee (WEST). Short interest has moved higher on Longeveron (LGVN) and Lucid Group (LCID). Trump Media & Technology Group (DJT) will be watched closely, with Donald Trump less than a month away from being able to sell part of his 60% stake in the company. The stock is down 40% over the last six months.
IPOs
IPO watch: No new IPOs are expected to start trading in the U.S. The IPO lockup period expires for a block of shares of SolarMax Technology (NASDAQ:SMXT).
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