Fresh inflation data will have investors on pins and needles in the coming week, after stocks ended Friday by notching a fifth day of losses and producer prices surging 8.3% annually — the most on record. Markets were also pressured after Apple was hit with an injunction related to its legal battle with Fortnite creator Epic Games.
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|I:COMP||NASDAQ COMPOSITE INDEX||15115.494378||-132.76||-0.87%|
The maker of iPhones and Macs will be in the news again this week, along with Amazon, Oracle and Zoom.
FOX Business takes a look at the news likely to move financial markets in the coming days.
Kicking off the week will be earnings from Oracle after the bell and the federal budget.
Vaccine mandates are also set to go into effect for all indoor activities in New York City and for State Street bank and Under Armour employees returning to the office. Meanwhile, Carnival Cruise Line will also require masks indoors and vaccinated guests to be tested for COVID-19 within two days of sailings.
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|UAA||UNDER ARMOUR, INC.||22.87||-0.29||-1.25%|
|ICE||INTERCONTINENTAL EXCHANGE, INC.||118.84||-0.61||-0.51%|
In the world of politics, U.S. Secretary of State Antony Blinken will testify at least twice before Congress on the Biden administration’s withdrawal of U.S. forces from Afghanistan. The first hearing will take place on Monday before the House Foreign Affairs Committee while the second will take place on Tuesday before the Senate Foreign Relations Committee.
A group of 15 Democratic members of the House of Representatives recently sent a letter to Blinken and Homeland Security Secretary Alejandro Mayorkas seeking additional information on how Americans, permanent U.S. residents and other vulnerable individuals who remain in Afghanistan will be evacuated.
In addition, National Small Business Week, the Small Business Administration’s Small Business Summit, New York’s SALT Conference and Zoomtopia will all begin on Monday.
On Tuesday, investors will be watching for economic data including the Core CPI, consumer price index which will be closely watched after producer prices surged 8.3% annually in August, the most on record.
Additionally, the NFIB’s small business optimism index will be released.
Michael Jordan-backed sports betting data provider Sportradar will also kick off a series of initial public offerings this week. According to Sportradar’s IPO prospectus, the company is selling 19 million shares at $25 to $28 per share, and will trade under the ticker symbol SRAD on the Nasdaq. Eldridge Industries and hedge fund Radcliff Management have agreed to buy $159 million of Sportradar shares, the filing notes.
Apple’s highly anticipated “California Streaming” event will also be broadcast live from Apple Park on Tuesday. The even, which kicks off at 10 a.m. Pacific Time, is expected to reveal the new iPhone 13 and the Apple Watch Series 7.
Wednesday will be a busy day for economic data with import and export prices, industrial production, weekly mortgage applications, the Energy Information Administration’s weekly crude stocks, and the Empire State manufacturing index.
In addition, Dutch Bros Coffee and Roger Federer-backed On Holding are both expected to begin trading on the New York Stock Exchange. Dutch Bros, which will trade under the ticker symbol BROS, will sell 21,052,632 shares at $18 to $20 per share, while On Holding, which will trade under the ticker symbol ONON, will sell 31 million shares at $18 to $20 each.
Meanwhile, Amazon CEO Andy Jassy will make his first hiring push at the helm of the e-commerce giant with the company’s third annual Career Day. Amazon is looking to fill over 40,000 available corporate and technology roles and tens of thousands of hourly positions in its operations network.
Amazon vice president of workforce development Ardine Williams told FOX Business the hiring push is focused on the company’s “fast-growing businesses,” including Amazon Web Services, Amazon advertising, Amazon Alexa and Project Kuiper, an initiative to provide wide broadband internet access through the launch of satellites into low Earth orbit.
The virtual event will feature 20,000 free, one-on-one career-coaching sessions from Amazon’s team of 1,200 recruiters, coding workshops led by Amazon software development engineers, and a “How to Interview at Amazon” breakout session led by two senior recruiters with a combined 25 years of interviewing experience at the company.
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Other notable events include issuance of the second payment of the child tax credit, the Federal Trade Commission’s open committee meeting, where staff members are scheduled to present findings on the agency’s inquiry into Big Tech’s unreported acquisitions, and Disney’s deadline to shutter nearly 60 of its full-size stores in the United States as the entertainment giant shifts its focus towards e-commerce.
Wrapping up the week for IPOs will be ForgeRock, which will trade on the New York Stock Exchange under the ticker symbol FORG. The digital identity software company’s valuation could hit up to $1.9 billion as the company offers 11 million shares at $21 to $24 per share, according to its IPO prospectus.
As for economic data, investors will take in retail sales, business inventories, the Philadelphia Federal Reserve’s manufacturing survey and weekly initial and continuing jobless claims.
Also on Thursday, the state of Virginia will release emergency allotments of SNAP benefits for eligible families. The allotments will raise existing SNAP households’ monthly benefit amount to the maximum allowable based on household size.
A Florida Department of Health rule fining businesses and government agencies who require proof of COVID vaccination will also go into effect. Violators will receive notice of their infraction and have a chance to appeal the fines, which can be as much as $5,000 per violation. Once finalized, violators will have 30 days to pay.
Finishing out the week for economic data will be the preliminary reading for the University of Michigan’s consumer sentiment index.
The Food and Drug Administration will also meet with outside advisors to discuss Pfizer and BioNTech’s biologics license application for administration of a third booster dose of its COVID-19 vaccine for individuals 16 years of age and older.
The meeting comes just days before the Biden administration hopes to start offering COVID-19 vaccine booster shots and follows his vaccine hardline mandate for all employees announced last week.