What to Watch in the Day Ahead - Tuesday, February 27
26/02/2024 19:47
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The Commerce Department's Census Bureau is expected to report a likely 4.5% decline in orders
for durable goods for January. Excluding transport, orders for durable goods for January are
likely to show a 0.2% increase after a 0.5% rise in the previous month. Additionally, the
Conference Board is likely to report a consumer confidence index reading of 115 in February,
compared to 114.8 in January. Meanwhile, the S&P CoreLogic Case-Shiller national home price
index is expected to show an annual gain of 6% in the month of December, after a rise of 5.4% in
the month before. On a monthly basis, the index likely rose 0.2%, following a 0.1% increase in
the prior month. Separately, the Federal Housing Finance Agency is also scheduled to give a
reading of its monthly home prices.
Federal Reserve Vice Chair for Supervision Michael Barr is expected to speak virtually on
"Counterfeit Credit Risk" before the Conference on Counterparty Credit Risk Management hosted by
the Federal Reserve Bank of New York. (0905/1405)
Macy's will likely report a drop in fourth-quarter revenues, hit by sagging discretionary
spending. Investors will look for comments on holiday demand, new CEO strategies to boost cash
flow, the impact of the credit card segment and the 2024 outlook.
Lowe's is expected to post a drop in quarterly same-store sales as demand for home improvement
lagged amid selective consumer spending. Investors will watch for the company's forecast for
2024, its comments on the Do-It-Yourself customer base, home improvement market recovery
expectations and margins.
Jif peanut butter maker JM Smucker is expected to post a rise in third-quarter net sales, helped
by resilient demand for packaged jams, jellies and pet food. Investors will look for comments on
pricing actions, demand, the impact of coffee prices, and annual forecasts.
Dating apps firm Bumble is expected to post higher fourth-quarter revenue, helped by steady
demand for its services as more users look to connect with people on its platform. Investors
will be looking for commentary on the trends in the dating apps market after the company's
largest rival, Match Group, forecast first-quarter revenue below Wall Street estimates in
January as economy uncertainty looms.
Splunk is expected to report a rise in revenue in the fourth quarter on strong cybersecurity
spending.
Norwegian Cruise Line Holding is expected to post a rise in fourth-quarter revenue, buoyed by
still steady demand for cruises and higher ticketing prices. Investors will look for further
comments on the impact of the conflict in the Middle East, cost pressures and any signs of
slowing demand for cruise vacations.
In Canada, the Bank of Nova Scotia (Scotiabank) is expected to report its first-quarter results,
with the Canadian lender expected to report a drop in profit. While its income from loans is
expected to have jumped, analysts expect the lender's trading income to take a hit.
Additionally, the Bank of Montreal is expected to report a likely fall in first-quarter profit,
hurt by bigger bad loan loss provisions.
On the Latin American front, Brazil's inflation report will be tapped. The country's IPCA
mid-month CPI is expected to show an annual increase of 4.52% in February, compared to a 4.47%
gain in the previous month. Month-on-month, the index likely increased 0.82%, following a 0.31%
rise in the month before. The country's current account data and foreign direct investment
numbers for the month of January are also scheduled to be reported. Meanwhile, Mexico's trade
balance will be on the radar. The country is expected to report a trade deficit of $2.286
billion in January, compared to a $4.242 billion surplus in the previous month.
(Compiled by Ankita Yadav in Bengaluru; Editing by Tasim Zahid)
((Ankita.Yadav@thomsonreuters.com;))