All eyes will be on the Fed next week, after the Federal Open Market Committee (FOMC) yesterday detailed plans to begin unwinding its $4.5 trillion balance sheet beginning in October. Specifically, Wall Street will look to daily appearances from Federal Reserve officials for more specifics -- as well as possible hints on a December rate hike -- with Tuesday's late-morning address from Fed Chair Janet Yellen likely to draw the biggest crowd.
And while a couple of heavy hitters can be found on the relatively light earnings calendar -- including Nike Inc (NYSE:NKE) and Micron Technology, Inc. (NASDAQ:MU) -- a raft of economic reports will be on the radar. Topping the list are Wednesday's durable goods update and Thursday's final reading on second-quarter gross domestic product (GDP).
Below is a brief list of some key market events scheduled for the upcoming week. All earnings dates listed below are tentative and subject to change. Please check with each company's respective website for official reporting dates.
New York Fed President William Dudley is scheduled to speak bright and early on Monday, Sept. 25, while Chicago Fed President Charles Evans will give an address in the afternoon, and Minneapolis Fed President Neel Kashkari will take the podium after the close. The Chicago Fed National Activity Index and the Dallas Fed manufacturing survey are slated for release. Ascena Retail Group (ASNA), Carnival (CCL), and Red Hat (RHT) will report earnings.
In addition to Yellen's highly anticipated speech on Tuesday, Sept. 26, Cleveland Fed President Loretta Mester and Atlanta Fed President Raphael Bostic are slated to speak. Additionally, the S&P CoreLogic Case-Shiller home price index, new home sales, and the Conference Board's consumer confidence survey are due. Nike (NKE), Darden Restaurants (DRI), and Micron (MU) will tell all in the earnings confessional.
On Wednesday, Sept. 27, Kashkari will take the stage once again, along with St. Louis Fed President James Bullard. Boston Fed President Eric Rosengren will speak after the close. And in addition to durable goods orders, pending home sales and the weekly crude inventories update will be released. Stepping up to the earnings plate are Jabil (JBL), Pier 1 Imports (PIR), and Progress Software (PRGS).
Kansas City Fed President Esther George will speak the morning of Thursday, Sept. 28. Before her speech, though, Wall Street will get the final reading on second-quarter GDP, as well as international trade data and weekly jobless claims. AngioDynamics (ANGO), Conagra Brands (CAG), KB Home (KBH), Rite Aid (RAD), and Vail Resorts (MTN) will release their quarterly results.
On Friday, Sept. 29, a speech by Philadelphia Fed President Patrick Harker will round out a busy week of Fed appearances. Traders will also react to the latest personal income and spending data, as well as the Chicago purchasing managers index (PMI) and the University of Michigan's consumer sentiment survey. There are no notable earnings reports due.