U.S. equities traded in a narrow range through the week and finished with small losses amid mixed quarterly earnings that continued to weigh on investor sentiment. Meanwhile, economic data was also mixed, but the main theme of resilience held up, supplying additional support for forecasts of May’s interest rate hike expectations.
It’s worthwhile for investors to watch closely for the following economic news items, as all of them can prove to be major market movers. For a full listing of all upcoming economic events, check out the TipRanks Economic Calendar.
» March’s Durable Goods Orders – Wednesday, 04/26 – The report, released by the US Census Bureau, measures the cost of orders received by manufacturers for durable goods, such as motor vehicles and appliances. As those durable products often involve large investments, they are sensitive to the US economic situation. The report helps assess the state of US production activity and draw an outlook for the demand for big-ticket goods, which is dependent on the forecasted state of the consumer and the economy in general.
» Q1 2023 GDP Growth Annualized (1st reading) – Thursday, 04/27 – The US Bureau of Economic Analysis (BEA) releases the GDP growth estimate; the first reading is usually the main market moving report as the second and third releases as they are generally not significant enough to meaningfully alter the growth picture. Although a backward-looking indicator, the GDP growth assessment, especially an upward or downward surprise, can heavily impact market sentiment and economic outlook.
» Q1 2023 Core PCE (preliminary assessment) – Friday, 04/28 – FOMC policymakers use the annual Core PCE Index, which excludes volatile food and energy prices, as their primary gauge of inflation. A stronger-than-expected reading could hint at a possible hawkish shift in the Fed’s forward guidance and vice versa.
