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HomeNewsUSA NewsEarnings Awaited: Futures Stay Muted with Lowe's Report Pending, Bitcoin's Rally Rattles...

Earnings Awaited: Futures Stay Muted with Lowe’s Report Pending, Bitcoin’s Rally Rattles Market.

Earnings Awaited

The Dow futures contract, S&P 500 futures, and Nasdaq 100 futures remained essentially unchanged.

Lowe’s promotes their earnings schedule.

Investors will also be keeping an eye on a steady stream of quarterly profits.

Lowe’s is slated to release its January quarter earnings on Tuesday. The DIY products company, like its competitor Home Depot (NYSE:HD), has provided a very gloomy estimate of client demand.

Lowe’s cut its full-year earnings estimate in November, indicating that inflation-hit consumers are reducing spending on home improvement projects. CEO Marvin Ellison told Reuters at the time that the North Carolina-based company has witnessed a “greater-than-expected pullback” in discretionary spending on things such as appliances, kitchen products, and home décor.

Lowe’s now expects yearly comparable sales to fall by 5%, down from its previous forecast of a 2% to 4% dip.

AutoZone (NYSE:AZO) and The J.M. Smucker Company (NYSE:SJM) are among the other companies that have reported their latest earnings today.

 Bitcoin temporarily reaches $57,000.

Bitcoin prices reached a two-year high on Tuesday, supported mostly by signs of continued capital inflows into spot exchange-traded funds created earlier this year.

As of 03:19 ET, the world’s largest cryptocurrency has risen nearly 10% to $56,293.4. The token was less than $14,000 away from a lifetime high set during a bull run in late 2021.

Bitcoin and the broader crypto market rose after a report from digital asset management Coinshares revealed that crypto investment products saw money inflows for the fourth week in a row.

Disney switches up the movie studio leadership.

Following a run of recent box office disappointments such as “Haunted Mansion” and “Jungle Cruise”, Walt Disney (NYSE:DIS) has announced leadership changes at its primary live action movie studio.

David Greenbaum, who previously served as president of Searchlight Pictures and oversaw the release of numerous critically acclaimed blockbusters, will succeed long-time Walt Disney Studios Motion Picture Production president Sean Bailey.

Disney’s management has been under growing pressure to revitalize the division. Aside from 2022’s “Avatar: The Way of Water,” Disney has not created a $1 billion picture since the most recent edition of their Star Wars franchise was published in 2019.

Chief Executive Bob Iger has stated that the entertainment giant’s studios have “lost focus,” claiming that the corporation has prioritized quantity above quality.

Economic Calendar

7:45 AM ICSC Weekly Retail Sales
8:30 AM Durable Goods Orders M/M for January
8:30 AM Durable Goods Orders M/M Ex Transportation for January
8:55 AM Johnson/Redbook Weekly Sales
9:00 AM CaseShiller 20-city Index for December
9:00 AM Monthly Home Prices M/M for December
10:00 AM Consumer Confidence for February
10:00 AM Richmond Fed Index for February
1:00 PM US Treasury to sell $41B in 7-year notes.
4:30 PM API Weekly Inventory Data

Other Key Events:

BMO Capital 33rd Global Metals, Mining & Critical Minerals Conference, 2/25-2/28, in Hollywood, FL
JP Morgan Global High Yield and Leveraged Conference, 2/26-2/28, in Miami, FL
JP Morgan Global Emerging Markets Corp Conference, 2/26-2/28, in Miami, FL
KBW Fintech & Payments Conference, 2/27-2/29, in New York
NAHB Internation Builders Show, 2/26-2/28 in Las Vegas, NV

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