Key insights
- Next week's key events include Kevin Warsh's Fed chair confirmation hearing, complicated by political factors, and Tesla's earnings report amid demand concerns and rising gas prices. Airline earnings will reflect jet fuel costs, while defense contractors will provide backlog insights given a potential budget increase. Warsh's hearing and Tesla's results are the most market-moving events.
Asking for a Trend Host Josh Lipton previews several of the biggest stories to come throughout next week, including Kevin Warsh's confirmation hearing to possibly become the next chair of the Federal Reserve, while companies like Tesla (TSLA), United Airlines (UAL), Northrop Grumman (NOC), RTX (RTX), and Lockheed Martin (LMT) all report earnings.
Time now for what to watch on the market gearing up for a big week for earnings and the economy. On Tuesday, Kevin Warsh faces his confirmation to become the next chair of the Federal Reserve, but his path to confirmation is uncertain as Republican Senator Tom Tillis refuses to move the nomination forward unless the Justice Department's criminal investigation into Fed Chair J. Powell is dropped. On the earnings front, we're going to hear from the first of the magnificent seven, Tesla. The EV giant reports after the closing bell on Wednesday. Wall Street expects the company to report earnings of 35 cents per share on revenue of just over $22 billion. Demand questions loom large after weak first quarter deliveries, but with the recent surge in gasoline prices, Tesla may be seeing more buyer interest. Beyond Tesla, we're going to get earnings from a slew of companies that are facing fallout from the war with Iran. United and American Airlines will be reporting and the guidance will be key as executives weigh in on the impact of soaring jet fuel prices and the report United floated the idea of a merger to the White House. And defense contractors, Northrop Grumman, RTX, and Lockheed Martin are on deck. Investors will get a sense of what the backlogs look like as lawmakers consider a new $1.5 trillion defense budget request. That's a wrap on today's show. Thanks for watching.