What to expect in the markets this week

Investors will be keeping an eye on the cryptocurrency as the Bitcoin halving is expected to occur on Saturday, or perhaps earlier, and the reduced availability of the coin is expected to have an impact on its price.

Earnings reports continue this week, with several financial institutions set to release quarterly financial results, including Goldman Sachs (GS), American Express (AXP), Bank of America (BAC), Morgan Stanley (MS), and Charles Schwab (SCHW). ). . Netflix (NFLX), United Airlines (UAL), and Procter & Gamble (PG) are also scheduled to report earnings.

Market watchers can also expect comments from several Federal Reserve officials, while regional economic data and housing market reports are also scheduled.

Monday 15 April

• New York (Empire State) Manufacturing Survey (April)
• US retail sales (March)
• Business Inventories (February)
• Homebuilder Confidence (April)
• Dallas Fed President Lori Logan and San Francisco Fed President Mary C. Daly deliver remarks
• Goldman Sachs, Charles Schwab and M&T Bank (MTB) report earnings

Tuesday 16 April

• Housing begins (March)
• Building permits (March)
• Industrial Production (March)
• Capacity Utilization (March)
• UnitedHealth Group (UNH), Johnson & Johnson (JNJ), Bank of America, Morgan Stanley, BNY Mellon (BK), PNC Bank, and United Airlines reported earnings.

Wednesday 17 April

• Mortgage Applications (Week Ending April 12)
• Federal Reserve Beige Book
• Abbott Laboratories (ABT), US Bancorp (USB), and Travelers Cos. (TRV), Citizens Financial (CFG), First Horizon (FHN), and Discover Financial Services (DFS) report earnings

Thursday 18 April

• Initial Unemployment Claims (Week Ending April 13)
• Philadelphia Fed Manufacturing Survey (April)
• Existing Home Sales (March)
• Leading US Economic Indicators (March)
• New York Fed President John C. Williams and Atlanta Fed President Raphael Bostic deliver remarks
• Netflix, Intuitive Surgical (ISRG) and Infosys (INFY) reported earnings

Friday 19 April

• Chicago Fed President Austin Goolsbee delivers his remarks
• Procter & Gamble, American Express, Fifth Third Bancorp (FITB), and Huntington Bancshares (HBAN) report earnings

Saturday 20 April

• Possible Bitcoin halving event

Bitcoin price halved on Saturday

Cryptocurrency investors are anticipating the price of Bitcoin (BTCUSD) halving, a cyclical event that will likely impact price movements in the largest cryptocurrency by market cap. It is uncertain exactly when the Bitcoin halving will occur, but experts believe it will happen on Saturday, or perhaps earlier.

In the past, Bitcoin has reached new highs after halving events, but it is not known whether the increasing scarcity of the cryptocurrency will have the same effect this time. Bitcoin halving is part of its core technology, where the rewards of Bitcoin “miners” are periodically halved, reducing the rate at which new Bitcoin is issued.

Cryptocurrencies have surged in anticipation of the halving, with Bitcoin prices hovering near the all-time high set in March. However, while previous halvings sent the cryptocurrency higher, experts said the market conditions around this event are different. For example, new exchange-traded funds (ETFs) have changed the market dynamics this year, and there has been a decline in the amount of Bitcoin available for trading.

Bank profits continue, with notable healthcare, and technology reports also available

After the big banks kicked off their latest earnings season last Friday, more financial institutions are set to follow, with healthcare and technology companies also highlighted on this week’s reporting calendar.

Goldman Sachs leads the way on Monday, after reporting strong growth in its asset and wealth management businesses for the fourth quarter. Morgan Stanley reports on Tuesday, days after a report said regulators were investigating the bank’s wealth management arm. Discover Financial Services on Wednesday reports its financial results following the February announcement of its acquisition by Capital One (COF). Closing out the week was American Express (AXP), which reported earnings after last quarter providing strong full-year guidance and boosting its bottom line.

Health insurer UnitedHealth Group reported Tuesday amid reports that it is the subject of an antitrust investigation, with Johnson & Johnson also reporting financial results that day. Abbott Laboratories reports on Wednesday and Intuitive Surgical reports on Thursday.

Other noteworthy earnings this week include Netflix’s report on Thursday, as the carrier looks to maintain its momentum in subscriber growth. Consumer products giant Procter & Gamble’s report on Friday will show whether higher prices will continue to fuel revenue growth.

Federal Reserve speeches and economic indicators

Investors will hear from several Federal Reserve spokesmen this week, as officials continue to provide their reactions to changing economic data.

San Francisco Fed President Mary C. Daly, New York Fed President John C. Williams, and Atlanta Fed President Raphael Bostic are all scheduled to deliver remarks during the week.

While the Fed has projected three rate cuts for 2024, a rising jobs report and hotter-than-expected inflation have led some officials to raise questions about whether the Fed will be able to follow through on that prediction. Several Fed officials said last week that recent inflation data had prompted them to reconsider their rate-cutting schedules, arguing that they needed to see more data showing rate increases slowing before moving to cut rates.

Investors will also get an update on regional business conditions this week. The Federal Reserve Banks of New York and Philadelphia will issue business surveys from their regions, while the Beige Book will include summaries of economic conditions in all 12 Fed regions.

Correction — April 16, 2024: This article has been updated to reflect that United Airlines will release its financial results on Tuesday, April 16, 2024.