A look at some of the key business events and economic indicators upcoming this week:
THE FED SPEAKS
The Federal Reserve delivers an update on the economy and interest rate policy following a two-day meeting of policymakers Wednesday.
Economists had been expecting that the central bank could announce plans after the meeting to begin reducing the Fed’s $120 billion monthly bond purchases, which are helping to lower long-term interest rates. Now analysts say that's less likely because of data showing the economy created only 235,000 jobs in August, after gains averaging around 1 million per month in June and July.
Wall Street expects another solid quarterly snapshot from Nike.
Analysts predict the athletic apparel company will report Thursday that its fiscal first-quarter earnings and revenue increased from a year earlier. That would echo the company’s results during the 12 months that ended in May, which included record fiscal fourth-quarter sales in North America. Nike has benefited from strong sales as many retail stores that were closed during the pandemic last year have reopened.
EYE ON HOUSING
The Commerce Department serves up its August tally of new U.S. home sales Friday.
Economists project that sales slowed last month to a seasonally adjusted annual rate of 702,000 homes. While demand for new homes remains strong amid a dearth of previously occupied U.S. homes for sale, economists say surging home prices, construction delays and shortages of building materials and labor will temper sales in coming months.
New home sales, seasonally adjusted annual rate, by month:
Aug. (est.) 702,000
Source: FactSet7 Reddit Stocks That Have a Chance to Be Special
As a conservative investor, I have a grudging admiration for the small army of retail traders that are making their dreams come true. I’m talking, of course, about the group of day traders who have made a habit of finding low-priced stocks (particularly those with high short interest) and attempting to send them “to the moon.”
They are called meme stocks, casino stocks, or Reddit stocks (named for the website where some of these traders congregate). It all means the same thing. And as much as I say I admire the traders who have profited from these stocks, I do it from a safe distance.
Many of these stocks were penny stocks. And they were penny stocks for a reason. No amount of speculative rocket fuel is going to change that. But if you look at some of these stocks as objectively as possible, there may be hope.
And in this special presentation, we’re going to look at seven Reddit stocks that might just have a chance to have a life beyond this current mania phase.
View the "7 Reddit Stocks That Have a Chance to Be Special"