Fedspeak, Target earnings, Super Tuesday: What to Watch
Yahoo Finance Live anchors Josh Lipton and Julie Hyman preview the top headlines and events scheduled for Tuesday, March 5, including commentary from Federal Reserve Vice Chair for Supervision Michael Barr, earnings from companies like Target (TGT) and CrowdStrike (CRWD), and the "Super Tuesday" primaries for the 2024 US presidential election.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Luke Carberry Mogan.
Video Transcript
JOSH LIPTON: Starting off with the fed, we're going to get some more fed commentary tomorrow. Fed Vice Chair for Supervision Michael Barr speaking tomorrow afternoon. Wall Street looking for more clues on rate cuts from Barr's comments leading up to Fed Chair Jerome Powell's two days of congressional testimony later this week.
JULIE HYMAN: On the earnings front, CrowdStrike, Target, Ross Stores, Box, and Nordstrom all reporting. Target announcing fourth quarter and full year 2023 earnings ahead of the open. Analysts expect adjusted fourth quarter earnings to come in at $2.40 a share on revenue of $31.35 billion. The big box store, one of many retailers reporting earnings this week. Investors will be watching for the latest barometer on the health of the consumer.
JOSH LIPTON: And moving over to politics, Super Tuesday happening tomorrow. Largest number of states will be holding presidential primaries or caucuses. More delegates are at stake on tomorrow than on any other single day during the primary campaign. President Biden facing growing concerns about his age.
On the Republican side, Nikki Haley still unwilling to concede the nomination to forever President Trump. Trump also securing legal win today. The Supreme Court ruling that he could remain on Colorado's primary ballot. Julie, what are you watching tomorrow?
JULIE HYMAN: I'm focusing on Target as well, just kind of looking at whether what are we going to hear about the consumer here. Target shares are up almost 6% this year. But that's half the gains that we have seen in shares of Walmart, for example, which is up about 13% year to date.
Obviously, you see Target fell about 3% in today's session here. You know, what will they say about shrink? We were just talking about with Jerry Storch, who thinks that they-- their same store sales trended down before. They're going to trend down again. But we'll--
JOSH LIPTON: Yeah.
JULIE HYMAN: --see.
JOSH LIPTON: I think Super Tuesday tomorrow on my radar, Julie Hyman. 15 contests, Republicans. Got 16 for Democrats. Clearly-- I mean, listen, neither Biden or Trump have been, you know, too worried about the competition. But I do think there's some interesting story lines to watch.
Nikki Haley questions about does she kind of gain any traction for Biden. Yes, we saw him. Obviously, he won the primary in Michigan easily. But there were some headlines about, you know, the number of voters choosing uncommitted rather than Biden. And of course, listen, whoever ends up in that-- in the White House in January 2025, big implications for traders and investors.
JULIE HYMAN: Yeah, I think tomorrow's a lot of noise. I don't know that we're going to-- I don't think we're going to learn anything we didn't know today.
JOSH LIPTON: I'm interested. I'm watching. All right.
JULIE HYMAN: We'll see.
JOSH LIPTON: We'll see. It's a bet.
