AP

This week: Home Depot earnings, home sales, Fed minutes

Feb 20, 2023, 8:00 AM | Updated: 10:01 pm

A look at some of the key business events and economic indicators upcoming this week:

HOUSING SLOWDOWN

The National Association of Realtors on Tuesday releases its existing home sales report for January.

Sales of previously occupied homes in the U.S. have declined for 11 months in a row, almost in lockstep with the Federal Reserve’s interest rate hikes that started last March. NAR reported last month that existing U.S. home sales totaled 5.03 million last year, a 17.8% decline from 2021 and the weakest year for home sales since 2014.

Existing home sales, in millions, seasonally adjusted annual rate:

Aug. 4.78

Sept. 4.71

Oct. 4.43

Nov. 4.08

Dec. 4.02

Jan. (est.) 4.09

Source: FactSet

HOME DEPOT RESULTS

Home Depot reports its fiscal fourth-quarter results Tuesday.

The Atlanta-based home improvement chain easily beat Wall Street’s profit and revenue expectations in the third quarter, but investors were spooked after the company stuck by earlier projections that sales would grow about 3% for 2022. Analysts expect the company to post profit of $3.28 per share for the period on sales of $36 billion.

FED MEETING MINUTES

The Federal Reserve on Wednesday releases minutes from its policy meeting earlier this month.

After its first two-day meeting of the year, the Fed announced it was raising its key interest rate by another quarter point while acknowledging that even though inflation is easing, it remains high enough to require further rate hikes. The central bank’s benchmark rate is now in a range of 4.5% to 4.75%, the highest in 15 years.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Image:The New York Giants' Willie Mays poses for a photo during baseball spring training in 1972. M...

Associated Press

Willie Mays, Giants’ electrifying ‘Say Hey Kid,’ dies at 93

Willie Mays, whose singular combination of talent, drive and exuberance made him one of baseball’s greatest players, has died. He was 93.

2 days ago

Image: This photo provided by the Washington Department of Ecology shows a derailed BNSF train on t...

Associated Press

Judge orders BNSF to pay Washington tribe nearly $400M for trespassing with oil trains

BNSF Railway must pay the sum to a Native American tribe in Washington after it ran 100-car trains with crude oil on the tribe's reservation.

3 days ago

Photo: In this photo provided by Tieanna Joseph Cade, an amusement park ride is shown stuck with 30...

Associated Press

Crews rescue 28 people trapped upside down high on Oregon amusement park ride

Emergency crews in Oregon rescued 28 people after they were stuck dangling upside down high on a ride at a century-old amusement park.

3 days ago

juneteenth shooting texas...

Associated Press

2 killed and 6 wounded in shooting during a Juneteenth celebration in a Texas park

A shooting in a Texas park left two people dead and six wounded, including two children, on Saturday, authorities said.

4 days ago

Photo: Israeli soldiers drive a tank near the Israeli-Gaza border, in southern Israel, Wednesday, J...

Jack Jeffery, The Associated Press

8 Israeli soldiers killed in southern Gaza in deadliest attack on Israeli forces in months

An explosion in Gaza killed eight Israeli soldiers, the military said Saturday, making it the deadliest attack on Israeli forces in months.

5 days ago

Juanita Beach Kirkland...

Kathy McCormack and Nick Perry, The Associated Press

‘Tis the season for swimming and bacteria alerts in lakes, rivers

With summer about to start, many people flocking to their favorite swimming holes may also want to read up on bacteria warnings.

6 days ago

This week: Home Depot earnings, home sales, Fed minutes