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Banking hearings on SVB collapse, GDP and Fed’s inflation gauge top week ahead

Banking turmoil will be the focus of hearings in the coming week as investors monitor the future of firms including First Republic while also digesting home price and inflation data.

While the banking crisis will remain at the forefront in the coming week, there is also loads of economic and earnings data on the docket. 

An end of the week rally helped the stock market notch weekly gains with the Dow Jones Industrial Average gaining 1.15% while the S&P 500 and Nasdaq Composite rose 1.37% and 1.80% respectively. 

FOX Business takes a look at the biggest market events in the coming week.

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On Monday, investors will be on the lookout for more information tied to the collapse of Silicon Valley Bank, including what may transpire with First Republic which continues to seek alternatives to shore up its business. 

At 10:00 a.m. Carnival, who is reporting quarterly earnings on Thursday, will give business update. Cruise lines which were mostly shuttered during the pandemic have been seeing soaring demand, with Norwegian Cruise Lines leading the pack.

Elsewhere, General Motors is expected to resume production of it's flagship Corvette, after shutting down the plant in Bowling Green, Kentucky because of a parts shortage.

BioNTech, Pfizer's COVID-19 vaccine partner, will report earnings before market open.

While after the bell, Tommy Hilfiger and Calvin Klein parent PVH will report. 

The key piece of economic data released on Monday is the Dallas Fed manufacturing index at 10:30 a.m. It is expected to report that manufacturing has contracted for the 11th straight month in a row.

On Tuesday, the Senate Banking Housing and Urban Affairs will conduct a hearing on recent bank failures, namely SVB and Signature Bank and the Federal regulatory response. Bank stocks have experienced big swings in the fallout. 

BANKS BOOST BORROWING FROM FED CRISIS LENDING PROGRAMS AMID GLOBAL TURMOIL

At 11:30 a.m. ET Microsoft CEO Satya Nadella will help launch Microsoft Secure, designed to provide security professionals with comprehensive strategies to help them protect more with less, as the tech giant pushes its AI-powered future. 

Earnings before market open on Tuesday will include McCormick & Co, and Walgreens Boots Alliance.

After the bell, Cal-Maine Foods, Jefferies Financial Group, Lululemon and Micron Technology will all share their earnings.

The Case-Shiller home price index will lead economic data, prices are expected to fall 0.9% vs. last month but still remain 3.7% more expensive than this time last year. Other economic data will include consumer confidence.

HOW SAFE ARE CREDIT UNIONS AMID BANK TURMOIL?

The House Financial Services committee will conduct a hearing on the collapse of SVB and Signature Bank at 10:00 a.m. while at the same time the Senate Health Education Labor and Pensions committee will grill former Starbucks CEO Howard Schultz on labor laws. Schultz handed over his post to Laxman Narasimhan earlier than initially scheduled. 

In auto news, Lamborghini, owned by Volkswagen, will unveil the successor to its Aventador supercar.

RECESSION-PROOF? LAMBORGHINI IS SOLD OUT INTO 2024

In global politics, Taiwanese President Tsai Ing-wen will travel March 29 to April 7, stopping in New York, before continuing on to Guatemala and Belize. She will visit Los Angeles before she returns home. 

Earnings before market open will include Cintas and Paychex.

Economic data on Wednesday will include mortgage applications, expected to rise; pending home sales, expected to be down 19% year over year; and EIA weekly crude stocks. Oil is hovering below the $70 per barrel level. 

On Thursday, Carnival Cruise Lines and EVgo, a maker of EV charging stations, will report earnings. 

After the bell, Blackberry and Canoo will release results. 

Economic data will include the final US Q4 GDP and initial jobless claims. 

On Friday, the Federal Reserve's preferred measure of inflation, the PCE, is expected to remain elevated rising an estimate 5.1% year-over-year and 0.5% a monthly basis.

 Other date includes the Chicago PMI and the University of Michigan's consumer sentiment index. 

In the afternoon, New York Federal Reserve President John Williams will speak on monetary policy. 

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