Focus on Powell's congressional testimony, and President Biden's State of the Union address

Fed Chairman Jerome Powell will testify before a House panel on Wednesday and then face the Senate Banking Committee on Thursday as part of the Fed's annual report to Congress.。Lawmakers are likely to ask Powell about the likely direction of inflation, the timing of interest rate cuts, and the health of the economy。

U.S. President Biden will talk about the economy in his State of the Union address on Thursday。Biden will propose tax increases for businesses and high earners, as well as fight for lower prescription drug prices and health insurance rates.。Biden's speech is also expected to highlight projects spurred by the Chip Act and the Inflation Relief Act.。Alabama Senator Katie Britt to Deliver Republican Response。

"Super Tuesday" will be held on March 5 this week, when 15 US states will vote on presidential primaries.。The speech will come after the "Super Tuesday" primary vote and help set the tone for the 2024 presidential, congressional and gubernatorial elections.。

US non-farm payrolls data for February

After January's inflation report, all eyes will be on Friday's nonfarm payrolls data to see how many jobs U.S. employers added in February.。U.S. Bureau of Labor Statistics data showed the U.S. economy added 353,000 jobs in January, twice as many as forecasters had expected, and continued a labor market boom that some economists fear could also promote higher inflation.。

Ahead of Friday's report, Wednesday's ADP Private Payroll employment report is likely to provide a harbinger of Friday's national reporting trend, though it's not always accurate.。The latest Job Openings and Labor Turnover Survey (JOLTS) report will also be released on Wednesday.。

Retail and technology companies will be the focus of this week's earnings

Earnings season is coming to a close, with Target, Ross Stores and Nordstrom set to report earnings on Tuesday。Abercrombie & Fitch will report earnings on Wednesday, while Costco and Victoria's Secret will report their latest results on Thursday.。

Cybersecurity provider CrowdStrike will release its results on Tuesday after it raised its full-year guidance last quarter.。Chipmaker Marvell Technology, which will report its quarterly results on Thursday, expects demand for its artificial intelligence (AI) products to accelerate its revenue in the second half of the year.。Another chipmaker, Broadcom, will report results on Thursday。

Another earnings report investors should watch this week comes from Kroger, as executives at the grocery store chain are likely to comment on issues related to its proposed acquisition of Albertsons and the Federal Trade Commission's recent actions to block the merger.。

Monday, March 4

• GitLab (GTLB) Reports Earnings
• Remarks by Philadelphia Fed President Tom Harker

Tuesday, March 5

• Factory Orders (January)
• ISM Services Purchasing Managers Index (PMI) (February)
• 16 States Hold Super Tuesday Primaries
• CrowdStrike (CRWD), Target (TGT), Ross Stores (ROST) and Nordstrom (JWN) report earnings

Wednesday, March 6

• ADP Employment Report (February)
• Fed Chairman Powell Testifies to House Panel
• US Wholesale Inventory (January)
• Job Vacancies (January)
• The Fed Brown Book
• San Francisco Fed President Mary C.Daly and Minneapolis Fed President Neel Kashkari speak
• Campbell Soup (CPB) and Abercrombie & Fitch (ANF) report earnings

Thursday 7 March

• Fed Chairman Powell Testifies to Senate Panel
• State of the Union Address
• Initial jobless claims
• U.S. Productivity (Q4 Revision)
• US Trade Balance (January)
• Speech by Cleveland Fed President Loretta Mester
• Broadcom (AVGO), Costco (COST), Kroger (KR), Marvell Technology (MRVL) and Victoria's Secret (VSCO) Report Earnings

Friday, March 8

• U.S. Jobs Report (February)
• New York Fed President John C.Williams gave a speech