A slew of U.S. economic data is scheduled for the day starting with the Commerce Department's final estimate of the gross domestic product that is expected to show the country's economy grew 2.3% in the fourth quarter, unchanged from the previous estimate. Separately, data from the Labor Department is expected to show initial jobless claims likely increased by 2,000 to 225,000 for the week ended March 22. Continued claims for state unemployment benefits likely edged lower to 1.888 million for the week ended March 15 from 1.892 million in the week before. Meanwhile, the National Association of Realtors is due to release pending home sales figures that likely gained 1% in February, after falling 4.6% in January.
Federal Reserve Bank of Boston President Susan Collins is expected to speak on the economy and monetary policy in a fireside chat sponsored by the Insurance Women’s Investment Network, 100 Women in Finance, and Wellington Management, in Boston. Separately, Federal Reserve Bank of Richmond President Thomas Barkin is set to deliver the H. Parker Willis Lecture in Political Economy at Washington and Lee University, in Lexington.
The initial public offering (IPO) of Nvidia-backed AI startup CoreWeave is expected to price Thursday night, giving investors a preview of its shares ahead of its market debut on Friday. The cloud services provider is targeting a valuation of up to $32 billion on a fully diluted basis in its U.S. IPO. Lululemon Athletica is expected to report a rise in fourth-quarter revenue, helped by strong demand for its apparel offerings. Investors will look for comments on annual forecasts, discounts, and their impact on margins, new product lines and trends.
OpenAI is expected to ask a judicial panel in Charlotte, North Carolina to consolidate high-stakes copyright lawsuits filed by news outlets, authors and others over its AI training into one case in Northern California.
In Latin America, Mexico’s central bank is expected to announce its benchmark interest rate decision.
The Bank of Mexico will likely cut its benchmark interest rate by 50 basis points to 9%, according to a Reuters poll. Mexico's trade balance data for February is also on the radar and the country is likely to post a trade deficit of $1.061 billion, lower than the $4.558 billion deficit posted in January. Separately, Brazil's IPCA-15 consumer price index for mid-March is also due. The index is expected to show a 0.70% rise monthly, following a 1.23% increase in the previous month. Separately, Argentina's economic activity is expected to rise 4.7% in January, following a 5.5% expansion in December.
