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Stock futures traded higher Monday morning at the start of another busy week for corporate earnings and fresh economic data as investors continue to assess the Federal Reserve’s path forward for monetary policy.
Contracts on the S&P 500 rose, extending gains from last week. The Nasdaq also headed toward a higher open, while the Dow was little changed.
After last week’s rollercoaster trading — with stocks sliding following Meta Platforms’ (FB) disappointing outlook, and then rebounding sharply following Amazon’s (AMZN) earnings beat — investors are poised to receive another hefty batch of corporate earnings results. Companies including Disney (DIS) to Uber (UBER), Lyft (LYFT), Pfizer (PFE) and Coca-Cola (KO) are each set to report quarter results in the coming days. Peloton (PTON) will also post results amid reports that companies including Amazon and Nike (NKE) are considering making bids to purchase the fitness technology company.
Heading into this week, just over half of S&P 500 companies had reported actual quarterly earnings results. The expected growth rate for aggregate S&P 500 earnings stood at 29.2%, according to data from FactSet on Friday. If maintained for the next several weeks of the earnings season, this would mark the fourth straight quarter that earnings grow by more than 25%.
And on the economic data front, this week’s Consumer Price Index (CPI) due out Thursday will serve as one key report helping market participants determine the next moves from the Federal Reserve to curb rising prices.
Consensus economists are looking for the CPI to rise by 7.2% on an annual basis for January, marking the fastest rise in prices since 1982. Such a result would further add fuel to the narrative that the U.S. economy has recovered sufficiently, and is now running hot enough, to warrant an aggressive pivot to tightening from the Fed. Last week’s much better-than-expected jump in payrolls in the Labor Department’s January jobs report also underscored the extent of the recovery.
“Following the stunning performance of the January employment report, the coming week’s key release is likely to be Thursday’s January CPI report as it will provide policymakers and market participants insight about inflation amid furthering signs of persistent, elevated price pressures that, in turn, support expectations for hawkish monetary policy actions initiating in March,” Sam Bullard, Wells Fargo senior economist, wrote in a note on Sunday.
“Further increases in inflation expectations, particularly longer-term expectations, would only add more pressure on the Fed to act in March and uncertainty over the path of rate hikes,” he added.
And indeed, market participants have increasingly priced in the likelihood that the Federal Reserve will ultimately raise interest rates five times in 2022, marking an increase from the just three interest rate hikes the central bank itself had telegraphed in December. Some investors have also suggested that the Fed might hike rates by 50 basis points after its March policy-setting meeting rather than by a quarter-point, which would mark the first move of such a magnitude since 2000.
Part of USDA's Healthy Meals Incentives, these sub-grants are designed to increase K-12 schools' procurement of local, higher-quality food items and scratch cooking
BOULDER, Colo., March 22, 2023 (Newswire.com)
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Chef Ann Foundation (CAF) has signed a cooperative agreement with the USDA's Food and Nutrition Service (FNS) as part of the Healthy Meals Incentives Initiative. An allocation of $7.8 million is provided to CAF as part of The School Food System Transformation Challenge. These funds will be used to build a sub-grant program to incentivize innovative partnerships between school districts, food producers, suppliers, distributors, and community partners to strengthen the availability and access to nutritious food products in the K-12 school food.
"The pandemic shed light on the cracks in our food system, and school food teams have been burdened with supply chain issues. We need to help our schools and their regional food communities work together to empower local food production and distribution," said Mara Fleishman, CEO of Chef Ann Foundation.
In partnership with USDA FNS, CAF partnered with Gretchen Swanson Center for Nutrition, Kitchen Sync Strategies, and the National Farm to School Network. These partners will ensure that the sub-grants will increase the offering of healthier food products in the K-12 school food marketplace; leverage innovative partnerships between School Food Authorities (SFA) and key stakeholders in their local food systems; expand SFA procurement capacity at the local and regional levels; and increase market opportunities for local growers and producers. The sub-grants will be developed with an eye towards cultivating equity, nourishing students, fostering a resilient supply chain, and creating scalable and sustainable change for SFAs across the country.
"Procurement, in particular, remains one of the most complex processes within school food service departments. SFAs are required to navigate sourcing ingredients that fulfill the mission of serving fresh, local foods while working within limited budgets, under-resourced producers, and strained supply chains," says Elliott Smith, co-founder of Kitchen Sync Strategies.
In order to effectively meet current standards, in addition to upcoming changes that align with the USDA Dietary Guidelines, school districts must be equipped with the network and resources necessary to achieve such requirements. Realistically, no SFA or individual business is capable of accomplishing such a complex universal goal without multiple strategic partnerships with other organizations, businesses, and agencies in their food economy. The sub-grants support the development of the hard and soft infrastructures needed to successfully increase access to nutritious and appealing foods for kids.
"USDA is taking a holistic approach to supporting school meal programs, which includes strengthening the food supply chain that supports them," said Stacy Dean, deputy under secretary for Food, Nutrition, and Consumer Services. "We're hopeful that these grants will accelerate and expand innovation in the school food marketplace, so that schools - and ultimately our children - have better access to healthier food products."
These initiatives are part of the Biden-Harris Administration's National Strategy on Hunger, Nutrition, and Health. The National Strategy provides a roadmap of actions the federal government will take to end hunger and reduce diet-related diseases by 2030 - all while reducing disparities. The National Strategy was released in conjunction with the first White House Conference on Hunger, Nutrition, and Health in over 50 years, hosted by President Biden in September 2022.
About Chef Ann Foundation
Chef Ann Foundation is a 501(c)(3) nonprofit working to ensure that school food professionals have the resources, funding and support they need to provide fresh, healthy, delicious, scratch cooked meals that support the health of children and our planet. To date, the organization has reached more than 14,000 schools and 3.4 million kids with healthy school programming. Learn more at chefannfoundation.org and follow us on Facebook, Twitter, Instagram and LinkedIn.
About Gretchen Swanson Center for Nutrition
The Gretchen Swanson Center for Nutrition (GSCN) is a nonprofit research institute providing expertise in measurement and evaluation to help develop and enhance programs focused on healthy eating and active living, food security, and local food systems. With expertise in public health nutrition, GSCN is dedicated to building measurement strategies to assess the impact of innovative health-related programs, which advance health equity. GSCN was founded in 1973, is headquartered in Omaha, NE, and has 44 team members across 24 states.
About Kitchen Sync Strategies
The Kitchen Sync Strategies Collaborative (KSSC) is a team of consulting and brokerage companies that brings a combined 25+ years of farm-to-school and school food procurement experience. The members of KSSC - which include Kitchen Sync Strategies, Supply Change, and Shared Plate Strategies - have supported over 250 SFAs nationwide to procure food from socially disadvantaged producers and meaningfully impact the racial and economic equity in their region.
About National Farm to School Network
National Farm to School Network has a vision of a strong and just food system for all, and we seek deep transformation toward this vision through farm to school - the way kids eat, grow, and learn about food in schools and early care and education settings.
About USDA
USDA touches the lives of all Americans each day in so many positive ways. In the Biden-Harris Administration, USDA is transforming America's food system with a greater focus on more resilient local and regional food production, fairer markets for all producers, ensuring access to safe, healthy and nutritious food in all communities, building new markets and streams of income for farmers and producers using climate smart food and forestry practices, making historic investments in infrastructure and clean energy capabilities in rural America, and committing to equity across the Department by removing systemic barriers and building a workforce more representative of America. To learn more, visit www.usda.gov.
About USDA Food and Nutrition Service
USDA's Food and Nutrition Service works to end hunger and improve food and nutrition security through a suite of more than 15 nutrition assistance programs, such as the school breakfast and lunch programs, WIC and SNAP. Together, these programs serve 1 in 4 Americans over the course of a year, promoting consistent and equitable access to healthy, safe, and affordable food essential to optimal health and well-being. FNS also provides science-based nutrition recommendations through the co-development of the Dietary Guidelines for Americans. FNS's report, "Leveraging the White House Conference to Promote and Elevate Nutrition Security: The Role of the USDA Food and Nutrition Service," highlights ways the agency will support the Biden-Harris Administration's National Strategy, released in conjunction with the historic White House Conference on Hunger, Nutrition, and Health in September 2022. To learn more about FNS, visit www.fns.usda.gov and follow @USDANutrition.
