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With few economic releases and the earnings season starting to wind down, an appearance by Federal Reserve Chairman Jerome Powell Tuesday could be among the newsiest events for markets in the week ahead. The Fed chair is speaking at the Economic Club of Washington D.C. at midday Tuesday. If he wanted to walk back anything, he could have done it then," said Art Hogan, chief market strategist at B. Riley. Economists said Friday's surprisingly strong jobs report should encourage the Fed to push forward with planned rate hikes. Earnings, earnings, earnings But there continues to be earnings news.
Despite this, there are some firms – like most (but not all) travel companies – that are still exhibiting strong pricing power. Net income rose to $166 million, or 58 cents per share, from $67 million, or 27 cents per share, a year ago. Excluding items, Goodyear earned 46 cents per share, while analysts surveyed by Refinitiv had predicted a profit of 36 cents per share. Expedia – like all travel companies – is reaping the benefits of pent-up vacation demand. In the first quarter, rates were only up 4% year over year, too.
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