The Week Ahead on Wall Street

Economic Data

The manufacturing sector is in focus today, as the S&P US manufacturing PMI for September is due. This metric surveys purchasing managers to get a sense of whether the sector is expanding, contracting, or staying the same. In August the index fell to its lowest point since July 2020 as new orders slipped. The Institute of Supply Management is also scheduled to release its manufacturing index for September. In August, ISM’s manufacturing index fell 7.5% month-over-month, while raw material prices rose for the 27th month in a row. Also keep an eye out for August’s construction spending.

Tomorrow, the Bureau of Labor Statistics will publish its Job Openings and Labor Turnover Summary for August, also known as the JOLTS report. Job openings came in at 11.2 million in July, which was little changed from the previous month. Investors will be looking to see if the job market is holding strong as the Fed continues its rate hike campaign. August factory orders are also due.

Wednesday, ADP will release its private-sector employment report for September. The economy added 132,000 jobs in August, which was down from the 268,000 added in July. The pending home sales index for August is also due. The MBA will also publish the number of weekly applications for a mortgage, which is a key measure of real estate demand. As the average rate of a 30-year fixed mortgage has risen, applications have fallen.

Thursday, initial and existing jobless claims are due from the Labor Department. Initial claims fell to 193,000 last week, hitting a five-month low. That shows the job market remains robust.

A slew of employment data is on the way Friday, including nonfarm payrolls as well as the unemployment rate for September. In August, total nonfarm payrolls rose by 315,000 while the unemployment rate ticked up to 3.7%. Also watch for last month’s labor force participation rate and average hourly earnings. Finally, the Fed is scheduled to publish August’s consumer credit numbers as well. The metric rose in July but at a slower pace than the previous month.

Earnings

Tomorrow, Acuity Brands (AYI) will report its third-quarter earnings. The company makes lighting products and provides building services. Last week, Acuity Brands announced the creation of a job training program in partnership with the city of Atlanta and Atlanta Tech. Investors will be paying close attention to the company’s results given the building industry and real estate in general have come under pressure as rates rise.

Wednesday, food company Lamb Weston Holdings (LW) will hand in its latest report card. It’s one of the world’s largest makers of frozen french fries and potato chips. The market will want to see how the company is navigating rising costs and the impact of inflation, which has sent grocery prices soaring over the last year. Lamb Weston’s board of directors declared a quarterly dividend of $0.245 per share of its common stock to be paid out December 2.

Also Wednesday, Helen of Troy Limited (HELE) is scheduled to hold a conference call concerning its second quarter fiscal year 2023 results. The over 50-year-old consumer products company started as a wig store in El Paso, Texas and now sells items under brands such as Pur Water, Honeywell, Braun, and Vicks. Last month, Helen of Troy introduced Vicks VapoPads which are similar to its iconic VapoRub, just in pad form.

Thursday, beverage company Constellation Brands (STZ) will host a call with analysts and investors concerning its second quarter fiscal year 2023 earnings. Constellation Brands is the nation’s largest beer importer, as measured by sales. Investors will want to see how the firm is navigating inflationary pressures, particularly given the price of key raw ingredients is up, such as grain.

Friday, cannabis company Tilray Brands (TLRY) is set to announce its first quarter fiscal 2023 results. Over the summer shareholders filed a lawsuit against the Canadian firm in relation to last year’s Aphria Merger, which transformed Tilray into the world’s largest cannabis company by revenue. Former Aphria shareholders claim they were misled ahead of the merger agreement.

The Week Ahead at SoFi

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