Week Ahead On Wall Street

Economic Data

Today, we will get a peek into how much money Americans collectively owe when the consumer credit level change report is published for September. In August, consumer credit increased 8.3% year-over-year on a seasonally adjusted basis.

Tomorrow, the October NFIB small-business index will be released. This measurement of confidence among small business owners rose in September, although respondents indicated inflation remains a major concern. Tomorrow is also election day, and the midterm elections have the ability to impact the stock market.

On Wednesday, September’s wholesale inventories data is due. A higher-than-expected reading for this metric means that wholesalers have many goods waiting to be sold, which is a bearish sign for the economy.

On Thursday, both Wall Street and Main Street will be watching as the October consumer price index — or CPI — will be released. This week’s initial jobless claims and last week’s continuing claims are also due, as well as the October federal budget in comparison to last year’s. Investors will be paying close attention to see if the Fed’s hawkish policy is working to slow inflation.

On Friday, despite the Veterans Day holiday, markets will remain open. However, aside from initial estimates for the University of Michigan’s November consumer sentiment and inflation expectations, no major economic reports are set for release.

Earnings

Today, Sir Richard Branson’s Virgin Orbit (VORB) releases Q3 earnings, which will reflect how current macroeconomic conditions have impacted the space industry. Additionally, the latest quarterly earnings from Take-Two Interactive (TTWO), a leading video game manufacturer, will keep us up-to-date on how many people are playing Grand Theft Auto and NBA 2K.

Tomorrow, HODLers should tune in to hear how AMC Entertainment (AMC) plans to leverage its newfound investor base. The movie theater company’s quarterly call will surely touch on its recent pivot to NFTs and cryptocurrency following its “meme stock” run in 2020. Additionally, Disney (DIS) and Tripadvisor (TRIP) will offer snapshot views of the vacation travel market. A recent survey and several published reports have focused on the affordability of Disney’s theme parks, something that will likely be discussed with analysts. Meanwhile, earnings calls from Blink Charging (BLNK) and Plug Power (PLUG) will provide the market with insight into the EV charging industry.

Wednesday is a crowded earnings day, with reports due from a range of companies, including EV truck maker Rivian (RIVN), dating app company Bumble (BMBL), marijuana company Canopy Growth (CGC), 4-for-$4 connoisseur Wendy’s (WEN), and SeaWorld (SEAS). Additionally, Roblox (RBLX) and Unity Software (U) will discuss the future of the metaverse.

On Thursday, Six Flags (SIX) will post earnings and provide more data concerning vacation spending. YETI Holdings (YETI) and Toast (TOST) are also set to report.

Finally, the action dies down for the Friday holiday, but the Real Good Food Company (RGF) will tell investors if Americans are buying more or less frozen food.

The Week Ahead at SoFi

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