Week Ahead on Wall Street

Economic Data

Today, the US monthly budget statement for November will be released. The deficit sat at $88 billion in October, well below the $165 billion deficit from the same period last year. This report will also offer insight on individual and corporate taxes, defense spending, and payment on interest for Treasury debt securities.

Tomorrow, the market will be closely watching as the latest inflation print is due. The November CPI will show whether the Federal Reserve’s rate-hike campaign is slowing inflation, as intended. The CPI rose 0.4% month-over-month in October, although the inflation rate slowed to 7.7% on an annual basis, coming in below forecasts.

The Fed will dominate focus on Wednesday, as the central bank will announce its next decision in regards to interest rates. The general consensus going into the meeting is that a 50-basis-point hike will be enacted, following four straight 75-basis-point hikes. This will impact interest rates on everything from mortgages to credit cards.

On Thursday, the market will gain insight into the state of consumer spending with the November US retail sales report. Sales surged 1.3% month-over-month in October after coming in flat for September. Other reports set for release include last week’s jobless claims, as well as industrial production and business inventories for November.

On Friday, watch for the S&P Global (SPGI) December Purchasing Managers’ Indexes for manufacturing and services.

Earnings

Today, Oracle (ORCL) will present its third quarter earnings. The software company will likely give insight into the massive cloud-computing contract it co-signed with the Pentagon. The veteran software company will join forces with Amazon (AMZN), Google (GOOGL), and Microsoft (MSFT) to build infrastructure technology for the US Department of Defense. The contract could grow to $9 billion by 2028.

Tomorrow, Photronics (PLAB), the third largest semiconductor photomask supplier, will speak on its third quarter progress. Investors will be tuning in to hear more about the company’s prospects and the semiconductor industry as a whole.

On Wednesday, homebuilding company Lennar (LEN) will release its third quarter results. Investors will be looking for more clarity as to the state of the housing market.

On Thursday, Adobe (ADBE) will report earnings. In addition to information about its business, Adobe could offer insight on the Adobe Digital Price Index. This measure of online inflation just reported its largest year-over-year drop in the past 31 months.

On Friday, Accenture (ACN), Olive Garden owner Darden Restaurants (DRI), and Winnebago (WGO) are all set to share their latest results. Accenture executives may be asked to discuss the recently-launched Velocity, a service developed in tandem with Amazon Web Services that aims to optimize business outcomes.

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