Today, the NAHB housing market index for December will be released. This barometer of the single-family housing market has been trending downward for 11 straight months.
Tomorrow, investors will gain insight into the state of home building as November’s building permits will be published. Permits act as a proxy for future construction. The metric fell 3.3% in October, month-over-month, to its lowest level since June 2020, as rising mortgage rates diminish demand.
On Wednesday, the week’s real estate focus continues, with November’s existing home sales due. These tumbled 5.9% in October to an annual rate of 4.43 million, the lowest since 2011, save for a brief drop at the beginning of the pandemic. Additionally, Canada will release its inflation rate for November, which sat at 6.9% on an annual basis in October.
On Thursday, watch for the November Chicago Fed National Activity Index, an indicator of broad economic activity and inflationary pressure, as well as the revised third-quarter GDP. As of the most recent print earlier this month, US gross domestic product grew 2.9% in the third quarter, beating estimates.
On Friday, investors will learn more about how American consumers have fared over the holiday season, with reports on personal income and personal spending both due for the month of November. In October, personal income was up 0.7% month-over-month, while personal spending was up 0.8%.
Today, aerospace and electronics company HEICO (HEI) will release its fourth-quarter results, after market close. In October, the firm announced it had acquired TRAD, a France-based radiation engineering firm.
Tomorrow is a busy one, with FedEx (FDX), General Mills (GIS), and Nike (NKE) all set to report earnings. Given FedEx’s role as a global logistics and shipping company, its report will give investors insight into trends in consumer confidence. And, after Nike increased its dividend last quarter, investors will be expecting more good news from the sneaker giant.
On Wednesday, Rite Aid (RAD) will offer an update on its business and will likely discuss its new partnership with GrubHub (JTKWY). Additionally, Carnival Cruise Line (CCL) will let us know if luxury sea travel is following air travel’s trend of returning to pre-pandemic levels.
On Thursday, CarMax (KMX) will offer more clarity into the used car market. Its competitor Carvana (CVNA) has struggled this year, so investors will want to see how CarMax is performing by comparison. Industry experts say that, while used car prices are down 3.3% from a year ago, they remain heavily inflated.
The Week Ahead at SoFi
Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.