Week Ahead on Wall Street
By: James Flippin · January 09, 2023 · Reading Time: 3 minutes
Economic Data
Today, the Federal Reserve will publish November’s consumer credit figures. In October, consumer credit increased at a seasonally-adjusted rate of 6.9%. Revolving credit, such as credit cards, rose 10.4%. Also watch for the New York Fed’s December inflation expectations survey.
Tomorrow, the December NFIB small business optimism index is due. In November, the index rose slightly to 91.9, exceeding expectations. Still, it marked the 11th straight month in which the figure remained below the 49-year average of 98. Business owners identify inflation as the most persistent problem. November’s revised wholesale inventories will also be released.
Wednesday, Wall Street’s focus will shift to mortgages, as the MBA releases its weekly mortgage application figures, refinance and marketing indexes, and the average rate on a 30-year fixed mortgage. Mortgage volume plummeted at the end of December as rates rose yet again.
Thursday, the market will be paying close attention as the latest inflation print is due. In November, the CPI showed prices rising 7.1% year-over-year, but just 0.1% from October, leading to some optimism that inflation may have peaked. Inflationary data is key to predicting the Fed’s plan for 2023. Also watch for weekly jobless claims and the December federal budget.
Friday, the University of Michigan will release its January consumer sentiment index, as well as this month’s consumer inflation expectations. The December import and export price indexes are also set for release.
Earnings
Today, lighting company Acuity Brands (AYI) will announce its fiscal first-quarter results. Last month, the firm reported it entered into an agreement with Dhyan Networks to integrate the tech company’s software. Also scheduled to report are cannabis company Tilray Brands (TLRY), warehouse membership company PriceSmart (PSMT), and lubricant manufacturer WD-40 (WDFC).
Tomorrow, supermarket giant Albertsons (ACI) will publish its fiscal third-quarter results. Later this month, the Washington State Supreme Court will decide whether the company is allowed to pay out a $4 billion dividend to its shareholders, ahead of a planned merger with Kroger (K). Beleaguered retailer Bed Bath & Beyond (BBBY) is also scheduled to report earnings, after disclosing last week that it is considering bankruptcy, as its cash reserves run low.
Wednesday, KB Home (KBH) will share its fourth-quarter earnings. This will provide the market with insight into the state of home building, which has fallen off as mortgage rates have risen, dampening demand.
Thursday, fiber-optic cable manufacturer RF Industries (RFIL) is scheduled to publish its latest quarterly data. Last month, the company offered upbeat guidance regarding its full-year sales figures.
Friday closes the week off with a busy day in the banking sector, as Bank of America (BAC), Bank of New York Mellon (BK), Wells Fargo (WFC), First Republic Bank (FRC), and Citigroup (C) are all set to publish results.
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