Economic Data
Today, the monthly factory orders report will be released. In December, new orders for US manufactured goods jumped 1.8%, correcting a decrease in November.
Tomorrow, investors will get a closer look at Jerome Powell’s decision to raise interest rates, as the Fed Chair testifies before the House Financial Services Committee. At its February meeting, the Fed raised rates to 4.5%-4.75%, pushing the cost of borrowing to its highest point since 2007.
On Wednesday, investors will get a sense of which direction the job market is trending with the release of the JOLTS job openings report. In December, the number of job openings sat at nearly 11 million, the largest figure in five months. Investors will also receive readings on the balance of trade and the 30-year mortgage rate. The latter sat at 6.71% as of its last reading.
On Thursday, the release of the initial jobless claims report will offer more insight into the job market. The number of Americans filing for unemployment is hovering close to a 9-month low, signaling a stubbornly tight labor market.
On Friday, the release of employee hourly earnings will round out the week. In January, average earnings rose by 10% from December to $33.03. This is up 4.4% from a year earlier.
Earnings
Tomorrow, a new week of earnings will begin in earnest with Dick’s Sporting Goods (DKS) dropping its Q4 report. For the previous quarter, Dick’s reported same-store sales growth of 6.5% and raised its full-year guidance. Investors will be eager to see if the retailer’s holiday season lived up to the hype.
On Wednesday, investors will get earnings announcements from Campbell Soup (CPB) and productivity software provider Asana (ASAN). Campbell Soup sales can often be viewed as a recession indicator, so investors will listen closely to what they have to say.
Thursday will be the busiest day of the week, with reports from BJ’s Wholesale Club (BJ), Gap (GPS), Allbirds (BIRD), and DocuSign (DOCU). DocuSign’s earnings will provide continuing insight into the turbulent tech sector. The company posted 18% revenue growth last quarter, but also announced that it will be laying off 10% of its workforce.
On Friday, Bird Global (BRDS) will offer insight on why the electric scooter business has been struggling. In February, the company announced its decision to leave the San Francisco market.
The Week Ahead at SoFi
TikTok is currently filled with videos about buying whole term life insurance and borrowing against it when you need money. Tune into this week’s Your Next Dollar to hear more about the realities of this financial strategy with Brian Walsh.
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