Economic Data
Tomorrow, the year-over-year inflation rate will be released for February. In January, inflation slowed just slightly to 6.4% from 6.5% in December. However, it has remained stubbornly high for the past year or so. The Fed has already committed to raising interest rates as high as needed until inflation is back under control.
On Wednesday, producer price inflation will be published. This metric increased 0.7% on a monthly basis in January, the highest jump seen in seven months. Investors will also get information on retail sales and a weekly update for the 30-year fixed mortgage rate, which currently sits at 6.79%.
Thursday will see the release of major reports like building permits, jobless claims, housing starts, and monthly import and export prices. Investors will look for signs of decreasing inflation across these reports, as these metrics typically influence the Fed’s interest rate decisions.
On Friday, investors will get insight into industrial production in the US. In January, industrial production increased 0.8% on an annual basis. This was the smallest increase since the COVID recovery began halfway through 2020.
Earnings
The earnings week will kick off with a report from digital media publisher BuzzFeed (BZFD). The news company made headlines recently for using AI chatbot ChatGPT to generate content. With the AI sector experiencing rapid growth, investors will be interested to hear how that’s impacting the media industry.
Tomorrow, Blade Air Mobility (BLDE) will give investors an update on its short-distance flight business. Notably, Blade is pivoting to “electric vertical aircraft” which could reportedly provide quiet, comfortable flights across mid-sized distances for small numbers of travelers.
On Wednesday, Adobe Inc (ADBE) and Five Below (FIVE) will both report earnings. The latter expects its full-year sales to come in towards the higher end of its guidance after a successful holiday season for the discount retailer.
On Thursday, Five Below competitor Dollar General (DG) will expand on its preliminary earnings report, which showed earnings just short of expectations. Other potentially struggling companies will report as well. FedEx (FDX) will likely discuss an impending strike from its workforce of pilots. And Blue Apron (APRN) may expand on its plan to avoid being delisted from the NYSE.
On Friday, Chinese electric vehicle maker XPeng (XPEV) will report earnings. This will give investors more information regarding the Asian nation’s post-COVID reopening and the state of the EV industry overseas.
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