Week Ahead on Wall Street

Economic Data

Today, the Dallas Fed will release its manufacturing index for November. The survey tracks manufacturing activity for the greater Dallas-Fort Worth area. In October, the index dropped 19.4%, which was more than expected.

Tomorrow, both the S&P Case-Shiller Home Price Index for September and the Conference Board’s Consumer Confidence report for November are due. In August, home prices cooled significantly, as higher mortgage rates made an impact on demand. Consumer confidence fell to a three-month low in October.

Wednesday, the labor market will be in focus, with both ADP’s private jobs report for November and the JOLTs for October due. Private payrolls rose 239,000 in October, which was better than expected. Similarly, job openings surged higher in the September JOLTs, or Job Openings and Labor Turnover Survey. These trends are notable considering the Fed’s attempts to cool off the economy with inflation at its highest level in decades. The second estimate of the US third-quarter GDP is also due.

Thursday, the Institute for Supply Management will issue its November manufacturing PMI. In October, the manufacturing sector grew. October’s personal income will also be published, as well as initial and existing jobless claims.

Friday rounds things out with the November jobs report. This includes individual metrics such as the unemployment rate, which ticked up to 3.7% in October. Last month’s nonfarm payrolls, labor force participation rate, and average hourly earnings are also part of the report. Investors will be paying close attention to this slew of labor market data to try and predict how the Fed will react.

Earnings

Today, Chinese ecommerce giant Pinduoduo (PDD) will share its most recent earnings data, after its sister app Temu reached the top spot in the US app store last week. Investors will want to hear executives’ thoughts on the country’s ongoing uncertainty concerning COVID-19 rules and lockdowns.

Tomorrow, software company Intuit (INTU) will publish the results of its first quarter fiscal year 2023. Last week, the firm that produces TurboTax announced it had renewed its partnership with the NFL through 2026. Also, system software company Workday (WDAY) is scheduled to post earnings.

Wednesday, fellow software developer Salesforce (CRM) is set to hand in its latest report card. Earlier this month, the company announced plans to lay off more than 2,000 workers, which has been a recent theme in the tech sector. Discount store chain Five Below (FIVE) is also hosting a conference call to discuss its third-quarter earnings, as the retail sector comes into focus ahead of the holiday shopping season.

Thursday, grocery store giant Kroger (KR) will discuss its third-quarter results. The Teamsters Union just inked a contract covering 1,500 of the supermarket chain’s workers. Reports from Ulta Beauty (ULTA) and Dollar General (DG) will also be released.

Rounding out the week in earnings on Friday will be footwear-focused retailer Genesco (GCO), which unveiled its new corporate headquarters in Nashville, Tennessee earlier this month.

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