Economic Data
Today, the January Empire State Manufacturing Index will be released, which highlights the general business activity in New York. This monthly metric declined in December as participants in the survey reported subdued optimism.
Tomorrow, investors will get a look at December’s retail sales as well as the January NAHB home builders’ index. In December, the home builders’ index continued a downward trend that persisted in 2022, as housing grew more unaffordable throughout the year.
On Thursday, initial and continuing jobless claims will be reported. Last week, the amount of new jobless claims fell by 1,000 to 205,000. This was the lowest overall amount in the past three months, providing further evidence of the strong job market in the US.
Friday will round out the week with a report on existing home sales for the month of December. In November, this metric fell 7.7%, marking the tenth monthly decline in a row. Given mortgage rates remain elevated in comparison to this time last year, it’s likely existing home sales will continue to decline.
Earnings
This week will be heavily focused on the financial sector, with Goldman Sachs (GS) and Morgan Stanley (MS) kicking things off today. Last week, Goldman Sachs had one of its most significant rounds of layoffs since 2008, cutting ties with 3,200 employees. Investors will be eager for more insight from the banking giant concerning its outlook for the company and the broader economy.
Tomorrow, PNC Financial Services (PNC) will keep banking in the spotlight, while Q4 earnings from United Airlines (UAL) lend insight into the embattled travel industry. The airline’s pilots’ union rejected a new contract agreement last November. Investors should expect an update on these negotiations, as well as the airline’s plans for its new fleet of jets.
Thursday will be one of the busiest earnings days of the week, with Discover Financial (DFS), Procter & Gamble (PG), and Netflix (NFLX) all set to report earnings. An update concerning P&G’s portfolio of products will provide investors insight into how inflation is impacting America’s favorite consumer brands. Additionally, Netflix will be able to report on the initial success of its ad-supported tier and its plan to crackdown on password-sharing.
On Friday, it’s back to banking, as Ally Financial (ALLY) rounds out the week. As Ally specializes in auto lending, its report may illuminate how Americans with auto payments are faring, in the face of rising interest rates.
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