Week Ahead On Wall Street

Economic Data

Tomorrow, the week will kick off with an updated report on the balance of trade between the US and its key economic partners for the month of December. In November, the trade deficit narrowed to $61.5 billion, marking the lowest point since September 2020. The consumer credit report will also be released.

On Wednesday, investors will get a flurry of mortgage-related info, including the average 30-year mortgage rate, total number of mortgage applications, and mortgage refinancing index. 30-year mortgage rates have declined recently, hitting 6.19% for the week ending January 27th.

On Thursday, the initial jobless claims report will offer insight into the job market. In the week ended January 28th, initial claims fell by a seasonally adjusted 3,000 to 183,000. This marks the lowest level since April 2022 and the third consecutive weekly decrease. Given the Federal Reserve uses the state of the labor market to gauge their inflation rate decisions, these reports merit considerable notice.

On Friday, government officials will speak on the US budget deficit during the monthly budget statement. In December, the budget deficit nearly quadrupled year-over-year to $85 billion.

Earnings

Two massive video game producers, Activision Blizzard (ATVI) and Take-Two Interactive Software (TTWO), will announce their latest figures today. Notably, Activision Blizzard should offer insight into its ongoing acquisition by Microsoft (MSFT), which has been halted by regulators.

Tomorrow, Royal Caribbean Cruises (RCL) will give investors insight into the state of sea travel, while Chipotle (CMG) discusses, among other things, its plans to open up to 285 new locations this year. Similar to other fast-food chains, Chipotle has stressed the importance of prioritizing mobile orders.

Wednesday will be action-packed, with earnings announcements expected from CVS (CVS), Disney (DIS), and Uber (UBER). In particular, Disney’s once former, now rehired CEO Bob Iger will discuss the changes he plans to make to Disney’s theme parks. Meanwhile, CVS execs will likely offer insight into CVS’s potential $10 billion acquisition of primary care provider Oak Street Health (OSH).

On Thursday, Hilton (HLT), which recently approved a stock buyback of $2.5 billion, will discuss its hefty project pipeline for the coming years. Additional reports are expected from PayPal (PYPL) and Lyft (LYFT).

Finally, on Friday, investors can expect a report from the multinational health information technology company Iqvia (IQV), offering a glance at how its business fared in 2023.

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