Week Ahead on Wall Street

By: James Flippin · February 21, 2023 · Reading Time: 3 minutes

Economic Data

Today, the January existing home sales report will be released. In December, home sales were down 1.5%. This marked the longest stretch of declining sales since 1999, at 11 months in a row. The real estate sector has a broad impact on the overall economy and individuals’ net worth, leading Wall Street to pay close attention to data points and trends in the space.

Speaking of homes, tomorrow, Wall Street will get an update on the current 30-year mortgage rate. For the week ending February 10th, the average fixed-rate mortgage clocked in at 6.39%. Additionally, minutes from the FOMC meeting will be released, helping to guide investors as they anticipate the Fed’s next move. Last Thursday, non-voting Fed member James Bullard said he wouldn’t rule out the prospect of a 50-basis-point hike in March.

On Thursday, US GDP information will be published – in particular, the release of second estimates for GDP growth rate and price index for Q4 2022. In initial estimates, the US economy grew at an annualized rate of 2.9% in the fourth quarter. It grew 2.1% across all of 2022.

Friday will round out the week with monthly numbers for personal spending and income. In December, personal spending dropped 0.2%, while income nudged up 0.2%. Additionally, the index of core PCE prices, a measure of inflation that excludes food and energy, will be released.

Earnings Data

Today marks a massive day for the retail industry. Home Depot (HD) and Walmart (WMT) will report their earnings from the past quarter and year. In Q3 2022, Walmart posted revenue of $152.8 billion, up 8.7%, and raised its guidance for the remainder of the year. Investors will look to see if Walmart’s strong predictions hold true. Additionally, Coinbase (COIN) will report earnings and offer insight into the embattled crypto markets.

Tomorrow, TJX Companies (TJX), the owner of HomeGoods and TJMaxx, will announce earnings and expand on Walmart’s insights into consumer spending. Meanwhile, the electric vehicle company Lucid Group (LCID) will give investors an update as to the state of the EV market.

Thursday is another jam-packed earnings day, with reports from competing pizza chains Dominos (DPZ) and Papa John’s (PZZA), as well as payment platform Block Inc (SQ) and vaccine maker Moderna (MRNA). After shining in 2021, Moderna saw its revenue decline for three straight quarters in 2022, from $6.07 billion in Q1 to $3.36 billion in Q3. Wall Street will be eager to know what the biotech company plans now, with the worst of COVID apparently in the rearview.

Finally, on Friday, Cinemark (CNK) will give its latest financial update. In Q3, the theater chain posted revenue of $650 million, a yearly increase of 50%. Investors will look to hear how the company plans to adapt to a tricky modern landscape for movie theaters, particularly as its founder recently retired after almost 40 years.

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