Today will start off strong with the release of January’s durable goods orders. This data point measures orders of goods that are meant to last three years or more. In December, orders soared 5.6% from November, the sharpest gain since July 2020.
Tomorrow, investors will get reports for the year-over-year change in home prices, retail and wholesale inventories, as well as the current trade balance. In December, the US trade deficit widened to $90.3 billion.
On Wednesday, the manufacturing PMI will be released. This measure of factory activity fell to 47.4 in January, the lowest since the height of the pandemic in May 2020. Investors will also get an update on the 30-year mortgage rate, which rose to 6.62% for the week ended February 17th.
On Thursday, the number of Americans filing for unemployment benefits will be announced. Claims have been consistently low for the past few weeks, signaling a very tight labor market.
On Friday, a flurry of non-manufacturing reports will be released, including the PMI, new orders, employment, and business activity. Information on vehicle sales will also be published. In January, new vehicle sales rose by 4.2%, marking the fifth straight month of increasing sales.
Two of the country’s top productivity companies, Zoom (ZM) and Workday (WDAY), will kick off the earnings week. After exploding in popularity during the pandemic, this sector has since come down to earth. Earlier this month, Zoom let go of 15% of its workforce. Investors will be curious to hear what’s in store for the rest of the year.
Tomorrow brings with it multiple reports, including earnings from Rivian (RIVN), Virgin Galactic (SPCE), and Target (TGT). In particular, Target recently committed $100 million to ramp up its next-day delivery capabilities to compete with other top retailers.
On Wednesday, Dollar Tree (DLTR) will hand in its quarterly report card. Discount stores seemed well-positioned amid inflation, but competitor Dollar General recently reported disappointing results. Investors will look to Dollar Tree to expand on this negative insight. Additionally, Salesforce (CRM) and Wendy’s (WEN) will also offer their latest financial information.
On Thursday, Costco’s (COST) earnings announcement will show how inflation is impacting its customers. Its CFO recently hinted the wholesaler might increase the price of its membership in 2023. Best Buy (BBY) and cloud security firm Zscaler (ZS) will also report.
The Week Ahead at SoFi
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