Week Ahead on Wall Street

Economic Data

The housing market is a major focus of this week’s economic calendar, with the National Association of Home Builders – Wells Fargo (WFC) home builders confidence index for July kicking things off today. June’s reading hit a two-year low as inflation and rising mortgage rates weighed on sentiment.

Tomorrow investors will look to gain further insight into the real estate market as June’s building permits and housing starts are due. In May, homebuilding declined to a 13-month low and permits also fell, which suggests to economists that the housing market is cooling off. This is likely due to rising mortgage rates leaving some potential buyers sidelined.

Wednesday, June’s existing home sales will be published. According to the National Association of Realtors® existing home sales fell 3.4% in May from April and 8.6% year-over-year. The median sales price rose above $400,000 for the first time.

Thursday, initial and existing jobless claims are set for release. Last week’s jobless claims reached their highest level in nearly eight months. The number of Americans filing for unemployment benefits rose 9,000 to hit 244,000 overall. Also watch for the Philadelphia Fed’s regional manufacturing survey and the Conference Board’s leading economic index.

Friday, S&P Global will release July’s flash manufacturing and services PMI. June’s services PMI showed only moderate growth within the sector. Meanwhile the manufacturing PMI posted the slowest growth in factory activity since July 2020.


Today, two more major banks will report earnings after several of the sector’s big names held calls with analysts last week. Both Bank of America (BAC) and Goldman Sachs (GS) are scheduled to hand in report cards. In a report issued last week, Bank of America predicted the US will fall into a recession and that unemployment will hit 4.6% sometime next year. Goldman recently made headlines by hiring a senior executive away from Alphabet’s Google (GOOGL) to head up an innovation division.

Tomorrow, Netflix (NFLX) is scheduled to report earnings. The streaming giant has been losing subscribers in recent months and recently announced it will introduce an ad-supported tier. Pharmaceutical titan Johnson & Johnson (JNJ) is also on the earnings calendar.

Wednesday, EV leader Tesla (TSLA) will share its latest results, all while its CEO Elon Musk is involved in a legal battle with Twitter (TWTR) as he looks to abandon his purchase of the social media platform. Fellow automaker Volvo (VLVLY) is also scheduled to report earnings mid-week, as well as Abbott Labs (ABT), after it just restarted baby formula production at a plant in Michigan.

Thursday, AT&T will publish its latest earnings data. The telecommunications firm just announced an expansion of its ActiveArmor cybersecurity feature for fiber customers.

Friday, fellow telecom sector giant Verizon (VZ) will hand in its most recent report card. That same day, American Express (AXP) will report its earnings, providing some insight into consumer spending habits.

The Week Ahead at SoFi

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James Flippin ABOUT James Flippin James Flippin is the son of a financial advisor who grew up hearing and learning about bond yields, interest rates, the stock market, and the ins and outs of Wall Street. After stints as a licensing and business broker for Marcus and Millichap in New York City, James moved into broadcasting and became a reporter and anchor. He covered crime, politics, finance, and tech at NBC News Radio while working part-time as a producer for SiriusXM. James graduated from the University of Delaware with a bachelor’s degree in political science and economics. He's also an accomplished podcaster with over 10-years of experience.

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