The Week Ahead on Wall Street
Today the services sector will be in focus, as S&P Global will release its final revision of August’s services PMI. July’s final reading was down from June, indicating the sharpest fall in output for the services sector since May 2020. The Institute for Supply Management will also release its services index for August, which rose month-over-month in July, backed by higher demand.
Tomorrow, investors will be paying close attention to Cleveland Fed President Loretta Mester as she’s scheduled to address the central bank’s monetary policy on a live webcast. July’s international trade balance is also due. July’s deficit was narrower-than-expected at -$79.6 billion. Keep an eye out for the Fed’s Beige Book as well, also known formally as the Summary of Commentary on Current Economic Conditions. The report is released eight times a year.
Thursday, jobless claims are due. Last week’s number surprised analysts by falling to 232,000. That’s a nine-week low. Layoffs remain down by historical standards. July’s change in consumer credit will also be published, after the category grew by 10.5% on an annual basis in June.
Friday, July’s wholesale inventories will be released. June’s report showed businesses slowing down the replenishment of their stocks as consumer spending has come under pressure from inflation.
Today Kingsoft Cloud (KC) will hold a conference call with analysts to discuss its second-quarter results. The Chinese cloud computing company faces delisting concerns amid tension between Washington, D.C. and Beijing, and filed for an IPO in Hong Kong earlier this summer.
Tomorrow, GameStop (GME) is set to publish its earnings for the second quarter of fiscal 2022. Last week it was revealed a film called “Dumb Money” is in the works, chronicling GameStop’s run as a meme stock in early 2021.
Thursday, Shanghai-based video sharing website Bilibili (BILI) will hand in its latest report card. Late last month the company launched its first anime creation platform for Southeast Asia.
Friday, facility management company ABM Industries (ABM) is set to post earnings. Technavio mentioned ABM in a recent report looking at the contract cleaning services market, which is expected to grow by more than $151 billion from 2021 to 2026.
The Week Ahead at SoFi
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