The Week Ahead on Wall Street
Today the New York Fed will release its inflation expectations survey for August. July’s report showed significant declines in expectations for inflation over the short, medium, and longer term. Consumers also indicated they expect price increases for food and gasoline to slow considerably a year from now.
Tomorrow the widely anticipated August CPI will be published, providing the market with the latest update as to where inflation stands. The July CPI reading was unchanged from June, but still 8.5% higher from the same time last year. The Fed’s tightening monetary policy in response to inflation has arguably had the biggest impact on stocks in 2022, so Wall Street will be paying close attention. Also, watch for the August NFIB Small Business Index and August’s Federal budget.
Wednesday the Bureau of Labor Statistics will publish August’s PPI, a measure of inflation in wholesale prices. In July the PPI declined 0.5% month-over-month as energy prices fell. That said, the index was up 9.8% on an annual basis.
Thursday jobless claims for the previous week will be released. The most recent report indicated fewer people filing for unemployment claims, hitting a three-month low and showing the job market remains tight. Also keep an eye out for August’s retail sales as well as the Philadelphia and Empire State regional manufacturing Indexes for September.
Friday, the University of Michigan will release September consumer sentiment and five-year inflation expectations. In August, consumer sentiment came in higher than expected. The inflation expectations report was similarly upbeat, hitting its lowest mark since February.
Today, computer software giant Oracle (ORCL) will publish its results for Q1 fiscal 2023 after markets close. The company is expected to discuss strides it has made in the cloud computing space.
Tomorrow, Core & Main (CNM) will hand in its latest report card. The US company is a leading supplier of water, sewer, storm drain, and fire protection products. Core & Main recently announced the acquisition of a municipal water works division that operates in both Pennsylvania and Ohio.
Wednesday, Canadian manufacturer of recreational vehicles BRP Inc. (DOOO) will share its most recent earnings data. The company makes snowmobiles, ATVs, and personal watercraft under the Ski-Doo, Can-Am, and Sea-Doo brands. In recent weeks, BRP has been dealing with the aftermath of a cyberattack and data leak.
Thursday Adobe (ADBE) is set to report its third-quarter results for fiscal 2023. Last week the computer software company announced it will launch a camera app that will cater to serious photographers.
Also on Thursday, watch for Aurora Mobile (JG) to publish earnings, a Chinese company that provides customer engagement and marketing technology services.
The Week Ahead at SoFi
This week’s calendar is filled with not-to-miss events—join us as we talk about financial stress with therapist, Nedra Glover Tawwab, or take a peek behind the recruiter curtain with Korn Ferry Advance career coaches! Save your seat in the SoFi app!
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