The Week Ahead on Wall Street
There are no economic data reports scheduled for today.
Tomorrow, look out for September job openings and the October NFIB Small Business Index, which comes from a survey of hundreds of thousands of small business owners. It measures how they feel about the economy and the health of their businesses by tracking their plans to increase employment, make capital outlays, and more. The index gained 3.8 points in September to hit 104, highlighting continued optimism in the small business community.
There are no economic data reports scheduled for Wednesday because of the Veterans Day holiday.
On Thursday, look out for Core CPI, the October Consumer Price Index, the Federal Budget, and initial jobless claims. Jobless claims hit 751,000 last week, which is slightly lower than the week before, but still far higher than pre-pandemic levels. Continuing claims, or the amount of people still receiving benefits, were also down from the week prior.
To round out the week, the October Producer Price Index and the November Consumer Sentiment Index will be released. This metric shows how optimistic consumers are feeling about the health of the economy based on their saving and spending activity. The metric climbed slightly between September and October from 80.4 to 81.8, though in October 2019 it was 95.5.
Today, McDonald’s (MCD) reports its earnings. The company gave a mid-quarter sales update several weeks ago, sharing that its revenue was growing in the US, as well as in Japan and Australia. Much of this success was thanks to drive-thru business and delivery. The chain reported revenue drops in most of Europe, Latin America, and China. Investors will be interested to see if these trends have continued.
Beyond Meat (BYND) will also hand in its report card today. The plant-based meat maker has beaten expectations with both of its earnings reports so far this year. It has seen strong demand for its products from grocery stores though sales to restaurants remain relatively low due to the pandemic. The company’s shares have climbed about 548% since its IPO in May 2019.
Tomorrow Lyft (LYFT) will announce its latest results. Rideshare companies continue to struggle with weak demand due to the pandemic, but Lyft, Uber (UBER), and other startups dependent on gig-workers will be permitted to continue to classify their drivers as contractors rather than as employees in California.
Vroom (VRM), an ecommerce platform for buying and selling used cars, reports earnings on Wednesday. Vroom’s business model is well-suited to the pandemic for two reasons: People are investing in cars because they are wary of public transportation, and Vroom gives customers a way to shop for cars virtually without worrying about visiting lots. However, Vroom’s shares have been volatile this month and investors will be eager to gain more insight into how the company is performing.
On Thursday, Disney (DIS) reports its earnings. The media giant’s theme park business continues to suffer, but its streaming service, Disney+, which currently has 60.5 million subscribers, has been a bright spot for the company since it launched almost exactly a year ago. Disney+ will face an important test this month because subscribers who received access to the service for free through a partnership with Verizon (VZ) will soon face a choice between paying for the service and giving up their memberships.
The Week Ahead at SoFi
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