The Week Ahead on Wall Street
Economic Data
No data is scheduled for release today.
Tomorrow look for the November FHFA house price index and S&P Case-Shiller home price index. The S&P Case-Shiller home price index for October 2020 continued its upward climb. That strength surprised Wall Street, but shows the impact of low rates and low inventory on the housing market. January’s consumer confidence index will also be released tomorrow.
December’s durable goods orders and core capital goods orders will be published on Wednesday. There will also be an announcement from the FOMC. Jerome Powell, Chairman of the Federal Reserve, has a press conference as well.Investors will be tuning in to hear his perspective on the economy. Durable goods orders got a lift in November following a seven month rising streak. Economists are hopeful that this growth will balance out a drop in consumer spending.
On Thursday, economic data reports will include initial jobless claims, Q4 gross domestic product, December’s advance report on trade in goods, December new home sales, and December leading economic indicators. China’s GDP rose 2.3% in December, making it the only major economy in the world to see growth instead of contraction in 2020. Analysts will be eager to gain more insight about how the US economy is performing.
The Q4 employment cost index, December personal income, December consumer spending, December core inflation, January’s Chicago PMI, and the January consumer sentiment index will be released on Friday. Both consumer spending and personal income fell in November as US households struggled due to rising COVID-19 cases and subsequent business restrictions and unemployment.
Earnings Reports
Today Kimberly-Clark (KMB), the paper products company which owns major brands like Kleenex, Scott, and Huggies, will report its latest results. Despite a surge in demand for toilet paper and sanitation products early in the pandemic, which boosted sales and profits, Kimberly-Clark did not perform as well as rivals like Procter & Gamble last year.
Tomorrow Microsoft Corp (MSFT) and LVMH Moet Hennessy Louis Vuitton SE (LVMHF) will both report earnings. Last week Microsoft announced they are investing $2 billion in Cruise, the autonomous vehicle company. The deal makes Microsoft the preferred cloud for Cruise and General Motors (GM). LVMH completed its purchase of Tiffany & Co. earlier this month, a merger that had been in process for over a year. Investors will be curious to see what’s next for the combined company.
On Wednesday Apple Inc (AAPL), Tesla Inc (TSLA), and Facebook Inc (FB) will report earnings. Last week Deutsche Bank published survey results that suggested US investors feel both Bitcoin and Tesla are facing a potential bubble. A majority of participants said Tesla looks vulnerable to them, and said the stock’s value is more likely to drop by half than it is to double. Meanwhile, investors will be watching for the response to Facebook’s indefinite ban on former-President Donald Trump.
On Thursday McDonald’s Corp (MCD) will report earnings. The fast food giant recently announced it will release a southern-style fried chicken sandwich and many other fried chicken options, as chicken has gained in popularity in recent years.
No major earnings reports are scheduled for Friday.
The Week Ahead at SoFi
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