The Week Ahead on Wall Street
Today, there is no economic data scheduled for release.
Tomorrow, consumer credit for October is released by the Federal Reserve. This data point tracks how much consumers used credit for purchases in a given month. In September consumer credit surged to $29 billion from $13.8 billion in August, blowing past economists’ forecasts.
Wednesday, job openings and job turnovers, or JOLTS, for October is released. JOLTS tracks how many job openings there are in a given month, how many individuals are hired, and how many quit their jobs. In September a record 4.4 million people left their jobs. Be on the lookout to see if that trend intensified in October.
Thursday, initial and existing unemployment claims for the prior week are released by the Labor Department. Unemployment claims have been declining in recent months, most recently hitting a more than 50 year low. That trend is expected to continue for the remainder of the year.
Friday, be on the lookout for the Consumer Price Index for November to be released. This data point tracks how much consumers pay for a basket of goods. In October the CPI posted its biggest jump in over thirty years. With inflation still soaring, investors will be paying close attention to this reading when it’s released.
Today, GitLab (GTLB) reports quarterly earnings. This is the first earnings report for the software development company since it went public. GitLab competes against Microsoft’s (MSFT) GitHub. In the second quarter the company had revenue of $58.1 million—up 69% year-over-year. Investors will be looking to see if that growth was sustainable in its third quarter.
Tomorrow, be on the lookout for quarterly earnings from Stitch Fix (SFIX). The online styling company is expanding the markets it serves, recently announcing it will sell clothes directly to consumers without a subscription. The aim is to improve profitability over the long term. Although the process is still in the early days, expect an update on that front when Stitch Fix reports earnings.
On Wednesday, Gamestop (GME) reports quarterly earnings. The video game retailer’s earnings are coming in a week after Black Friday and Cyber Monday sales. Investors should be able to get a sense of how the holiday shopping is going for the company.
On Thursday, be on the lookout for earnings from Costco (COST). The retailer just posted same-store sales growth of 14.1% in November. That came in lower than the 15% increase Wall Street was looking for. Overall sales grew 15.7% in November, which is down from 19.2% growth in October. Costco did say it’s seeing signs that inflation pressures on consumers are easing. That will undoubtedly be a top topic when the store reports earnings.
Also Thursday, Lululemon (LULU) reports quarterly earnings. The athletic apparel maker just filed a lawsuit against Peloton (PTON), claiming the at-home exercise bike maker stole Lululemon’s designs with its new line of clothing. Lululemon, which filed the lawsuit in Los Angeles, wants triple damages from Peloton for what it claims is infringement on six patents.
The Week Ahead at SoFi
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