The Week Ahead on Wall Street
Economic News
Today, there is no economic data scheduled to be released.
Tomorrow, be on the lookout for the NFIB Small Business Index for November. This data point tracks sentiment among small business owners. The index was 98.2 in October compared to 99.1 in September. That reading was lower than economists’ forecasts. With inflation continuing to rise and a new variant of COVID-19 spreading, investors will be paying close attention to how sentiment among small business owners is faring.
On Wednesday, Federal Reserve Chairman Jerome Powell will hold a press conference after the Fed’s two-day policy meeting. With inflation still rising, the Fed is expected to announce whether it will speed up the pace of tapering its bond-buying program. More clarity about potential interest rate increases will also likely be on the agenda.
On Thursday, initial unemployment claims for the week earlier are released. The number of people filing for first-time unemployment benefits has dropped sharply recently. Last week, initial jobless claims were 184,000, marking a 52-year low. That is in spite of rising cases of the Omicron variant of COVID-19.
On Friday, there is no economic data scheduled to be released.
Earnings Reports
Today, there are no major company earnings scheduled.
Tomorrow, DavidsTea (DTEA) reports quarterly results. The maker of teas and other products recently teamed up with The Glenlivet, a single-malt Scotch whisky brand, to develop a new cocktail. The drink is called the Pumpkin Hot Toddy, and is now available in DavidsTea’s 18 retail stores. Heading toward the holidays, the companies are hoping demand for the drink will be strong.
On Wednesday, The Toro Company (TTC) reports quarterly earnings. The landscaping and irrigation equipment maker recently launched its GrandStand Revolution and ZMaster Revolution electronic commercial lawn mowers, adding to the company’s roster of electric and hybrid landscaping equipment.
Also Wednesday, biotech company Enzo Biochem (ENZ) reports quarterly earnings. This is the first quarterly earnings report for new CEO Hamid Erfanian, who is replacing Elazar Rabbani at the helm of the company. Erfanian is a 28-year veteran of the healthcare market. His appointment, announced in March, sent shares higher at the time.
On Thursday, be on the lookout for Lennar (LEN) to report quarterly results. Shares of the homebuilding company have been climbing ahead of its earnings, with many Wall Street watchers expecting a strong showing for the quarter. The company is benefiting from continued strong demand for homes. Heading toward the winter months, it will be interesting to hear if Lennar expects demand to slow.
Also Thursday, Rivian (RIVN) reports quarterly earnings. The electric truck maker just went public in November with a $100 billion valuation. Investors will be paying close attention to sales when the EV startup, which counts Amazon (AMZN) as a big customer, reports earnings.
The Week Ahead at SoFi
This week, discover practical ways to increase your EI (Emotional Intelligence) quotient, then learn which key roles you need to fill on your financial dream team. Register for these virtual events in the SoFi app!
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