Week Ahead on Wall Street
Today, be on the lookout for February’s factory orders. The number grew at the top of the year, which surprised experts. The Commerce Department says factory sales rose by 1.4% in January, and the December figure was revised upward to an increase of 0.7%, after originally being reported as a decline of 0.4%. Core capital equipment orders are also due for February.
Tomorrow, February’s foreign trade deficit is set for release. The deficit rose by 9.4% to hit a record $89.7 billion in January. Analysts attributed this to a significant uptick in imports, as well as higher prices. The recently-merged S&P Global and IHS Markit, which are now collectively known as S&P Global Mobility, will publish its final services PMI for March. The ISM service index is also due.
Wednesday, the Federal Open Market Committee releases the minutes from its most recent meeting, as investors look to gain further insight into the central bank’s rate-hike game plan.
Thursday, the week’s initial jobless claims will be published. Last week’s number came in at 202,000, which was a slight increase, after the previous report showed a 50-year low. Analysts say employers are reluctant to part ways with employees amid the historically tight labor market.
Friday, the US Census Bureau will release its final number for February’s wholesale inventories. This takes stock of wholesaler’s unsold products, which is an indicator of retail demand. The original report showed last month’s wholesale inventories growing by 2.1%, from January.
Tomorrow, Acuity Brands (AYI) is set to hand in its latest report card, after beating analyst expectations on top and bottom lines during its two most recent earnings calls. Headquartered in Atlanta, Acuity Brands makes structures used in so-called “smart buildings” including lighting fixtures.
Wednesday, apparel company Levi Strauss (LEVI) will report earnings. Several weeks ago, the company joined a number of global brands in suspending sales in Russia following the invasion of Ukraine. Also on Wednesday, cannabis stock Tilray Brands (TLRY) is scheduled to share its most recent results. Congress has been debating a bill that would decriminalize marijuana on the federal level, but some experts say laws regarding so-called cannabis banking are more likely this year.
Thursday, lubricant maker WD-40 (WDFC) is scheduled to post its most recent quarterly earnings. The company recently announced it will increase its dividend to $0.78 on April 29, which translates to a yield of 1.6%, lagging behind the industry average.
Friday, Sunlands Technology Group (STG) will share its results for Q4 2021 and the previous year as a whole. It’s been a challenging past 12 months for the stock, during which its share price has fallen by upwards of 60%. The Chinese company provides online education services for students and professionals.
The Week Ahead at SoFi
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