The Week Ahead on Wall Street
Economic Data
Today the ISM manufacturing index for April is due, which broadly tracks activity within the manufacturing sector. While inflation and the disrupted supply chain continue to cause problems, the index for March came in higher than the previous reading. S&P Global’s final manufacturing PMI for April and the construction spending for March are also due.
Tomorrow, the March JOLTS report, formally known as the Job Openings and Labor Turnover Survey, is set for release. Job openings fell slightly in February to 11.3 million, a trend that could continue given that unemployment declined last month. Also watch for March’s factory orders and April’s seasonally adjusted motor vehicle sales.
Wednesday, ADP will publish its employment report for April. The US economy added 455,000 private jobs in March in what continues to be a robust labor market. The Federal Reserve will also issue its FOMC statement with all eyes on inflation, while Chair Jerome Powell is slated to give a press conference afterwards.
Thursday, weekly jobless claims will be published. The most recent report showed 5,000 fewer Americans filed for unemployment benefits, with the total number checking in at 180,000. Initial claims remain at their lowest level in decades while existing claims also hit a 52-year low.
Friday, watch for the April unemployment rate. That number fell to 3.6% in March. The US economy has added 400,000 jobs during each of the past 11 months. Nonfarm payrolls and labor participation rate are also due for April. The consumer credit report for March is set for release as well.
Earnings
Today Clorox (CLX) will share results from its most recent quarter. The company’s earnings have been on a steady decline from the highs posted in 2020, when the COVID-19 pandemic caused demand for cleaning and disinfectant products to spike. In addition, Clorox faces challenges tied to logistics and rising prices.
Tomorrow, American biotech company Biogen (BIIB) will report earnings. Last month the company received a setback when Medicare declined to cover certain treatments. Some analysts suggest the decision may cause Biogen to seek out additional partnerships.
Wednesday, Allegiant Travel (ALGT) will hand in its most recent report card. It’s been a busy earnings season for airline stocks, as the sector has plenty of pent-up demand following the COVID-19 pandemic. Last week, Allegiant announced a $95 million expansion at Provo Airport, which will result in 150 new hires.
Thursday, Crocs (CROX) will share its first-quarter earnings. Market watchers have praised the casual shoemaker for making the brand hip and relevant with Generation Z consumers. The company’s management has also done an effective job of trimming its operations.
Friday, sports apparel retailer Under Armour (UAA) will post its most recent earnings data. While the stock has failed to gain much traction in the past decade, some analysts contend that is about to change. Under Armour’s revenue grew by 27% last year, and its margins have been increasing, but it still trades at a discount compared to its competitors including Nike (NKE) and Lululemon (LULU).
The Week Ahead at SoFi
Join in this week for talks on understanding today’s inflation and exploring your mortgage options, plus an in-person event at Graduate Roosevelt Island. Then check out the Your Next Dollar livestream.
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