Monday December 19, 2022: $132.37 -($2.14) -(1.59%)
Dec 19, 2022 2:47:54 GMT -8
artman1033 likes this
Post by Dave on Dec 19, 2022 2:47:54 GMT -8
Good morning, it’s Monday and Christmas is near. This morning’s pre-market is green at 0.77% at this moment. Is it time for a bounce?
What to Expect in the Markets Next Week
What to Expect in the Markets Next Week
Events Calendar:
Monday, December 19
Heico Corp. (HEI) and Carnival Corp. (CCL) report earnings
NAHB Housing Market Index
BOJ Interest Rate Decision
Tuesday, December 20
Nike (NKE), General Mills (GIS), FedEx Corp. (FDX), FactSet Research Systems (FDS), Neogen Corp. (NEOG), Worthington Industries (WOR), BlackBerry Ltd. (BB), and FuelCell Energy (FCEL) report earnings
Housing Starts (Nov)
Building Permits (Nov)
Wednesday, December 21
Micron Technology (MU), Cintas Corporation (CTAS), and The Toro Company (TTC) report earnings
Existing Home Sales (Nov)
CB Consumer Confidence (Dec)
U.S. Current Account Balance (Q3)
Thursday, December 22
Paychex Inc. (PAYX), CarMax (KMX), Mission Produce (AVO), and Apogee Enterprises (APOG) report earnings
U.S. GDP Growth Rate - Final Reading (Q3)
Real Consumer Spending - Final Reading (Q3)
Corporate Profits - Final Reading (Q3)
CB Leading Economic Index (Nov)
Kansas Fed Composite Index (Dec)
Friday, December 23
Personal Income & Spending (Nov)
Durable Goods Orders (Nov)
PCE Price Index (Nov)
New Home Sales (Nov)
Michigan Consumer Sentiment Index - Final (Dec)
A Slowing Housing Market
The U.S. housing market will be in focus next week, with the National Association of Home Builders (NAHB) set to release its Housing Market Index for December on Monday, which will show whether homebuilder sentiment has continued to fall as higher prices and borrowing costs weigh on the market. On Tuesday, the U.S. Census Bureau will report on November housing starts and building permits. Housing starts are projected to have fallen slightly last month to 1.415 million from 1.425 million units in October.
On Wednesday, the National Association of Realtors (NAR) will release data on existing home sales for November. Existing home sales are anticipated to have fallen to 4.2 million units last month, down from 4.43 million in October and well below a peak of nearly 6.5 million in January. In October, existing home sales fell to their lowest level since 2011, excluding pandemic-related disruptions in early 2020, as rising mortgage rates, declining affordability, and limited supply have dented housing demand. Data on new home sales, coming up next Friday, is also projected to show a decline. Sales likely fell to 608,000 in November, down from 632,000 in October.
November PCE
More insights on inflation will arrive next week, with the Personal Consumption Expenditures (PCE) Price Index for November on Friday. The PCE Price Index is expected to have climbed 0.2% in November, slowing slightly from a 0.3% gain in October. On an annual basis, prices are projected to have risen 5.5% from a year earlier, down from 6% in October. The core rate, which excludes volatile food and energy costs, likely rose 0.2% last month and 4.7% from a year ago, easing from 5% in October.
The PCE Price Index is the U.S. Federal Reserve’s preferred gauge of inflation, as it tracks consumers’ purchasing decisions more accurately than the Consumer Price Index (CPI). The basket of goods making up the PCE Price Index is updated more frequently to reflect changes in consumer preferences, while the CPI uses a fixed basket of goods and services.
A bill to fund the government through Sep. 30, 2023—the end of the current fiscal year—is expected to pass Congress next week, after the U.S. Senate passed a record $858 billion annual defense bill and stopgap spending bill to extend current government spending levels by a week, giving negotiators more time to pass a full-year deal.
Monday, December 19
Heico Corp. (HEI) and Carnival Corp. (CCL) report earnings
NAHB Housing Market Index
BOJ Interest Rate Decision
Tuesday, December 20
Nike (NKE), General Mills (GIS), FedEx Corp. (FDX), FactSet Research Systems (FDS), Neogen Corp. (NEOG), Worthington Industries (WOR), BlackBerry Ltd. (BB), and FuelCell Energy (FCEL) report earnings
Housing Starts (Nov)
Building Permits (Nov)
Wednesday, December 21
Micron Technology (MU), Cintas Corporation (CTAS), and The Toro Company (TTC) report earnings
Existing Home Sales (Nov)
CB Consumer Confidence (Dec)
U.S. Current Account Balance (Q3)
Thursday, December 22
Paychex Inc. (PAYX), CarMax (KMX), Mission Produce (AVO), and Apogee Enterprises (APOG) report earnings
U.S. GDP Growth Rate - Final Reading (Q3)
Real Consumer Spending - Final Reading (Q3)
Corporate Profits - Final Reading (Q3)
CB Leading Economic Index (Nov)
Kansas Fed Composite Index (Dec)
Friday, December 23
Personal Income & Spending (Nov)
Durable Goods Orders (Nov)
PCE Price Index (Nov)
New Home Sales (Nov)
Michigan Consumer Sentiment Index - Final (Dec)
A Slowing Housing Market
The U.S. housing market will be in focus next week, with the National Association of Home Builders (NAHB) set to release its Housing Market Index for December on Monday, which will show whether homebuilder sentiment has continued to fall as higher prices and borrowing costs weigh on the market. On Tuesday, the U.S. Census Bureau will report on November housing starts and building permits. Housing starts are projected to have fallen slightly last month to 1.415 million from 1.425 million units in October.
On Wednesday, the National Association of Realtors (NAR) will release data on existing home sales for November. Existing home sales are anticipated to have fallen to 4.2 million units last month, down from 4.43 million in October and well below a peak of nearly 6.5 million in January. In October, existing home sales fell to their lowest level since 2011, excluding pandemic-related disruptions in early 2020, as rising mortgage rates, declining affordability, and limited supply have dented housing demand. Data on new home sales, coming up next Friday, is also projected to show a decline. Sales likely fell to 608,000 in November, down from 632,000 in October.
November PCE
More insights on inflation will arrive next week, with the Personal Consumption Expenditures (PCE) Price Index for November on Friday. The PCE Price Index is expected to have climbed 0.2% in November, slowing slightly from a 0.3% gain in October. On an annual basis, prices are projected to have risen 5.5% from a year earlier, down from 6% in October. The core rate, which excludes volatile food and energy costs, likely rose 0.2% last month and 4.7% from a year ago, easing from 5% in October.
The PCE Price Index is the U.S. Federal Reserve’s preferred gauge of inflation, as it tracks consumers’ purchasing decisions more accurately than the Consumer Price Index (CPI). The basket of goods making up the PCE Price Index is updated more frequently to reflect changes in consumer preferences, while the CPI uses a fixed basket of goods and services.
A bill to fund the government through Sep. 30, 2023—the end of the current fiscal year—is expected to pass Congress next week, after the U.S. Senate passed a record $858 billion annual defense bill and stopgap spending bill to extend current government spending levels by a week, giving negotiators more time to pass a full-year deal.