Week Ending January 13, 2023: $134.76 +$ 5.14 +3.8%
Jan 14, 2023 7:46:00 GMT -8
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Post by Dave on Jan 14, 2023 7:46:00 GMT -8
Not a bad week.
What to Expect in the Markets Next Week
What to Expect in the Markets Next Week
Events Calendar:
Monday, January 16
U.S. Markets Closed for Holiday
United Microelectronics Corp. (UMC) reports earnings
Tuesday, January 17
Morgan Stanley (MS), Goldman Sachs (GS), Citizens Financial Group (CFG), United Airlines (UAL), Interactive Brokers Group (IBKR), Signature Bank (SBNY), Pinnacle Financial Partners (PNFP), Old National Bancorp (ONB), and Hancock Whitney Corp. (HWC) report earnings
NY Empire State Manufacturing Index (Jan)
Wednesday, January 18
Charles Schwab (SCHW), Prologis (PLD), PNC Financial Services (PNC), Kinder Morgan (KMI), Discover Financial Services (DFS), J.B. Hunt Transport Services (JBHT), First Horizon Corp. (FHN), Alcoa (AA), Wintrust Financial (WTFC), and H.B. Fuller Company (FUL) report earnings
U.S. Retail Sales (Dec)
Producer Price Index (PPI) Inflation (Dec)
Industrial Production (Dec)
Business Inventories (Nov)
NAHB Housing Market Index (Jan)
Thursday, January 19
Procter & Gamble (PG), Netflix (NFLX), Truist Financial Corp. (TFC), PPG Industries Inc. (PPG), Fastenal Company (FAST), M&T Bank (MTB), Fifth Third Bancorp (FITB), Northern Trust Corporation (NTRS), KeyCorp (KEY), SVB Financial Group (SIVB), American Airlines (AAL), and Comerica Inc. (CMA) report earnings
Building Permits (Dec)
Housing Starts (Dec)
Philadelphia Fed Manufacturing Index (Jan)
Friday, January 20
HDFC Bank Ltd. (HDB), Schlumberger (SLB), State Street Corp. (STT), Huntington Bancshares Inc. (HBAN), Regions Financial Corp. (RF), Ericsson (ERIC), and Ally Financial (ALLY) report earnings
Existing Home Sales (Dec)
Earnings Season Continues
Earnings season continues next week with reports from more big banks and financial sector firms. Morgan Stanley and Goldman Sachs will report on Tuesday, with Charles Schwab, PNC Bank, Discover Financial Services, and others reporting later in the week. We will also receive fourth quarter results from Netflix and Procter & Gamble, as well as United and American Airlines.
Morgan Stanley is projected to announce fourth quarter earnings per share (EPS) of $1.25, which would represent a 40% decline from a year earlier. Revenue is projected at $12.17 billion, down 16.2% from the fourth quarter of 2021. Goldman Sachs, which announced last week it will be cutting 3,200 jobs, is projected to post EPS of $5.25, down from $10.81 a year earlier. Global investment banking fees nearly halved in the first three quarters of 2022, to $77 billion from $132 billion in 2021 according to findings by Dealogic.
December Retail Sales
On Wednesday, the U.S. Census Bureau will report on December retail sales, providing a key update on consumer spending during the holiday season. Retail sales are projected to have fallen 0.5% last month, extending their declines after a 0.6% drop in November. Despite record-breaking online sales early in the holiday shopping season, sales are anticipated to have underperformed last month as a combination of high inflation, rising interest rates, and the drawdown of household savings from early in the pandemic affected spending.
Producer Price Index (PPI)
Also on Wednesday, the Bureau of Labor Statistics (BLS) will release the Producer Price Index (PPI) for December, tracking inflation from the standpoint of goods manufacturers and wholesalers. Producer inflation likely flatlined in December, following a 0.3% gain in each of the previous three months. On an annual basis, price growth likely decelerated to 7%, down from 7.4% in November and compared to a peak of 11.7% in March of last year. Core prices, which exclude volatile food and energy costs, likely rose 0.1%, with annual price growth expected to fall below 6% for the first time since June of 2021.
Monday, January 16
U.S. Markets Closed for Holiday
United Microelectronics Corp. (UMC) reports earnings
Tuesday, January 17
Morgan Stanley (MS), Goldman Sachs (GS), Citizens Financial Group (CFG), United Airlines (UAL), Interactive Brokers Group (IBKR), Signature Bank (SBNY), Pinnacle Financial Partners (PNFP), Old National Bancorp (ONB), and Hancock Whitney Corp. (HWC) report earnings
NY Empire State Manufacturing Index (Jan)
Wednesday, January 18
Charles Schwab (SCHW), Prologis (PLD), PNC Financial Services (PNC), Kinder Morgan (KMI), Discover Financial Services (DFS), J.B. Hunt Transport Services (JBHT), First Horizon Corp. (FHN), Alcoa (AA), Wintrust Financial (WTFC), and H.B. Fuller Company (FUL) report earnings
U.S. Retail Sales (Dec)
Producer Price Index (PPI) Inflation (Dec)
Industrial Production (Dec)
Business Inventories (Nov)
NAHB Housing Market Index (Jan)
Thursday, January 19
Procter & Gamble (PG), Netflix (NFLX), Truist Financial Corp. (TFC), PPG Industries Inc. (PPG), Fastenal Company (FAST), M&T Bank (MTB), Fifth Third Bancorp (FITB), Northern Trust Corporation (NTRS), KeyCorp (KEY), SVB Financial Group (SIVB), American Airlines (AAL), and Comerica Inc. (CMA) report earnings
Building Permits (Dec)
Housing Starts (Dec)
Philadelphia Fed Manufacturing Index (Jan)
Friday, January 20
HDFC Bank Ltd. (HDB), Schlumberger (SLB), State Street Corp. (STT), Huntington Bancshares Inc. (HBAN), Regions Financial Corp. (RF), Ericsson (ERIC), and Ally Financial (ALLY) report earnings
Existing Home Sales (Dec)
Earnings Season Continues
Earnings season continues next week with reports from more big banks and financial sector firms. Morgan Stanley and Goldman Sachs will report on Tuesday, with Charles Schwab, PNC Bank, Discover Financial Services, and others reporting later in the week. We will also receive fourth quarter results from Netflix and Procter & Gamble, as well as United and American Airlines.
Morgan Stanley is projected to announce fourth quarter earnings per share (EPS) of $1.25, which would represent a 40% decline from a year earlier. Revenue is projected at $12.17 billion, down 16.2% from the fourth quarter of 2021. Goldman Sachs, which announced last week it will be cutting 3,200 jobs, is projected to post EPS of $5.25, down from $10.81 a year earlier. Global investment banking fees nearly halved in the first three quarters of 2022, to $77 billion from $132 billion in 2021 according to findings by Dealogic.
December Retail Sales
On Wednesday, the U.S. Census Bureau will report on December retail sales, providing a key update on consumer spending during the holiday season. Retail sales are projected to have fallen 0.5% last month, extending their declines after a 0.6% drop in November. Despite record-breaking online sales early in the holiday shopping season, sales are anticipated to have underperformed last month as a combination of high inflation, rising interest rates, and the drawdown of household savings from early in the pandemic affected spending.
Producer Price Index (PPI)
Also on Wednesday, the Bureau of Labor Statistics (BLS) will release the Producer Price Index (PPI) for December, tracking inflation from the standpoint of goods manufacturers and wholesalers. Producer inflation likely flatlined in December, following a 0.3% gain in each of the previous three months. On an annual basis, price growth likely decelerated to 7%, down from 7.4% in November and compared to a peak of 11.7% in March of last year. Core prices, which exclude volatile food and energy costs, likely rose 0.1%, with annual price growth expected to fall below 6% for the first time since June of 2021.