Week Ending March 11, 2023: $148.50 -($2.53) -(1.67%)
Mar 10, 2023 13:46:45 GMT -8
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Post by Dave on Mar 10, 2023 13:46:45 GMT -8
What to Expect in the Markets Next Week
Events Calendar:
Monday, March 13
GitLab Inc. (GTLB), Grifols S.A. (GRFS), DLocal Limited (DLO), Getty Images (GETY), and Amylyx Pharmaceuticals (AMLX) report earnings
Consumer Inflation Expectations (Feb)
Tuesday, March 14
Lennar Corporation (LEN), Smartsheet Inc. (SMAR), SentinelOne Inc. (S), and IHS Holding Ltd. (IHS) report earnings
NFIB Business Optimism Index (Feb)
Consumer Price Index (CPI) Inflation Rate (Feb)
Wednesday, March 15
Adobe Inc. (ADBE), Woodside Energy Group (WDS), Franco-Nevada Corporation (FNV), Five Below (FIVE), Williams-Sonoma (WSM), and UiPath Inc. (PATH) report earnings
Retail Sales (Feb)
Producer Price Index (PPI) Inflation Rate (Feb)
NAHB Housing Market Index (Mar)
Business Inventories (Jan)
Retail Inventories (Jan)
Thursday, March 16
FedEx Corporation (FDX), Dollar General (DG), KE Holdings (BEKE), Jabil Inc. (JBL), Gamestop Corp. (GME), Academy Sports and Outdoors Inc. (ASO), Signet Jewelers Limited (SIG), and Scholastic Corporation (SCHL) report earnings
Building Permits (Feb)
Housing Starts (Feb)
Philadelphia Fed Manufacturing Index (Mar)
Friday, March 17
Legend Biotech (LEGN) and Algonquin Power & Utilities Corp. (AQN) report earnings
Industrial Production (Feb)
Conference Board (CB) Leading Index (Feb)
University of Michigan Consumer Sentiment Index - Preliminary Reading (Mar)
Inflation Reports in the Spotlight
We’ll get the latest reports on inflation in the U.S. next week with the Consumer Price Index (CPI) for February due on Tuesday. Consumer prices as tracked by the CPI likely rose 0.4% last month, following a 0.5% gain in January. On an annual basis, prices are projected to have risen 6.2%, decelerating slightly from a rate of 6.4% in January.
The Producer Price Index (PPI) tracking inflation from the standpoint of goods manufacturers and wholesalers will follow on Wednesday. Producer prices are projected to have risen 0.3% last month, following a stronger-than-expected 0.7% gain in January. On an annual basis, they were likely up 5.7%, decelerating from a 6% gain in January and compared to a 40-year high of 11.7% hit in March of last year.
Retail Sales Release
Also on Wednesday, the U.S. Census Bureau will release retail sales figures for February, indicating how consumer spending held up last month. Retail sales, which are not adjusted for inflation, likely edged 0.2% higher last month, after surging 3% in January. Despite a slowing economy, consumer spending has been resilient due to high nominal wage gains, a tight labor market, and excess savings from earlier in the pandemic that have cushioned consumers’ purchasing power.
Consumer Sentiment Reading
On Friday, the University of Michigan will release the preliminary March reading of its Consumer Sentiment Index (MCSI), providing an update on consumer confidence in the U.S. The index reading is projected to rise to 67.5 from 67 in February, which would mark the highest reading since December of 2021. Consumer sentiment has rebounded in recent months off an all-time low of 50 hit in June of last year, which surpassed previous record lows set during the Great Recession and the stagflationary era of the 1970s and early 1980s.
Monday, March 13
GitLab Inc. (GTLB), Grifols S.A. (GRFS), DLocal Limited (DLO), Getty Images (GETY), and Amylyx Pharmaceuticals (AMLX) report earnings
Consumer Inflation Expectations (Feb)
Tuesday, March 14
Lennar Corporation (LEN), Smartsheet Inc. (SMAR), SentinelOne Inc. (S), and IHS Holding Ltd. (IHS) report earnings
NFIB Business Optimism Index (Feb)
Consumer Price Index (CPI) Inflation Rate (Feb)
Wednesday, March 15
Adobe Inc. (ADBE), Woodside Energy Group (WDS), Franco-Nevada Corporation (FNV), Five Below (FIVE), Williams-Sonoma (WSM), and UiPath Inc. (PATH) report earnings
Retail Sales (Feb)
Producer Price Index (PPI) Inflation Rate (Feb)
NAHB Housing Market Index (Mar)
Business Inventories (Jan)
Retail Inventories (Jan)
Thursday, March 16
FedEx Corporation (FDX), Dollar General (DG), KE Holdings (BEKE), Jabil Inc. (JBL), Gamestop Corp. (GME), Academy Sports and Outdoors Inc. (ASO), Signet Jewelers Limited (SIG), and Scholastic Corporation (SCHL) report earnings
Building Permits (Feb)
Housing Starts (Feb)
Philadelphia Fed Manufacturing Index (Mar)
Friday, March 17
Legend Biotech (LEGN) and Algonquin Power & Utilities Corp. (AQN) report earnings
Industrial Production (Feb)
Conference Board (CB) Leading Index (Feb)
University of Michigan Consumer Sentiment Index - Preliminary Reading (Mar)
Inflation Reports in the Spotlight
We’ll get the latest reports on inflation in the U.S. next week with the Consumer Price Index (CPI) for February due on Tuesday. Consumer prices as tracked by the CPI likely rose 0.4% last month, following a 0.5% gain in January. On an annual basis, prices are projected to have risen 6.2%, decelerating slightly from a rate of 6.4% in January.
The Producer Price Index (PPI) tracking inflation from the standpoint of goods manufacturers and wholesalers will follow on Wednesday. Producer prices are projected to have risen 0.3% last month, following a stronger-than-expected 0.7% gain in January. On an annual basis, they were likely up 5.7%, decelerating from a 6% gain in January and compared to a 40-year high of 11.7% hit in March of last year.
Retail Sales Release
Also on Wednesday, the U.S. Census Bureau will release retail sales figures for February, indicating how consumer spending held up last month. Retail sales, which are not adjusted for inflation, likely edged 0.2% higher last month, after surging 3% in January. Despite a slowing economy, consumer spending has been resilient due to high nominal wage gains, a tight labor market, and excess savings from earlier in the pandemic that have cushioned consumers’ purchasing power.
Consumer Sentiment Reading
On Friday, the University of Michigan will release the preliminary March reading of its Consumer Sentiment Index (MCSI), providing an update on consumer confidence in the U.S. The index reading is projected to rise to 67.5 from 67 in February, which would mark the highest reading since December of 2021. Consumer sentiment has rebounded in recent months off an all-time low of 50 hit in June of last year, which surpassed previous record lows set during the Great Recession and the stagflationary era of the 1970s and early 1980s.