Week Ending April 8, 2023: $164.66 -($0.24) -(0.14%)
Apr 7, 2023 5:03:26 GMT -8
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Post by Dave on Apr 7, 2023 5:03:26 GMT -8
What to Expect in the Markets Next Week
Events Calendar:
Monday, April 10, 2023
PriceSmart Inc. (PSMT) and Tilray Brands (TLRY) report earnings
Wholesale Inventories (Feb)
Consumer Inflation Expectations (Mar)
IMF and World Bank Spring 2023 Meetings (through April 16)
Tuesday, April 11, 2023
Albertsons Cos. (ACI) and CarMax Inc. (KMX) report earnings
NFIB Business Optimism Index (Mar)
Wednesday, April 12, 2023
Infosys Limited (INFY), First Republic Bank (FRC), Washington Federal Inc. (WAFD), and Winmark Corporation (WINA) report earnings
Consumer Price Index (CPI) Inflation Report (Mar)
FOMC Meeting Minutes
Thursday, April 13, 2023
Progressive Corporation (PGR), Fastenal Company (FAST), and Delta Air Lines (DAL) report earnings
Producer Price Index (PPI) Inflation Report (Mar)
Friday, April 14, 2023
UnitedHealth Group (UNH), JPMorgan Chase (JPM), Wells Fargo (WFC), BlackRock (BLK), Citigroup (C), and PNC Financial Services (PNC) report earnings
Retail Sales (Mar)
Retail Inventories (Feb)
Industrial Production (Mar)
Business Inventories (Apr)
University of Michigan Consumer Sentiment Index - Preliminary Reading (Apr)
Financial Sector Earnings
Earnings season begins next week with reports from some of the biggest banks and financial institutions in the U.S. JPMorgan Chase, Wells Fargo, BlackRock, Citigroup, and PNC Financial Services will report their earnings on Friday. Earnings for S&P 500 companies are projected to have fallen 6.6%, which would mark the largest quarterly decline since the second quarter of 2020, according to FactSet. Of the companies issuing earnings guidance, 79 have issued negative EPS guidance while just 27 have issued positive guidance.
March Inflation Reports
We’ll get the latest updates on inflation next week, starting with the Labor Department’s Consumer Price Index (CPI) for March, due on Wednesday. Prices are projected to have risen 0.3% last month, compared to a 0.4% gain in February. Year-over-year, they were likely up just over 5%, decelerating from 6% in February. Core inflation, which excludes volatile food and energy costs, is projected at an annual rate of 5.6%, up slightly from 5.5% in February. Headline inflation as tracked by the CPI has cooled significantly after hitting a 40-year high of 9.1% in June of last year, as the Federal Reserve has raised interest rates. However, it remains well above the central bank’s target range.
On Thursday, the Bureau of Labor Statistics (BLS) will issue the Producer Price Index (PPI) for March, tracking inflation from the standpoint of manufacturers and wholesalers. Producer prices were likely unchanged last month after falling 0.1% in February. On an annual basis, they’re projected to have risen just 3.1%, decelerating from 4.6% in February. This would mark the slowest annual gain in over two years.
Retail Sales Update
On Friday, the U.S. Census Bureau will report on March retail sales, providing a key update on consumer spending. Sales are projected to have fallen 0.4% last month, at the same pace as February. They’re projected to rise 4% to 6% this year, totaling $5.13 trillion to $5.23 trillion by the end of 2023, according to a National Retail Federation (NRF) forecast. The bulk of that increase will likely come from non-store and online sales, which are projected to rise 10% to 12% to a range of $1.41 trillion to $1.43 trillion. Rising interest rates, persistently high inflation, and growing concerns about a recession could lead to slower growth compared to 2022, when overall sales rose 7%.
Monday, April 10, 2023
PriceSmart Inc. (PSMT) and Tilray Brands (TLRY) report earnings
Wholesale Inventories (Feb)
Consumer Inflation Expectations (Mar)
IMF and World Bank Spring 2023 Meetings (through April 16)
Tuesday, April 11, 2023
Albertsons Cos. (ACI) and CarMax Inc. (KMX) report earnings
NFIB Business Optimism Index (Mar)
Wednesday, April 12, 2023
Infosys Limited (INFY), First Republic Bank (FRC), Washington Federal Inc. (WAFD), and Winmark Corporation (WINA) report earnings
Consumer Price Index (CPI) Inflation Report (Mar)
FOMC Meeting Minutes
Thursday, April 13, 2023
Progressive Corporation (PGR), Fastenal Company (FAST), and Delta Air Lines (DAL) report earnings
Producer Price Index (PPI) Inflation Report (Mar)
Friday, April 14, 2023
UnitedHealth Group (UNH), JPMorgan Chase (JPM), Wells Fargo (WFC), BlackRock (BLK), Citigroup (C), and PNC Financial Services (PNC) report earnings
Retail Sales (Mar)
Retail Inventories (Feb)
Industrial Production (Mar)
Business Inventories (Apr)
University of Michigan Consumer Sentiment Index - Preliminary Reading (Apr)
Financial Sector Earnings
Earnings season begins next week with reports from some of the biggest banks and financial institutions in the U.S. JPMorgan Chase, Wells Fargo, BlackRock, Citigroup, and PNC Financial Services will report their earnings on Friday. Earnings for S&P 500 companies are projected to have fallen 6.6%, which would mark the largest quarterly decline since the second quarter of 2020, according to FactSet. Of the companies issuing earnings guidance, 79 have issued negative EPS guidance while just 27 have issued positive guidance.
March Inflation Reports
We’ll get the latest updates on inflation next week, starting with the Labor Department’s Consumer Price Index (CPI) for March, due on Wednesday. Prices are projected to have risen 0.3% last month, compared to a 0.4% gain in February. Year-over-year, they were likely up just over 5%, decelerating from 6% in February. Core inflation, which excludes volatile food and energy costs, is projected at an annual rate of 5.6%, up slightly from 5.5% in February. Headline inflation as tracked by the CPI has cooled significantly after hitting a 40-year high of 9.1% in June of last year, as the Federal Reserve has raised interest rates. However, it remains well above the central bank’s target range.
On Thursday, the Bureau of Labor Statistics (BLS) will issue the Producer Price Index (PPI) for March, tracking inflation from the standpoint of manufacturers and wholesalers. Producer prices were likely unchanged last month after falling 0.1% in February. On an annual basis, they’re projected to have risen just 3.1%, decelerating from 4.6% in February. This would mark the slowest annual gain in over two years.
Retail Sales Update
On Friday, the U.S. Census Bureau will report on March retail sales, providing a key update on consumer spending. Sales are projected to have fallen 0.4% last month, at the same pace as February. They’re projected to rise 4% to 6% this year, totaling $5.13 trillion to $5.23 trillion by the end of 2023, according to a National Retail Federation (NRF) forecast. The bulk of that increase will likely come from non-store and online sales, which are projected to rise 10% to 12% to a range of $1.41 trillion to $1.43 trillion. Rising interest rates, persistently high inflation, and growing concerns about a recession could lead to slower growth compared to 2022, when overall sales rose 7%.