U.S. stock and bond markets will be closed on Monday for Martin Luther King Jr. Day. Then it will be a busy week of fourth-quarter earnings reports once Wall Street returns.
Tuesday’s biggest earnings will come from
Goldman Sachs
Group and
Morgan Stanley.
Wednesday’s highlights will include
Charles Schwab
and
Prologis,
followed by
Fastenal,
J.B. Hunt Transport Services,
and
Truist Financial
on Thursday.
Schlumberger,
State Street,
and
Travelers
close the week on Friday.
The economic data calendar includes Wednesday morning’s retail sales data for December from the Census Bureau. That afternoon, the Federal Reserve will release its first beige book of 2024. On Friday, the University of Michigan will publish its Consumer Sentiment survey for January.
Other data out this week will be focused on the U.S. housing market. The National Association of Home Builders releases the Housing Market Index for January on Wednesday, the Census Bureau reports new residential construction statistics for December on Thursday, and The National Association of Realtors reports existing-home sales for December on Friday.
Monday 1/15
Equity and fixed-income markets are closed in observance of Martin Luther King, Jr. Day.
Tuesday 1/16
Goldman Sachs Group, Morgan Stanley, and
PNC Financial Services Group
report quarterly results.
Wednesday 1/17
Charles Schwab,
Citizens Financial Group,
Discover Financial Services,
Kinder Morgan,
Prologis, and
U.S. Bancorp
release earnings.
The Census Bureau reports retail sales data for December. Consensus estimate is for U.S. retail and food services sales to increase 0.4% month over month, after a 0.3% rise in November. Excluding autos, retail sales are expected to gain 0.2%, matching the November figure. Consumer spending held up remarkably well in 2023, with a projected 3.1% increase compared with 2022.
The National Association of Home Builders releases the Housing Market Index for January. Economists forecast a 38 reading, one point more than in December. Home builders’ sentiment remains dour and the HMI is nearly 20 points below its July 2023 peak, as high mortgage rates have chilled the housing market.
The Federal Reserve releases the beige book for the first of eight times this year. The report gathers anecdotal information on current economic conditions from the 12 regional Federal Reserve Banks.
Thursday 1/18
Fastenal, J.B. Hunt Transport Services,
KeyCorp,
M&T Bank,
Northern Trust,
PPG Industries,
and Truist Financial announce quarterly results.
The Census Bureau reports new residential construction statistics for December. The consensus call is for a seasonally adjusted annual rate of 1.45 million privately-owned housing starts, 110,000 less than in November.
Friday 1/19
Comerica,
Fifth Third Bancorp,
Huntington Bancshares,
Regions Financial,
Schlumberger, State Street, and Travelers report earnings.
The University of Michigan releases its Consumer Sentiment survey for January. Economists forecast a 67.8 reading, about two points less than in December. Consumers’ expectations for the year ahead inflation was 3.1% in December, the lowest level since March of 2021.
The National Association of Realtors reports existing-home sales for December. Expectations are for a seasonally adjusted annual rate of 3.82 million homes sold, about even with the November data. Existing-home sales are near their lowest level in the past decade and now account for a lower percentage of all home sales than they have historically.
—Dan Lam contributed to this article
Write to Nicholas Jasinski at [email protected]
Read the full article here