The tail end of fourth-quarter earnings season and several economic indicators will be this week’s highlights. With roughly 35 companies left to report,
earnings are down more than 3% from the same period a year ago, according to Refinitiv.
Zoom Video Communications
will publish their latest results on Monday, followed by
Norwegian Cruise Line Holdings
will go next on Wednesday, then
report on Thursday.
Investor days this week will include events from
Group on Tuesday.
may unveil a new, sub-$30,000 model on Wednesday.
Economic data out this week starts with the Census Bureau’s durable-goods report for January on Monday. That’s often seen as a decent proxy for business investment. On Tuesday, the Conference Board will release its Consumer Confidence Index for March. That’s expected to continue an upward trend.
The Institute for Supply Management will publish the Manufacturing Purchasing Managers’ Index for February on Wednesday, followed by the Services equivalent on Friday. The former is expected to hold roughly steady from the prior month, while the latter is seen declining but remaining in expansion territory.
and Zoom Video Communications report quarterly results.
The Census Bureau releases the durable-goods report for January. Economists think that new orders for manufactured durable goods declined 3%, to $278 billion.
Bank of Montreal
Bank of Nova Scotia
Monster Beverage, Norwegian Cruise Line Holdings,
Chevron and Goldman Sachs Group hold their 2023 investor days.
The Conference Board releases its Consumer Confidence Index for February. The consensus estimate is for a 109.2 reading, slightly higher than January’s. The index has rebounded from the 2022 low in July, buoyed by a strong labor market. In January, nearly half of respondents said that jobs were “plentiful,” while only 11.3% said that jobs were “hard to get.”
S&P CoreLogic releases its Case-Shiller National Home Price Index for December. Expectations are for home prices to show a 4.9% increase, year over year, following a 7.7% gain in November. Annualized home-price growth peaked at a record 20.8% last March and has decelerated every month since then.
The Institute for Supply Management (ISM) releases its Chicago Business Barometer for February. The consensus call is for a 45 reading, roughly even with the January data. The index has had five consecutive monthly readings below 50, indicating a contracting economy, but this hasn’t shown up in the gross-domestic-product data, with fourth-quarter GDP growing at a seasonally adjusted annual rate of 2.7%.
Tesla hosts its 2023 investor day at its Gigafactory in Austin, Texas. The company will unveil CEO Elon Musk’s “Master Plan 3,” geared to achieving very large scale in vehicle and battery production. Analysts expect Musk to announce Tesla’s cheapest model yet, starting at less than $30,000.
Dollar Tree, Lowe’s,
Royal Bank of Canada
release quarterly results.
ISM releases its Manufacturing Purchasing Managers’ Index for February. Economists forecast a 47.9 reading, in line with the January figure. The index has been below the expansionary level of 50 since November.
Best Buy, Broadcom, Costco Wholesale, Dell Technologies,
Hewlett Packard Enterprise
hold conference calls to discuss earnings.
ISM releases its Services
for February. Expectations are for a 54.5 reading, about one point less than previously. The services sector has held up better than the manufacturing sector, as there is still pent-up demand from pandemic restrictions.
Write to Nicholas Jasinski at email@example.com