Unfortunately, we ended up giving back a decent amount of the gains we saw toward the end of last year this week, as stocks fell across the board. On a week-over-week basis, the Dow was down 0.63%, the S&P 500 was down 1.86%, the Nasdaq was down 3.83%, and the Russell was down a whopping 4.98%. However, it might turn around this week, as we’ve got a very busy week, with some incredibly important earnings and economic data releases!
Last week, there wasn’t much excitement in terms of macroeconomic indicators. There were several different employment metrics released, and the job market still seems to be incredibly strong, with all metrics beating analyst expectations. Overall, there were fewer jobless claims, more new jobs added, a lower unemployment rate, and a larger increase in hourly wages than anticipated.
This week, we’ll start things off on Monday with consumer credit, which will give us a great idea of how the consumer is faring. Then we won’t hear much else until the CPI release on Thursday and the PPI release on Friday. While we aren’t likely to see any upsets in either of these metrics, now that inflation has largely taken a back seat, it’s still important to pay attention to these metrics. That’s because they will be a huge determining factor as to when the Fed begins to cut rates.
This week the Q4 earnings season kicks off, as some of the most influential companies in the world report their earnings, such as:
01/08 – Jefferies Financial Group (JEF)
01/09 – Albertsons Companies (ACI)
01/10 – KB Home (KBH)
01/11 – Taiwan Semiconductor (TSM), Infosys Limited (INFY)
01/12 – UnitedHealth Group (UNH), J.P. Morgan Chase (JPM), Bank of America (BAC), Wells Fargo & Company (WFC), HDFC Bank Limited (HDB), BlackRock (BLK), Citigroup (C), The Bank of New York Mellon (BK), Delta Air Lines (DAL)
All eyes will be on the banks this week, as the largest financial institutions in the US (and the world), such as JPM, BAC, WFC, HDB, BLK, C, and BK report their earnings. It will be important to pay attention to what they have to say about the consumer, as well as what some of the most well-respected CEOs in the world, like Jamie Dimon, have to say about the economy, and where they see it going.
It’ll also be important to pay attention to what TSM has to say, as they will give us a good idea as to how some of the other semiconductor companies, like NVDA and AMD, performed this past quarter.
Monitoring the market conditions this week.
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