The Stock Market This Week
This week, we’ve got a full 5-days of action for everything from penny stocks to mega-caps in the stock market. It isn’t solely about economic events either. We’ll see the kick-off of the latest earnings season to highlight some notable companies. Mix in some Fed & central banker speaking engagements, which could be a recipe for more volatility ahead.
Last week, the first handful of days of the New Year brought a topsy-turvey stock market. But Friday’s session capped off a technically bullish week to start 2023. Markets have been trading in a tight sideways channel for weeks following the previously hawkish Fed meeting and press conference. Meanwhile, the latest round of Fed minutes from December confirmed what most had already presumed. That is, the Fed isn’t planning on sorting its stance on rates.
Last week’s comments from central bankers, including Fed member Cook, helped bring a bit of optimism to the market. Federal Reserve Governor Lisa Cook highlighted signs that inflationary pressures could be easing.
“Recent data suggest that labor-compensation growth has indeed started to decelerate somewhat over the past year…Crucially, we must be vigilant to ensure that pandemic-era cost pressures and disruptions do not have lasting effects on inflation. If cost shocks and supply disruptions keep inflation elevated for a long enough period, households’ and firms’ inflation expectations could move higher—a development that could put additional upward pressure on inflation.”
Other Fed officials echoed this sentiment as well. Richmond Fed President Thomas Barkin stated in a speech in North Carolina, “We still have work to do. Inflation is too high, and we will need to stay on the case until it is sustainably back to our 2 percent target.”
Stock Market Economic Calendar For January 9th – January 13th
The week ahead has plenty to keep track of and will likely be closely watched by investors seeking clarity on timing for the Fed. Indeed, events like the next round of US CPI and a speaking engagement that includes Fed Chair Powell will be at the top of the list. Global economic events could also help sway markets. These include data from China, Japan, and Europe.
Stock Market News & Events On Monday, January 9, 2023
Monday’s schedule is one of the busiest of the week, and it begins early with Germany’s industrial production data from November. We’ll also see Eurozone unemployment and US CB employment trends before noon. Bank of England MPC member Mann speaks during the lunch hour. Later in the afternoon, as Power Hour begins, US November consumer credit data will get reported. Tokyo’s December CPI data is one of the week’s more significant global economic events. That will come out a few hours after the U.S. market closes on January 9th.
Stock Market News & Events On Tuesday, January 10, 2023
Tuesday has a few central bank representatives speaking, including the ECB’s Schnabel. However, US Fed Chair Jerome Powell could take the spotlight just before markets open. Powell begins speaking at 9 AM ET, which could set the tone for the first half of the week.
Stock Market News & Events On Wednesday, January 11, 2023
Wednesday brings no break in the action for major economic data. While US Mortgage data comes out before markets open, it will likely be China’s latest round of CPI data that retains the focus of markets. It won’t come out until 8:30 PM ET and could be a catalyst to keep in mind for Thursday’s session.
Stock Market News & Events On Thursday, January 12, 2023
If post-market China CPI wasn’t enough, we’ll also see pre-market US CPI, Core CPI, and employment data come out on Thursday. The FOMC’s Harker also makes comments early in the January 12th session.
Stock Market News & Events On Friday, January 13, 2023
Friday caps off a critical week of economic events and includes even more data out of the UK. The latest GDP and production figures get reported early. In addition to more economic data coming throughout the day, central bankers will also be speaking. Friday morning, the FOMC’s Harker will make statements before the stock market opens at 9:30 AM ET.
Notable Earnings In The Stock Market This Week
This week begins the start of another earnings season. While it isn’t very active, there are a few notable names to watch reporting their latest round of financial results:
Monday: Most Anticipated Earnings for January 9, 2023
- Commercial Metals Company (CMC)
- Acuity Brands (AYI)
- WD-40 Company (WDFC)
- PriceSmart (PSMT)
- Tilray Brands (TLRY)
- Acolade Inc. (ACCD)
- Azz Inc. (AZZ)
Tuesday: Most Anticipated Earnings for January 10, 2023
Wednesday: Most Anticipated Earnings for January 11, 2023
- KB Home (KBH)
Thursday: Most Anticipated Earnings for January 12, 2023
- TSMC (TSM)
- Organigram Holdings (OGI)
- Northern Technologies International (NTIC)
- RF Industries (RFIL)