The Stock Market This Week
It will be another short week for traders in the stock market this week, but that doesn’t mean much with a packed schedule. Whether you’re going to look for penny stocks to buy or try to find opportunities to invest in the best dividend stocks for the long term, a mix of earnings and central banker speaking engagements could influence volatility in the coming days. In addition, you’ve also got the latest earnings season heating up, which will surely bring attention to guidance from management. Key economic events, including PPI and retail sales data from multiple countries, will also be in focus.
Last week, the markets gave plenty of volatility to navigate through. However, that volatility ultimately brought about a rally in stocks. Friday’s session saw major indexes reclaiming highs lost at the end of 2022. The S&P 500 (NYSE: SPY) closed out at $398.50, up over 3.5% for the year. The tech-heavy NASDAQ (NASDAQ: QQQ) narrowly filled its gap from mid-December.
As of the closing bell on January 13th, the QQQ was up 4.5% for the year. Meanwhile, the Dow (NYSE: DIA), which has performed the best of the three indexes over the last three months, reclaimed the $340 level, specifically $343.04. Not only is the index up roughly 3% for the year, but it’s also trading nearly 20% higher since mid-October.
December CPI Recap, Upcoming PPI Data
Much of the robust sentiment came after the latest round of CPI data from December 2022. Ironically, the market adjusted its CPI expectations just days before the figures came out. In similar irony, following the adjustment, CPI and Core CPI figures came in line with those adjusted expectations.
You can come to your conclusions, but I’m not here to breed conspiracy theories on the subject. The bottom line is that the data is out, and Wall Street continues observing inflation data that has persisted in its decline over the last several months.
Stock Market Economic Calendar For January 17th – January 20th
This week the market will look to see that trend remain strong with the next round of PPI data coming out. It isn’t only the US data that will be on watch either. This week, Germany, the UK, and the Eurozone will report inflation data. Let’s break down some specific events to consider in the stock market this week.
Stock Market News & Events On Tuesday, January 17, 2023
Tuesday, January 17th, is one of the lighter days for stock market events. That doesn’t mean there aren’t a few significant ones to note. This includes the early report from Germany with its December CPI inflation data. The country will also give January’s economic sentiment shortly before OPEC’s monthly report. Later in the evening, the Bank of Japan will provide its outlook report, which could influence sentiment for traders on Wednesday.
Tuesday will also come with a slew of central bankers speaking. These include the ECB’s Fernandez-Bollow before the US markets open. The FOMC’s Williams will make comments about an hour before US markets close on January 17th.
Stock Market News & Events On Wednesday, January 18, 2023
Wednesday presents one of the busier days for economic data and central bank speakers. The UK reports December CPI, PPI input, and PPI output data. We’ll also see the Eurozone report December CPI and Core CPI figures. These come hours before the US reports its December PPI and Core PPI data and the anticipated retail sales and manufacturing data from December.
The latest Beige Book report will also clue investors in on current economic conditions in each Fed District. The Beige Book comes out eight times per year, and this could set the tone for 2023 as it is the first report to come out. Rounding out the day, we’ll get comments from FOMC Harker and the Fed’s Logan.
Stock Market News & Events On Thursday, January 19, 2023
Thursday is the height of activity for economic data and central banker appearances. ECB President Lagarde kicks things off with a speech long before US markets open. We’ll also get the ECB’s account of its last monetary policy meeting, followed by US housing and jobs data. The latest round of US December building permits, housing starts, and jobless claims will likely be heavily scrutinized to gain some sense of current real economic conditions to weigh against the future Federal Reserve monetary tightening measures. Later in the session, through post-market hours, the ECB’s Schnabel speaks along with the Fed’s Brainard and FOMC’s Williams.
Stock Market News & Events On Friday, January 20, 2023
A lighter day on Friday will include UK December retail and core retail sales along with German PPI during the 2 AM ET hour. Other economic data will consist of the latest round of US existing home sales shortly after US markets open. Then, central bankers, including ECB President Lagarde and Elderson, along with the Fed’s Waller, will make speeches throughout the session.
Notable Earnings In The Stock Market This Week
This week continues the earnings season, where management commentary could play a more significant role than the actual financial results. This has been the case for the last several quarters as Wall Street looks to see how companies plan to weather higher inflation and a potential recession. While last week wasn’t very active, there are several notable names to watch reporting their latest round of financial results this week:
Tuesday: Most Anticipated Earnings for January 17, 2023
Morgan Stanley (MS)
Goldman Sachs Group, Inc. (GS)
Citizens Financial Group, Inc. (CFG)
United Airlines Holdings, Inc. (UAL)
Interactive Brokers Group, Inc. (IBKR)
Signature Bank (SBNY)
New Oriental Education & Technology Group, Inc. (EDU)
Pinnacle Financial Partners, Inc. (PNFP)
Hancock Whitney Corporation (HWC)
United Community Banks, Inc. (UCBI)
Fulton Financial Corporation (FULT)
Progress Software Corporation (PRGS)
FB Financial Corporation (FBK)
Mercantile Bank Corporation (MBWM)
Silvergate Capital Corporation (SI)
Guaranty Bancshares, Inc. (GNTY)
Engine Gaming and Media, Inc. (GAME)
Wednesday: Most Anticipated Earnings for January 18, 2023
The Charles Schwab Corporation (SCHW)
Prologis, Inc. (PLD)
PNC Financial Services Group, Inc. (PNC)
Kinder Morgan, Inc. (KMI)
Discover Financial Services (DFS)
J.B. Hunt Transport Services, Inc. (JBHT)
First Horizon Corporation (FHN)
Alcoa Corporation (AA)
Wintrust Financial Corporation (WTFC)
H. B. Fuller Company (FUL)
Texas Capital Bancshares, Inc. (TCBI)
Eagle Bancorp, Inc. (EGBN)
Preferred Bank (PFBC)
Thursday: Most Anticipated Earnings for January 19, 2023
Procter & Gamble Company (PG)
Netflix, Inc. (NFLX)
Truist Financial Corporation (TFC)
PPG Industries, Inc. (PPG)
Fastenal Company (FAST)
M&T Bank Corporation (MTB)
Fifth Third Bancorp (FITB)
Northern Trust Corporation (NTRS)
SVB Financial Group (SIVB)
Comerica Incorporated (CMA)
Commerce Bancshares, Inc. (CBSH)
Concentrix Corporation (CNXC)
Synovus Financial Corp. (SNV)
TAL Education Group (TAL)
Bank OZK (OZK)
Home BancShares, Inc. (HOMB)
WNS (Holdings) Limited (WNS)
Independent Bank Corp. (INDB)
BankUnited, Inc. (BKU)
Banner Corporation (BANR)
Westamerica Bancorporation (WABC)
1st Source Corporation (SRCE)
OceanFirst Financial Corp. (OCFC)
Banc of California, Inc. (BANC)
Amerant Bancorp Inc. (AMTB)
Metropolitan Bank Holding Corp. (MCB)
Insteel Industries, Inc. (IIIN)
CapStar Financial Holdings, Inc. (CSTR)
Five Point Holdings, LLC (FPH)
IDW Media Holdings (IDW)