What will drive the markets this week?
The previous week saw major U.S. stock indexes closing higher, mainly due to the surge in Alphabet shares, while investors looked towards upcoming jobs data for guidance amid concerns about a slowing economy. Volume on U.S. exchanges remained light, with 9 billion shares traded, compared to the average of 12.7 billion shares over the previous 20 sessions. European stock markets also closed higher, with the Stoxx 600 index provisionally closing up by 0.5% ahead of the four-day Easter weekend. On Friday, stocks in Asia traded higher in a muted session as most markets were closed for a holiday in the wider Asia-Pacific region.
This week, earnings season kicks off with reports from big banks and financial institutions, such as JPMorgan Chase, Wells Fargo, Citigroup, BlackRock, and PNC Financial Services, along with other companies, including Progressive Insurance, Delta Air Lines, and UnitedHealth Group. Inflation reports will become available with the Consumer Price Index (CPI) and Producer Price Index (PPI) for March on Wednesday and Thursday, respectively. The U.S. Census Bureau will provide a timely update on consumer spending by reporting on March retail sales on Friday. Additionally, starting from Monday, the International Monetary Fund (IMF) and World Bank will hold their Spring 2023 annual meetings in Washington D.C.
Events expected to move the markets this week
Monday, April 10, 2023
- PriceSmart Inc. (PSMT) and Tilray Brands (TLRY) report earnings
- Wholesale Inventories (Feb)
- Consumer Inflation Expectations (Mar)
- IMF and World Bank Spring 2023 Meetings (through April 16)
Tuesday, April 11, 2023
- Albertsons Cos. (ACI) and CarMax Inc. (KMX) report earnings
- NFIB Business Optimism Index (Mar)
Wednesday, April 12, 2023
- Infosys Limited (INFY), First Republic Bank (FRC), Washington Federal Inc. (WAFD), and Winmark Corporation (WINA) report earnings
- Consumer Price Index (CPI) Inflation Report (Mar)
- FOMC Meeting Minutes
Thursday, April 13, 2023
- Progressive Corporation (PGR), Fastenal Company (FAST), and Delta Air Lines (DAL) report earnings
- Producer Price Index (PPI) Inflation Report (Mar)
Friday, April 14, 2023
- UnitedHealth Group (UNH), JPMorgan Chase (JPM), Wells Fargo (WFC), BlackRock (BLK), Citigroup (C), and PNC Financial Services (PNC) report earnings
- Retail Sales (Mar)
- Retail Inventories (Feb)
- Industrial Production (Mar)
- Business Inventories (Apr)
- University of Michigan Consumer Sentiment Index - Preliminary Reading (Apr)