What will drive the markets this week?
Global stocks were lower on Friday last week as data from the labor department showed better-than-expected payrolls and average hourly earnings. In the US, all the major indices recorded mixed trading with both the Nasdaq and the S&P 500 recording losses on the day. All Wall Street indices ended the week with gains.
In Europe, the Stoxx 600 recorded its seventh straight week of rises amid signs of China re-opening its economy and easing worries about interest-rate hikes. The index was lower for Friday’s trading session but the losses were not enough to offset gains in the week.
This week, Purchasing Managers’ Index (PMI) surveys from S&P Global and the Institute for Supply Management (ISM) will provide insights into U.S. manufacturing and service sector performance. On Friday, the Bureau of Labor Statistics (BLS) will release its Producer Price Index (PPI) reading for November, tracking inflation from the standpoint of goods-producing businesses and wholesalers. Also on Friday, the University of Michigan will release the preliminary December reading of its Consumer Sentiment Index (MCSI), providing a timely update on consumer confidence. Companies reporting earnings next week will include Costco, Broadcom, Oracle, AutoZone, Gamestop, and Lululemon Athletica, among others.
Events expected to influence financial markets in the week
Monday, December 5, 2022
- GitLab Inc. (GTLB), Freedom Holding Corp. (FRHC), and Sumo Logic (SUMO) report earnings
- S&P Global Composite PMI - Final (Nov)
- ISM Non-Manufacturing PMI (Nov)
- Factory Orders (Oct)
Tuesday, December 6, 2022
- BHP Group Limited (BHP), AutoZone (AZO), Ferguson PLC (FERG), Casey’s General Stores (CASY), Legend Biotech (LEGN), Toll Brothers Inc. (TOL), and HealthEquity Inc. (HQY) report earnings
- U.S. Trade Balance (Oct)
- Logistics Managers’ Index (LMI) (Nov)
Wednesday, December 7, 2022
- Brown Forman Corp. (BF.A), Campbell Soup Company (CPB), Gamestop (GME), The Descartes Systems Group (DSGX), and HashiCorp (HCP) report earnings
- Nonfarm Productivity (Q3 2022)
- Consumer Credit (Oct)
Thursday, December 8, 2022
- Costco (COST), Oracle Corp. (ORCL), Broadcom (AVGO), Lululemon Athletica (LULU), Chewy Inc. (CHWY), The Cooper Companies (COO), Vail Resorts (MTN), DocuSign Inc. (DOCU), Ciena Corp. (CIEN), and National Beverage Corp. (FIZZ) report earnings
Friday, December 9, 2022
- Li Auto (LI) reports earnings
- Wholesale Inventories (Oct)
- Producer Price Index (PPI) Inflation (Nov)
- University of Michigan Consumer Sentiment Index - Preliminary (Dec)
- Federal Reserve Quarterly Financial Accounts Release