The Week Ahead on Wall Street

Economic Data

Today, the January Empire State Manufacturing Index is released, summarizing business conditions within New York State and the surrounding region. December’s New York manufacturing index rose unexpectedly by a full percentage point, but the news was overshadowed by weaker-than-expected retail sales across the country.

The January NAHB (National Association of Home Builders) index is also due today. Considered a gauge of the single-family housing market, December’s index rose by a point to 84, tying with February 2021 as last year’s high-water mark.

Tomorrow, be on the lookout for December’s seasonally adjusted building permits and housing starts reports. November’s single-family housing starts jumped 11.3% from October, signaling increased demand for new construction. Concurrently, building permits rose overall by 3.6%. Also on Wednesday, the Philadelphia Federal Reserve Bank will issue its manufacturing survey for January.

Both initial unemployment claims and continuing jobless claims are due on Thursday, as well as December’s existing home sales. Another 230,000 people filed initial jobless claims last week — the highest number since mid-November 2021.

On Friday, watch for December’s leading economic indicators, which posted strong gains in November but reflected conditions prior to the Omicron outbreak.

Earnings

Today, Bank of New York Mellon (BK) will report its earnings for Q4 2021. Analysts predict a year-over-year increase in earnings on higher revenues of 6.3%. Banks are in focus for investors thanks to rising rates, which can sometimes benefit financial institutions by way of increasing net interest margins or the spread made from lending money.

Tomorrow, Procter & Gamble (PG) plans to release its quarterly earnings for the latest quarter. Analysts expect the world’s largest consumer products maker to report quarterly earnings of $1.65 per share, which would represent a year-over-year increase of 0.6%. Keep an eye out for comments from the executive team about future guidance as it relates to cost increases and inflation heading deeper into 2022.

Streaming giant Netflix (NFLX) is up on Thursday with its Q4 earnings. The stock grew more slowly in early 2021 compared to 2020, which executives attribute to a major demand explosion during initial COVID-19 lockdowns. In Q3 2021, the company posted its largest number of new subscribers since the end of Q4 2020. Analysts want to know what’s next for Netflix amid an increasingly crowded streaming market and what many hope is a return to normal as the pandemic wanes and more people venture out of their homes.

Rounding out the week, IHS Markit (INFO) will report their fiscal year 2021 and Q4 results. The London-based company is a world leader in analytics, solutions, and critical information for a number of major markets and industries.

The Week Ahead at SoFi

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