Investors Brace for Inflation Report as Stocks Set to Open Lower in New York
Stocks in New York are expected to open lower as investors gear up for the release of the first major inflation report of the year. Dow Jones Industrial Average futures lost 38 points or 0.1%, S&P 500 futures dipped 0.1%, and Nasdaq Composite futures also fell 0.1% (6:15 p.m. ET Sunday).
This week, over 60 companies listed on the S&P 500 are set to report earnings. Notable companies reporting on Monday include Arista Networks, Avis Budget Group, Cadence Design Systems, Goodyear Tire & Rubber, Principal Financial Group, and Waste Management. Tuesday will see the earnings reports of Airbnb, American International Group, Biogen, Coca-Cola, DaVita, Ecolab, EQT, Hasbro, Howmet Aerospace, Krispy Kreme, Marriott International, MGM Resorts International, Molson Coors Beverage, Moody’s, Restaurant Brands International, Shopify, Waste Connections, Welltower, WK Kellogg, and Zoetis. Wednesday’s reports will include Albemarle, CF Industries, Cisco Systems, CME Group, Energy Transfer, Equinix, Generac Holdings, Global Payments, Kraft Heinz, Martin Marietta Materials, Occidental Petroleum, Sony Group, Tyler Technologies, and Williams Cos. On Thursday, Airbus, Applied Materials, CBRE Group, Consolidated Edison, Coinbase Global, Deere, Digital Realty Trust, DoorDash, DraftKings, EPAM Systems, Genuine Parts, Ingersoll Rand, Southern Co., and Stellantis will unveil their earnings reports. Friday will feature earnings reports from Cinemark Holdings, NatWest Group, PPL Corp., and Vulcan Materials.
In addition to the earnings reports, there are several important economic events scheduled for this week. The Federal Reserve Bank of New York will release the Survey of Consumer Expectations on Monday. Tuesday will see the release of the consumer price index for January by the Bureau of Labor Statistics, as well as the National Federation of Independent Business’ Small Business Optimism Index for January. On Thursday, the Census Bureau will report retail sales data for January, the Labor Department will release initial unemployment benefits claims for the week ended February 10, and the National Association of Home Builders will release its Housing Market Index for February. Friday will feature the release of the January producer price index and core PPI by the BLS, as well as the University of Michigan’s Consumer Sentiment Survey for February.
Investors are keeping a close eye on these reports and events as they navigate the markets amidst concerns surrounding inflation and its potential impact on the economy.
Analyst comment
Neutral news.
As an analyst, the market is expected to open lower due to investor concerns over the inflation report. Investors will closely monitor earnings reports and economic events throughout the week to assess the potential impact of inflation on the economy.
