Earnings season is starting to wind down, but a few significant companies, such as Coca-Cola (KO) and Deere (DE) will be reporting this week.
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Aside from earnings, it’s worth watching for the following three economic events this week. All can prove to be major market movers. Check out TipRanks’ Economic Calendar for all upcoming events.
- January CPI Report – Tuesday, February 14 – CPI shows the average change over time in the prices urban consumers paid for a market basket of consumer goods and services. In December 2022, the overall CPI showed an increase of 6.5 percent year-over-year. Consumers who experience sticker shock with every supermarket visit are expecting January CPI to have increased, but we will find out for certain on Tuesday. A high CPI would mean consumers will have less cash to spend, which is a negative signal for businesses and the markets.
- January Monthly Retail Sales – Wednesday, February 15 – This report shows consumer demand for finished goods. Disappointingly, retail sales fell 1.1% in December, in the sharpest month-over-month fall in the entire 2022. As product prices rise, retail sales usually fall, so this report could display another drop, as a sign of a weakening economy. On the other hand, an increase in this number would bode well for companies, and for the markets overall.
- January Housing Starts – Thursday, February 16 – Single-family housing starts increased 11.3% in December, but that was the only good news. Starts for multi-family residences, and overall housing starts, fell. Given that 2022 mortgage rates increased faster than they ever had within a calendar year, January housing starts are unlikely to show an increase. If they did indeed rise, that would be a good sign for construction-related stocks.
