It will be another holiday-shortened week, as a strong 2024 comes to an end. Stock and bond trading markets will be closed on Wednesday for New Year’s Day.
There will be several data releases relating to the U.S. housing market this week. On Monday, the National Association of Realtors will release its Pending Home Sales Index for November. On Tuesday, S&P CoreLogic will publish its Case-Shiller National Home Price Index for October. And on Thursday, the Census Bureau will report construction spending statistics for November.
Other data to watch this week will include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for December on Friday.
Investors will gear up for Tesla's latest deliveries report, expected to be released on Thursday, just after the holiday break. According to analysts, the electric carmaker's fourth-quarter deliveries are seen at around 511,000 units, which would, if met, bring the total for 2024 to 1.8 million and match last year's performance.
There will be no major companies reporting quarterly earnings during the New Year’s week. Fourth-quarter earnings season kicks off on January 15 with results from JPMorgan Chase, Citigroup, and Wells Fargo.
Monday 12/30
The Institute for Supply Management releases its Chicago Business Barometer for December. Consensus estimate is for a 42.8 reading, 2.6 points more than in November.
The National Association of Realtors releases its Pending Home Sales Index for November. The PHSI, a forward-looking indicator of home sales based on contract signings, is expected to increase 7.9% year over year from last November’s depressed levels. The index hit a record low this past summer as elevated mortgage rates and the lock-in effect—the disincentive for existing homeowners to sell because their mortgage rates are much lower than current rates—continued to weigh on housing activity.
Tuesday 12/31
S&P CoreLogic releases its Case-Shiller National Home Price Index for October. Home prices rose 3.89% year over year in September, but it was the seventh consecutive month of decelerating growth.
Wednesday 1/1
Equity and fixed-income markets are closed in observance of New Year’s Day.
Thursday 1/2
The Census Bureau reports construction spending statistics for November. The consensus call is for a 0.3% month-over-month increase in construction spending to a seasonally adjusted annual rate of $2.18 trillion.
Friday 1/3
The ISM releases its Manufacturing Purchasing Managers’ Index for December. Economists forecast a 48.3 reading, roughly even with November data. The manufacturing sector has been weak, with 24 of the past 25 monthly readings less than the expansionary level of 50.
