By Nicholas Jasinski
It will be another major week of fourth-quarter earnings, with about 100 S&P 500 companies scheduled to report. There will also be a highly anticipated Federal Reserve interest-rate decision on Wednesday and the latest job-market data on Thursday and Friday.
Earnings highlights will include GE HealthCare Technologies and NXP Semiconductors on Monday, then Advanced Micro Devices, Caterpillar, Exxon Mobil, General Motors, McDonald's, Pfizer, and United Parcel Service on Tuesday.
Wednesday will bring results from Meta Platforms, Thermo Fisher Scientific, and T-Mobile US, followed by a busy Thursday: Alphabet, Amazon.com, Apple, Eli Lilly, Ford Motor, Merck, Qualcomm, and Starbucks all report. Cigna, LyondellBasell Industries, and Sanofi will close the week on Friday.
The main event on this week's economic calendar will be Wednesday's conclusion of a two-day meeting of the Federal Open Market Committee. The central bank is widely expected to raise the federal-funds rate by a quarter of a percentage point, to a target range of 4.50% to 4.75%. As always, the post-meeting press conference with Chairman Jerome Powell will be closely watched for hints to the Fed's next moves.
The economic-data highlight of the week will be Friday's jobs report for January. Economist consensus calls for a 190,000-strong rise in nonfarm payrolls, following a gain of 223,000 in December. The unemployment rate is expected to tick up a tenth of a point, to 3.6%.
Other data out this week will include S&P CoreLogic's Case-Shiller National Home Price Index for November on Tuesday and the Bureau of Labor Statistics' Job Openings and Labor Turnover Survey for December on Thursday.
Monday 1/30
Franklin Resources, GE HealthCare Technologies, and NXP Semiconductors report quarterly results.
Tuesday 1/31
Advanced Micro Devices, Amgen, Caterpillar, Chubb, Edwards Lifesciences, Electronic Arts, Exxon Mobil, General Motors, Marathon Petroleum, McDonald's, Mondelez International, Moody's, MSCI, Pfizer, Phillips 66, Stryker, Sysco, and United Parcel Service announce earnings.
The Institute for Supply Management releases the Chicago Business Barometer for January. Consensus estimate is for a 45.5 reading, roughly even with December. The index has had four consecutive readings below 50, indicating a contracting economy.
S&P CoreLogic releases the Case-Shiller National Home Price Index for November. Economists forecast a 7% year-over-year rise, compared with 9.2% increase previously.
Wednesday 2/1
Allstate, Altria Group, Boston Scientific, Corteva, GSK, Johnson Controls International, Humana, Meta Platforms, MetLife, Novartis, Novo Nordisk, Old Dominion Freight Line, Thermo Fisher Scientific, T-Mobile US, and Waste Management release quarterly results.
The Federal Open Market Committee announces its monetary-policy decision. The central bank is widely expected to raise the federal-funds rate by 25 basis points to 4.5%-4.75%. Wall Street is eager to hear from Fed Chairman Jerome Powell and glean any hints as to when the FOMC might pause its interest-rate hiking campaign.
ADP releases its National Employment Report for January. Expectations are for the economy to add 170,000 jobs after an increase of 235,000 in December.
The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. The consensus call is for 10.3 million job openings on the last business day of December, 158,000 fewer than in November.
Thursday 2/2
Big Tech headlines a big day for earnings. Three of the four largest U.S. companies by market value, Alphabet, Amazon.com, and Apple, all release results after the market close.
Becton Dickinson, Bristol Myers Squibb, ConocoPhillips, Eli Lilly, Estée Lauder, Ford Motor, Gilead Sciences, Hershey, Honeywell International, Intercontinental Exchange, Merck, Qualcomm, Shell, and Starbucks hold conference calls to discuss earnings.
Friday 2/3
Aon, Cboe Global Markets, Cigna, LyondellBasell Industries, Regeneron Pharmaceuticals, and Sanofi report quarterly results.
The BLS releases the jobs report for January. Economists forecast a 190,000 increase in nonfarm payrolls, after a 223,000 gain in December. The unemployment rate is expected to edge up to 3.6% from 3.5%.
Write to Nicholas Jasinski at nicholas.jasinski@barrons.com
(END) Dow Jones Newswires
January 30, 2023 08:43 ET (13:43 GMT)
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