It will be the third consecutive shortened trading week, as the stock market will be closed Thursday for a national day of mourning for former President Jimmy Carter, who passed away late last year. Stocks will be looking to bounce back from a less than merry performance during what's known as the Santa Claus Rally period, seven trading sessions during which the S&P 500 has gained an average of 1.3% since 1950. This time around, the S&P 500 slid 0.5%.
The highlight of the economic calendar will be the December jobs report, to be released on Friday. Also on Friday we'll get a trickle of earnings reports from S&P 500 members Constellation Brands, Delta Airlines, and Walgreens Boots Alliance, before the real action begins when the big banks start reporting on Jan. 15.
Other data to watch on the week include the Institute for Supply Management's Services Purchasing Managers' Index, coming out on Tuesday. The Federal Open Market Committee will release the minutes from its mid-December monetary-policy meeting on Wednesday.
On Friday, the Supreme Court will hear arguments in the highly anticipated TikTok ban case.
Tuesday
The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. The consensus estimate is for 7.8 million job openings on the last business day of November, which is roughly even with the October figure.
The Institute for Supply Management releases its Services Purchasing Managers' Index for December. Economists forecast a 53.2 reading, about one point more than in November.
Wednesday 1/8
ADP releases its National Employment Report for December. Expectations are for a 130,000 gain in private-sector employment, 16,000 fewer than in November. Year-over-year pay rose 4.8% in November for employees who remained at their jobs, the first acceleration of pay increase in two years.
The Federal Open Market Committee releases the minutes from its mid-December monetary-policy meeting. The FOMC cut the federal-funds rate at that meeting by a quarter of a percentage point, to 4.25% -- 4.5%, although there was one dissenting vote from Cleveland Fed President Beth Hammack.
Thursday 1/9
The Nasdaq and the New York Stock Exchange are closed in honor of former President Jimmy Carter, who passed away late last year. President Joe Biden declared Jan. 9 a national day of mourning for Carter.
Friday 1/10
Constellation Brands, Delta Air Lines, and Walgreens Boots Alliance report quarterly results.
The Bureau of Labor Statistics releases the jobs report for December. Economists forecast a 153,000 increase in nonfarm payrolls, following a 227,000 gain in November. The unemployment rate is expected to remain unchanged at 4.2%
The Supreme Court hears arguments in TikTok's appeal of a federal law that would shut down the social media app in the U.S. The law would ban TikTok in the U.S., starting on Jan. 19, unless the video app's parent, ByteDance, sells TikTok to a non-Chinese company.
The University of Michigan releases its Consumer Sentiment Index for January. Consumers' expectations for the year-ahead inflation was 2.8% in December, and averaged 2.9% last year, compared with 3.8% in 2023.
