It was a tale of two markets, as the Dow Jones Industrial Average ended last week up 2.5%, and closed above 50,000 for the first time. The tech-heavy Nasdaq Composite had a tougher time of it, despite a furious Friday rally, ending the week down 1.8%.
Software stocks continued their miserable year as investors head for the exits on fears that artificial-intelligence applications will disrupt software business models. The iShares Expanded Tech-Software Sector exchange-traded fund plunged 9% on the week, bringing the year-to-date decline to 22%.
This week brings two of the most important economic data releases in the same calendar week, a rare occurrence because of the brief government shutdown earlier this month. The Bureau of Labor Statistics will release the January jobs report on Wednesday and the consumer price index on Friday. So, both sides of the Federal Reserve's dual mandate will be covered.
Earnings season rolls on with about 75 more S&P 500 index companies set to report. Of the roughly 300 companies that have reported so far, nearly 80% have beaten earnings-per-share estimates, while just over 70% have exceeded revenue expectations. Coca-Cola, CVS Health, and Ford Motor announce results on Tuesday, followed by Cisco Systems, McDonald's, and T-Mobile US on Wednesday. Airbnb, Applied Materials, and Arista Networks release earnings on Thursday.
Monday 2/9
Apollo Global Management, Arch Capital Group, Becton Dickinson, Cincinnati Financial, Loews, ON Semiconductor, Principal Financial Group report quarterly results.
Tuesday 2/10
American International Group, Assurant, AstraZeneca, BP, Cloudflare, Coca-Cola, CVS Health, Datadog, Duke Energy, Dupont, Ecolab, Edwards Lifesciences, Ferrari, Fiserv, Ford Motor, Gilead Sciences, Hasbro, Incyte, Marriott International, Masco, Quest Diagnostics, Robinhood Markets, S&P Global, Spotify Technology, Trimble, Welltower, Xylem, and Zimmer Biomet Holdings release earnings.
The National Federation of Independent Business releases its Small Business Optimism Index for January. Consensus estimate is for a 99.8 reading, slightly higher than the December figure.
The Census Bureau reports retail and food services sales for December. Sales are expected to increase 0.4% month over month, after a 0.6% increase in November.
Wednesday 2/11
Albemarle, Ameren, AppLovin, Cisco Systems, Equinix, Generac Holdings, Hilton Worldwide Holdings, Humana, Kraft Heinz, Martin Marietta Materials, McDonald's, Motorola Solutions, NiSource, Paycom Software, Rollins, Shopify, T-Mobile US, Vertiv Holdings, Waste Connections, and Westinghouse Air Brake Technologies report quarterly results.
The Bureau of Labor Statistics releases the jobs report for January. Economists forecast a 70,000 increase in nonfarm payrolls, after a 50,000 gain in December. The unemployment rate is expected to remain unchanged at 4.4%. This release was originally scheduled for Feb. 6, but was delayed because of the brief government shutdown last week.
Thursday 2/12
Airbnb, American Electric Power, Anheuser-Busch InBev, Applied Materials, Arista Networks, Baxter International, British American Tobacco, CBRE Group, Coinbase Global, DexCom, Entergy, Eversource Energy, Exelon, Expedia Group, Howmet Aerospace, Ingersoll Rand, Iron Mountain, Kimco Realty, PG&E, Public Storage, Tyler Technologies, Vertex Pharmaceuticals, West Pharmaceutical Services, Wynn Resorts, Zebra Technologies, and Zoetis announce earnings.
The National Association of Realtors reports existing-home sales for January. The consensus call is for a seasonally adjusted annual rate of 4.21 million homes sold, slightly less than in December. The median existing-home sales price was $405,400 in December up 0.4% from a year earlier.
Friday 2/13
Cameco, Enbridge, and Moderna release quarterly results.
The BLS releases the consumer price index for January. Consensus estimate is for a 2.5% year-over-year increase, two-tenths of a percentage points less than in December. The core CPI, which excludes volatile food and energy prices, is also expected to rise 2.5%, compared with 2.6% previously. A 2.5% annual change in core CPI would be the lowest since March 2021.