The Week Ahead on Wall Street

Economic Data

Today the NAHB/Wells Fargo (WFC) Housing Market Index is due for August. This monthly survey provides a snapshot view of the single-family housing market, from the perspective of builders’ confidence. The index declined in July for the seventh consecutive month. Also be on the lookout for August’s Empire State Manufacturing Index, which is released by the New York Fed and looks at the region’s output.

Tomorrow, more housing market data is on the way in the form of July’s building permits and housing starts. In June, housing starts declined for the second month in a row, hitting a nine-month low in the process. The number of building permits that were issued also fell. Industry analysts attribute both of these trends to softening demand for housing, largely due to rising mortgage rates.

Wednesday, when July’s retail sales are published, the market will look to gain insight into consumer spending habits as inflation remains elevated. The Commerce Department’s revised June figure shows retail sales increased 1% month-over-month. Analysts note that’s not adjusted for inflation, so higher gas prices factored into the equation. June’s monthly change in business inventories is also due. There will be housing market data to study as well, with MBA mortgage applications and the average 30-year fixed rate for a mortgage set for release.

Thursday, keep an eye out for jobless claims which have been rising lately. Last week, 262,000 Americans filed for unemployment benefits, an increase of 14,000. That’s the largest number of weekly claims in 2022. Economists note that the job market tends to come under pressure when rates rise, although labor has been a relative bright spot during this year’s slowdown. July’s existing home sales will also be published to continue the week’s housing-market focus.

Friday, the second quarter’s advance report on services is due. Prepared by the US Census Bureau, the survey tracks total revenue on a monthly and annual basis for a selected group of services, such as hospitals, real estate, and education.

Earnings

Today, online employment marketplace Ziprecruiter (ZIP) is on the earnings calendar, providing investors with even more insight into the job market. The company will discuss its second-quarter results with analysts. Last week, one of Ziprecruiter’s economists said demand for labor remains high thanks to strong consumer spending.

Tomorrow, Walmart (WMT) will report its second-quarter earnings. The big-box retailer announced plans last week aimed at developing its own streaming TV platform, perhaps in a bid to further compete with rival Amazon (AMZN). Home Depot (HD) is also scheduled to hand in its latest report card.

Wednesday, technology firm and networking giant Cisco (CSCO) is set to publish its earnings for its latest quarter and fiscal year 2022. Reports from last week indicated that Cisco was hacked by a ransomware gang that was able to pilfer 2.8 gigabytes of data. Lowe’s (LOW), Target (TGT), and clothing retailer T.J. Maxx (TJX) are also on the midweek earnings calendar.

Thursday, cosmetics giant Estée Lauder (EL) will hold a conference call with analysts to discuss its fourth-quarter results for fiscal 2022. Last week, the company announced it will transition all of its corporate vehicles to 100% electric by 2030. Estée Lauder is also reportedly in talks to purchase luxury brand Tom Ford.

Friday, athletic footwear and apparel retailer Foot Locker (FL) is scheduled to post earnings. Earlier this month Foot Locker released a statement noting it has donated $54 million to Black-owned businesses and Black charities since George Floyd’s death in 2020. Deere and Company (DE), owners of the John Deere brand, will report its third-quarter earnings as well.

The Week Ahead at SoFi

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