The Week Ahead on Wall Street

Economic Data

Vehicle sales for April are due today, which gives investors a glimpse into how the economy is performing. Auto sales in April are expected to set records in spite of a global semiconductor shortage which is hurting production. Also today, construction spending for March is released.

US factory orders for March are published tomorrow, which tracks new orders for goods. Orders fell 0.8% in February due in part to unseasonably cold weather. The metric is expected to show an improvement in March thanks to pandemic stimulus checks. Data on the trade deficit is also released Tuesday.

On Wednesday, The Institute for Supply Management releases the ISM Services Index number, which measures activity in the services industry. In March the services index was 63.7%—higher than the 55.3% reading in February. The hospitality industry is reopening as more people receive COVID-19 vaccines, which is driving growth. More of the same is expected for April. Also on Wednesday the final services PMI and ADP employment figures for April are due.

On Thursday the US Labor Department will release continuing jobless claims and initial jobless claims for the previous week. Last week first-time claims fell to 553,000—a new low since the pandemic began. It marks the third straight week with jobless claims under 600,000. Also on Thursday, productivity and unit labor costs for the first quarter are released.

Lastly, on Friday the Bureau of Labor Statistics releases nonfarm payrolls for April. Nonfarm payrolls rose to 916,000 in March, blowing past economist estimates. Along with the jobs report, April’s unemployment rate will be released. Wholesale inventories and consumer credit numbers for March are also published.

Earnings Reports

Today, Estée Lauder Companies (EL) reports quarterly earnings. The beauty products maker is one of several consumer brands to report earnings this week. Analysts think the company will post better-than-expected results driven by increased spending by consumers. Estée Lauder is increasing its online presence and focusing on selling skincare products.

Pfizer (PFE) reports its latest results tomorrow. The drugmaker is busy selling its COVID-19 vaccination, which has now been administered to hundreds of millions of people. The drug company and the European Commission are close to finalizing a deal for the EC to purchase 1.8 billion doses of the Pfizer and BioNTech (BNTX) coronavirus vaccine.

On Wednesday, look for Uber Technologies (UBER) to report quarterly earnings. The ride-hailing division of the company took a hit during the pandemic but business is beginning to improve as more people receive COVID-19 vaccines. Uber and rival Lyft (LYFT) have regained more than half of the business they lost during the pandemic. With the Biden Administration signaling it supports classifying gig workers as employees, investors will want to hear what Uber has to say.

Moderna (MRNA) reports quarterly earnings on Thursday. The drug company recently inked a deal with Israel to supply the country with its COVID-19 vaccine in 2022. Investors will be paying close attention to see if other countries will place their own vaccination orders for next year.

On Friday, Draftkings (DKNG) reports quarterly results. The online sports betting company has emerged as a leader in the internet gambling sector which one analyst believes is a $35 billion market. Earlier in April New York legalized betting, joining 11 other states.

The Week Ahead at SoFi

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