The Week Ahead on Wall Street

Economic Data

Fresh housing market data is on the way today, with March’s seasonally-adjusted building permits and housing starts set to be published. Housing starts bounced back in February after dipping slightly in January. February’s housing starts report noted 1.77 million units, marking a 6.8% increase month-over-month. Meanwhile, building permits fell 1.9% in February, after January marked the highest monthly increase since May 2006. Broadly speaking, the housing market remains tight, with available inventory at historically low levels.

Tomorrow, last month’s seasonally-adjusted existing home sales are due. IExisting-home sales declined 7.2% in February, which analysts blamed on the dual impacts of rising inflation and already-elevated home prices. The Fed will also release its Beige Book, formally known as the Summary of Commentary on Current Economic Conditions, which comes out eight times a year. Investors will be looking for additional insight into the central bank’s thinking, which has embraced a more hawkish monetary policy.

Thursday, keep an eye out for jobless claims,which rose slightly last week but remained near a 50-year low. Federal Reserve chair Jerome Powell is scheduled to give a speech that morning, and leading economic indicators are also due.

Friday, S&P Global Mobility will publish this month’s flash manufacturing and services PMI. March’s manufacturing index showed the nation’s strongest factory growth in six months. The services PMI ticked up last month, amid higher demand and a steep increase in the number of new orders.

Earnings

Today, streaming giant Netflix (NFLX) will share earnings, checking in as one of the companies that navigated the pandemic with a high level of success. Wall Street is expecting Netflix to report growth in paid subscribers, but at the slowest rate in three years. Revenue is similarly expected to increase at decreased pace, amid heightened competition from other streaming services.

Tomorrow, Tesla (TSLA) hands in its latest report card, all while CEO Elon Musk remains in the headlines for attempting to buy out Twitter (TWTR). The electric-vehicle industry leader has faced production disruptions due to China’s COVID-19 lockdown in Shanghai. A fake press release suggesting Tesla had purchased a lithium mine also sent that company’s stock on a wild ride last week.

American Airlines (AAL) will publish earnings on Thursday after an upbeat forecast from Delta Air Lines (DAL) boosted the entire industry last week. Despite rising oil prices, and resulting fare hikes, demand for air travel is expected to remain strong this summer according to many analysts.

Friday, Volvo (VLVLY) is set to report its latest quarterly results, all while the auto industry faces a series of ongoing challenges. Several weeks ago Volvo cut its 2022 sales outlook amid the continuing global semiconductor shortage, which continues to drag on growth.

The Week Ahead at SoFi

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