Another busy week ahead, with lots of economic data – including retail sales, producer and consumer prices and industrial production – and a trickle of large-cap earnings.
JP Morgan Chase and Wells Fargo kick off earnings reports for the financial services sector on Wednesday, followed by Bank of America, Citigroup and Goldman Sachs. Citigroup is expected to report a plunge in earnings per share as it takes a $3.5 billion charge for legal and restructuring costs, while JP Morgan Chase is seen posting slightly lower EPS for the last quarter. Bank of America and Goldman Sachs are expected to report somewhat higher earnings than the year-earlier period.
What follows are calendar highlights for the week. (All times are Eastern Standard Time; forecasts by analysts/economists polled by Zacks Investment Research.)
Federal Reserve Events
Monday, Jan. 12
Atlanta Fed President Dennis Lockhart speaks in Atlanta on monetary policy, 12:40 p.m.
Tuesday, Jan. 13
Philadelphia Fed President Charles Plosser speaks in Philadelphia on the economic outlook, 8 a.m.
Minneapolis Fed President Narayana Kocherlakota speaks at an MNI Connect event in New York on goal-based monetary policy, 5 p.m.
Friday, Jan. 16
Minneapolis Fed President Narayana Kocherlakota speaks in golden Valley Minnesota on goal-based monetary policy, 8:50 a.m.
Economic Reports
Tuesday, Jan. 13
Job Openings and Labor Turnover Survey (JOLTS), 10 a.m.
Treasury Budget, 2 p.m.
Wednesday, Jan. 14
Retail Sales, 8:30 a.m.
Import and Export Prices, 8:30 a.m.
Business Inventories, 10 a.m.
EIA Petroleum Status Report, 10:30 a.m.
Beige Book, 2 p.m.
Thursday, Jan. 15
Jobless Claims, 8:30 a.m.
Producer Price Index- Final Demand, 8:30 a.m.
Empire State Manufacturing Survey, 8:30 a.m.
Philadelphia Fed Survey, 10 a.m.
Friday, Jan. 16
Consumer Price Index, 8:30 a.m.
Industrial Production, 9:15 a.m.
Consumer Sentiment, 9:55 a.m.
Treasury International Capital, 4 p.m.
Company Earnings
Monday, Jan. 12
Alcoa Inc. (Consensus estimate is 26 cents a share vs 4 cents a year ago)
Tuesday, Jan. 13
CSX Corp. (49 cents vs 40 cents)
Wednesday, Jan. 14
JP Morgan Chase & Co. ($1.35 vs $1.40)
Wells Fargo & Co. ($1.02 vs $1)
Thursday, Jan. 15
Bank of America (32 cents vs 29 cents)
Citigroup Inc. (14 cents vs 76 cents)
Intel Corp. (66 cents vs 51 cents)
Friday, Jan. 16
Goldman Sachs Group, Inc. ($4.66 vs $4.60)
Best wishes,
The Money and Markets Team
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