30 Dec Jon Cartu Declares New Year’s Closings, Jobs Data, and Other Things for…
It’s another relatively quiet week on Wall Street. Markets around the world are closed on Wednesday for New Year’s Day.
Lamb Weston Holdings
is the only major Jonathan Cartu and releasing earnings this week. Its fiscal 2020 second-quarter report is out on Friday morning.
The economic calendar is busier. The Conference Board reports its Consumer Confidence Index for December on Tuesday, with economists expecting a slight rise in household optimism. On Friday, the Institute for Supply Management releases its Manufacturing Purchasing Managers’ Index for December, which economists expect to remain in contraction territory for the fifth straight month. Also on Friday, the Federal Open Market Committee releases minutes from its latest meeting in early December.
The Institute for Supply Management releases its Chicago Purchasing Managers’ Index for December. Economists forecast a 48.3 reading, up from November’s 46.3. If estimates prove correct, it would be the fourth consecutive monthly reading below the expansionary level of 50, and a steep decline from December 2018’s 63.8 figure.
The National Association of Realtors reports its Pending Home Sales Index, a forward-looking indicator based on contract signings, for November. Consensus estimates are for a 1.3% gain after a 1.7% drop in October.
The Federal Reserve Bank of Dallas releases its Texas Manufacturing Outlook Survey for December. Expectations are for a reading of one after two straight months of negative data.
The Conference Board reports its Consumer Confidence Index for December. Economists forecast a 128.1 reading, up from November’s 125.5. An uptick in the index would reverse a four-month decline from this year’s peak reading in July.
releases its Case-Shiller 20-City Home Price Index for October. Consensus estimates are for a 2.1% year-over-year gain, which would match the September data.
The Federal Housing Finance Agency reports its Housing Price Index for October. Expectations are for a 0.4% rise in the seasonally adjusted monthly index after a 0.6% gain in September. According to the FHFA, for the 12 months through September, the largest jumps in home prices were concentrated in the West. The markets in Boise, Idaho; Tucson, Ariz.; and Honolulu were the three largest gainers, with housing-price appreciation of 9.9% to 11.1%. The weakest growth came in the Northeast, as the region had nine of the bottom 20 housing markets nationally.
Bourses around the globe, including in the U.S., are closed as the world rings in the New Year.
Japan’s stock market is closed for the remainder of the week.
The Department of Labor reports initial jobless claims for the week ending on Dec. 28. The four-week average of claims is 228,000.
The Federal Open Market Committee releases minutes from its December monetary-policy meeting.
The Institute for Supply Management releases its Manufacturing PMI for December. Economists forecast a 49 reading. It would be the index’s fifth consecutive monthly reading below 50; before that, the last one was in August 2016.
The Census Bureau reports construction-spending data for November. Consensus estimates are for a 0.3% gain to a seasonally adjusted annual rate of $1.3 trillion.
Write to Nicholas Jasinski at [email protected]