Retail sales, Lowe's, Target earnings and more: Wednesday's 5 things to know
Traders will be examining a slew of economic reports including data on housing, import & export prices and industrial production
Laffer Tengler CEO and chief investment officer analyzes the latest trends in the stock market on 'Making Money.'
Here are the key events taking place on Wednesday that could impact trading.
An extremely busy morning of economic data for investors to ponder.
RETAIL SALES: Economists surveyed by Refinitiv anticipate consumer spending in October to rise 1.0%, up from flat growth in September on rising inflation.
Excluding the automotive component, spending is seen climbing 0.4% in October, following a slight but surprise increase of 0.1% the previous month.
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A Target cashier rings up customers at a Target store in Albany, California. (Justin Sullivan/Getty Images)
EARNINGS REPORTS: More retail earnings are on tap as Lowe’s, Target, Shoe Carnival, and TJX will take the earnings spotlight before the markets open on Wednesday.
Bath & Body Works, Cisco Systems and Sonos will be on deck after the bell.
IMPORT & EXPORT PRICES: At the same time, prices of imported goods likely fell 0.4% month-over-month in October, following a 1.2% slide in September. It would mark the fourth straight monthly drop in prices, which should ease inflation worries.
Port Long Beach California (iStock / iStock)
Meantime export prices are also expected to fall 0.4% in October, following a 0.8% decline the prior month.
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INDUSTRIAL PRODUCTION: The Federal Reserve will post-industrial production data for October. Factory output is expected to increase 0.2% for the month, following a stronger-than-expected increase of 0.4% in September.
The plant-use rate is seen inching higher to 80.4%:
Wednesday will bring the first of three housing-related reports due out this week.
A home for sale in Florida. (Stephen M. Dowell/Orlando Sentinel/Tribune News Service via Getty Images / Getty Images)
HOUSING REPORT: The National Association of Homebuilders will release its Housing Market Index for November. This closely followed gauge of homebuilder sentiment is anticipated to fall two points to 36, the lowest since April 2020.
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Other reports to watch are housing starts and building permits on Thursday, and existing home sales on Friday.