Wall Street week ahead: Investors’ focus on consumer price inflation

After the strong November payrolls data, released last week, boosted hopes for an interest rate cut in December,the focus of investors in the week ahead will be on the consumer price inflation.

The retail inflation data could provide clues on the US Federal Reserve’s last monetary policy of 2024.

In addition, the market participants will also have the Producer Price Index (PPI) data.

On earnings front, the Wall Street will see quarter results of some big names including Oracle, Adobe and Broadcom.

Economic calendar

On December 9 (Monday), a report on wholesale inventories for October will be released.

On December 10 (Tuesday), separate reports on NFIB Optimism Index for November and US productivity (revision) for Q3 will be released.

On December 11 (Wednesday), data on Consumer Price Index inflation for November will be declared.

On December 12 (Thursday), data on Producer Price Index inflation for November will be declared.

On December 13 (Friday), a report on Import Price Index for November will be released.

Earnings

Following companies are due to report third quarter earnings in the week ahead — Oracle, Toll Brothers, Casey’s General Stores, AutoZone, Ferguson Enterprises, GameStop, Ollie’s Bargain Outlet Holdings, Academy Sports and Outdoors, Adobe, Broadcom, Costco Wholesale, and Ciena.

Events

The Goldman Sachs US Financial Services Conference will start on December 10 and the Barclays 22nd Annual Global Technology Conference will begin on December 11.

Markets last week

The Nasdaq and the S&P 500 rose to record closing high on Friday after data suggested the job market remains solid enough to keep the economy going.

The Dow Jones Industrial Average fell 123.19 points, or 0.28 per cent, to 44,642.52, the S&P 500 gained 15.16 points, or 0.25 per cent, to 6,090.27 and the Nasdaq Composite gained 159.05 points, or 0.81 per cent, to 19,859.77.

For the week, the Nasdaq gained 3.3 per cent, the S&P 500 rose about 1 per cent and the Dow fell 0.6 per cent.

In the bond market, the yield on the 10-year Treasury yield slipped to 4.15 per cent from 4.18 per cent.