U.S. investors are bracing for 2016 4th quarter corporate earnings this week along with some speeches from members of the Federal Reserve and a press conference in New York from President-elect Donald Trump on Wednesday.
According to Factset, the estimated earnings growth for Q4 2016 with the S&P 500 is 3 percent, down from an estimate of 5.2 percent at the start of the quarter on September 30th.
Ten of eleven sectors have lower growth rates today compared to September 30th due to downward revisions to earnings estimates with the Materials sector leading the sectors lower.
Today Federal Reserve President and CEO of Bank of Boston Eric Rosengren will give a speech about economic conditions at an economic summit in Hartford, CT.
Atlanta Fed Reserve Bank President and CEO Dennis Lockhart will give a speech later today and on Thursday Fed Reserve Chair Janet Yellen will host a town hall meeting for educators in Washington D.C.
The economic calendar is relatively light this week with the majority of economic reports coming later in the week.
Retail sales for December is due on Friday January 13th, the same day a Producer Price Index (PPI) inflation report for December is reported.
Economists from briefing.com have a consensus estimate that retail sales increased 0.7 percent in December after rising 0.1 percent in November.
The Treasury Budget for December is also released on Thursday.
Business inventories for November and Michigan Sentiment for January are due on Friday.
Today consumer credit for November is reported later in the afternoon.
Monday- Consumer Credit (Nov).
Tuesday- JOLTS Job Opening, Wholesale Inventories (Nov)
Wednesday- MBA Mortgage Application Index, Crude Inventories
Thursday- Import/Export Prices (Dec.), Initial- Continuing Claims, Treasury Budget, Natural Gas Inventories
Friday- Retail Sales (Dec.), Business Inventories (Nov.), Michigan Sentiment (Jan.)