Monday's Market Minute: Retail Sales and FOMC and CPI, oh my!

A busy week ahead to say the least, let’s take a market minute to discuss what you should be dialed in on. After last week’s hotter-than-expected PPI figures suggesting inflation remains persistent, market participants are going to look to the consumer side of the equation this week. We’ll get a look at the Consumer Price Index—the CPI figures are due out Tuesday. Wednesday, we’ll hear from the Fed, and Thursday, further insight into consumer trends with the Retail Sales numbers expected to show that spending has slowed. And while those are the three primary events to be aware of this week…

We also have some data from the Philly Fed, NY manufacturing, MBA mortgage apps, a couple of bond auctions, figures from the NFIB, Industrial Production, Jobless Claims, and as if that’s not enough, Friday is quad witching. I think it’s safe to say we can expect some volatility this week.

In terms of companies reporting quarterly results, we have Oracle (ORCL), Coupa Software (COUP), Lennar (LEN), Jabil (JBL), Adobe (ADBE), and Darden Restaurants (DRI). So, nothing major, but a few good looks at tech names and further insight into consumer spending habits in this high rate environment into the end of the year.

Lastly, don’t lose sight of crude oil. The WTI is starting the week off around $70 a barrel, off the November high up near $95, levels not seen since December of last year. The selling comes as demand concerns weigh on price; if down on the close today, it will be seven sessions lower in as many. And lastly, heads up, because it’s not just the FOMC this week in terms of central bank activity to be aware of. We’ll also hear from the Bank of England and the European Central Bank; both are expected to raise rates much like the Fed—possibly less aggressively, but still persistently.

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