Economic Calendar | Morning Express | 1/31/2023
Posted: Jan. 31, 2023, 9:10 a.m.
Economic Calendar
- The Employment Cost Index for Q4, out this morning, showed real wages rose by 1% versus 1.1% expected, confirming the softening trend in the monthly data. This is a closely watched metric by the Federal Reserve and of the utmost importance leading into Wednesday’s policy decision.
- The U.S. 10-year yield nudged back below 3.5% post-ECI
- Today’s economic calendar also brings:
- The Case Shiller Home Price Index showed less of a drop than anticipated.
- Chicago PMI 44.3 vs. 45.0
- CB Consumer Confidence due at 9:00 am CT
- PMI data from China for January topped expectations last night and showed expansion as the country began reopening; Manufacturing 50.1 vs 49.8 and Non-Manufacturing 54.4 vs 52.0
Earnings
- McDonald’s is lower by 2% after topping EPS, and revenue estimates as the company benefits from consumers trading down amid a tightening economy. It is unclear at a glance why the stock is lower, but the company plans to use more than $2 billion on CAPEX, with half going to new restaurant development. The CEO expects short-term inflation to continue in 2023.
- GM is the big mover, higher by 7% after record earnings, strong 2023 guidance, and a stake in a lithium company, however, noted a margin squeeze.
- Exxon is lower by nearly 1% after missing on revenues, though set a historic profit record by topping EPS estimates.
- Pfizer is lower by 3% after missing on revenues and expects 2023 sales to decline by as much as 33%. Beat EPS though.
- UPS is up by 3% after beating EPS on better margins but missed on revenues and is not optimistic about the outlook.
- Caterpillar is near unchanged after initially trading lower on its first EPS miss since 2020 on higher costs but topped revenues.
- Marathon Petroleum beat top and bottom estimates.
- All eyes are on AMD after the bell.
E-mini S&P (March) / NQ (March)
S&P, yesterday’s close: Settled at 4032.50, down 51.75
NQ, yesterday’s close: Settled at 11,968.00, down 254.25
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