April 24, 2024
Investors

Wall Street Week Ahead: Investors to track quarterly earnings, crude oil movement


On Wall Street in the week ahead, investors will eye quarterly earnings reports and the energy market as the Middle East tensions could spark a further rise in oil prices. Last week, oil prices climbed after US and British airstrikes in Houthi-controlled areas of Yemen added to the ongoing tensions in the Middle East.

Investors will also focus on some economic data and several speeches by Federal Reserve officials in the week ahead.

On January 17, US retail sales data and the industrial production data for December will be released.

January 18 will see the release of weekly data for initial jobless claims.

Existing home sales data for December will be released on January 19.

Earnings

Following companies are due to declare their quarter results in the week ahead – Morgan Stanley, Goldman Sachs, PNC Financial, Interactive Brokers, Prologis, Charles Schwab, US Bancorp, Kinder Morgan, Alcoa, Truist Financial, KeyCorp, Fastenal Company, Birkenstock, Ally Financial, Comerica, Fifth Third, and Travelers.

Key Events

On January 17, Samsung will hold its Galaxy Unpacked event to showcase new products in the Galaxy S24 series. It will also unveil Galaxy AI.

On Friday, the US stocks closed almost flat. The Dow Jones Industrial Average fell 118.04 points, or 0.31 per cent, to 37,592.98. The S&P 500 gained 3.59 points, or 0.08 per cent, at 4,783.83. The Nasdaq Composite rose 2.58 points, or 0.02 per cent, to 14,972.76.

For the week, the Dow gained 0.34 per cent, the S&P 500 rose 1.84 per cent and the Nasdaq climbed 3.09 per cent.

The US dollar fell to 144.89 yen from 145.50 Japanese yen. The euro fell to $1.0957 from $1.0983.

The yield on the 10-year Treasury eased to 3.94 per cent.

The US crude oil benchmark for February delivery rose 66 cents to $72.68 per barrel on Friday. Brent crude for March delivery rose 88 cents to $78.29 per barrel.

Natural gas for February delivery rose 21 cents to $3.31 per 1,000 cubic feet.

Gold for February delivery rose $32.40 to $2,051.60 per ounce. Silver for March delivery rose 62 cents to $23.33 per ounce.

In overseas stock markets, equity indices fell in much of the Asia but rose in Europe.

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