The Week Ahead
The S&P 500, Dow Jones Industrial Average and NASDAQ 100 were higher last week. The Russell 2000 was lower for the week.
The 14-day choppiness index for the NASDAQ 100 moves from 52 to 39 with S&P 500 at 50 from 63. The Dow Jones Industrial Average 14-day choppiness index is at 58 from 73. The Russell 2000 is at 43 still. The Choppiness index ranges from 0 to 100, and the lower it goes the more a trend is evolving.
1.Geopolitical and Fiscal Events. Monday sees Congress start its new year with the additional stimulus bill still outstanding. Tuesday sees the Georgia Senate runoffs to determine the fate of the Senate. Wednesday sees the House and Senate convene to affirm the Electoral College results.
2.Economic Releases. Releases of note this week include the weekly chain store sales, oil/gas numbers, mortgage applications and jobless claims as well as construction spending, ISM Manufacturing Index, factory orders, nonfarm payrolls and unemployment rate.
3.Earnings Releases. Notable releases this upcoming week include RPM JEF MU STZ WBA CCL CAG AYI LW HELE.
Monday, January 4
November Construction Spending is due out at 10:00 a.m. EST and is expected to drop to 0.9% from 1.3%.
Tuesday, January 5
December ISM Manufacturing Index is due out at 10:00 EST and is expected to fall to 56.4% from 57.5%.
Georgia holds a runoff Senate election for both seats. The fate of the Senate will be determined by this election. Results may or may not be known for several days.
Wednesday, January 6
November Factory Orders are due out at 10:00 a.m. EST and is expected to fall to 0.6% from 1.0%.
December ADP Payroll Report is due out at 8:15 a.m. EST. It is expected to drop to 200,000 from 307,000 in November.
The House and Senate convene to validate the Electoral College results. 11 Senators have indicated that they will challenge the results. Stay tuned.
The Federal Reserve Open Market Committee (FOMC) releases minutes from its mid-December meeting at 2:00 p.m. EST.
Thursday, January 7
December ISM Non-Manufacturing Index is due out at 10:00 a.m. EST and is expected to fall to 55.9%.
Friday, January 8
December Nonfarm Payrolls is due out at 8:30 a.m. EST and is expected to fall to 112,000 from 245,000. The unemployment rate is expected to stay at 6.7%.
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