This Week: Walmart earnings, Federal Reserve minutes, home sales
A look at some of the key business events and economic indicators upcoming this week:
Retail insight
Walmart reports its latest quarterly financial results on Tuesday.
The nation’s largest retailer is expected to report profit of $1.64 per share, down from a year ago. Revenue is expected to increase to $170.8 billion. The results and outlook can serve as a barometer for overall retail health and consumer spending. Walmart operates roughly 4,700 U.S locations, including about 600 Sam’s Club sites.
Source: FactSet.
Reading the Fed
The Federal Reserve on Wednesday releases the minutes from its most recent interest rate meeting.
At its last meeting the central bank held its main interest rate steady. It’s currently at the highest level in more than two decades. Wall Street is betting that the Fed is finished raising rates and could start cutting its benchmark rate by the middle of this year. The minutes from the January meeting could give economists more insight into the Fed’s policy going forward.
Benchmark interest rate percentage levels:
Nov. 3, 2022: 3.75-4.00
Dec. 15, 2022: 4.25-4.50
Feb. 2, 2023: 4.50-4.75
March 23, 2023: 4.75-5.00
May 4, 2023: 5.00-5.25
June 27, 2023: 5.25-5.50
Source: The Federal Reserve.
Housing market update
The National Association of Realtors on Thursday releases its January report on U.S. home sales.
Analysts forecast that the pace of sales of previously occupied U.S. homes rose last month to an annual rate of 4.02 million homes from 3.78 million homes in December. Easing mortgage rates are providing some relief for homebuyers. The overall housing market, though, is still tight as demand outpaces supply.
Existing home sales, in millions, seasonally adjusted annual rate:
Aug.: 4.04
Sept.: 3.95
Oct.: 3.79
Nov.: 3.82
Dec.: 3.78
Jan. (est.): 4.02
Source: FactSet
