What To Expect in the Markets This Week

Coming up: November CPI and wholesale inflation data, small business optimism, earnings from GameStop, Broadcom, Adobe, Costco

Key Takeaways

• Inflation reports coming this week include the Consumer Price Index for November, as well as wholesale inventories and import pricing data.
• Investors also will get reports on wholesale inflation, small business optimism, and initial jobless claims, while Fed officials are in a blackout period that prohibits them from making public comments on monetary policy. 
• Meme stock GameStop will report earnings this week, along with Oracle, Broadcom, and Adobe.

Inflation data is on tap this week, with the November Consumer Price Index (CPI) set for release on Wednesday, and reports on wholesale inflation and import prices are also coming later in the week.

Investors also will get reports on small business optimism and initial jobless claims. Federal Reserve officials are in the blackout period ahead of the December meeting.

Earnings reports are scheduled from popular meme stock GameStop (GME), as well as from Oracle (ORCL), Adobe (ADBE), Broadcom (AVGO), and Costco Wholesale (COST).

Monday, Dec. 9

• Wholesale inventories (October)
• Oracle, Toll Brothers (TOL), C3.ai (AI), and Casey’s General Stores (CASY) report earnings

Tuesday, Dec. 10

• NFIB Small Business Optimism (November)
• U.S. productivity (revisions) (Q3)
• AutoZone (AZO), GameStop, and Dave & Buster’s Entertainment (PLAY) report earnings

Wednesday, Dec. 11

• Consumer Price Index (November)
• Monthly federal budget (November)
• Adobe and Nordson (NDSN) report earnings

Thursday, Dec. 12

• Initial jobless claims (Week ending Dec. 7)
• Producer Price Index (November)
• Broadcom and Costco Wholesale report earnings

Friday, Dec. 13

• Import/export price index (November)

Inflation Data Coming Ahead of December Fed Meeting

Market watchers will be focused on November inflation data this week that will be closely examined by the Federal Reserve ahead of an upcoming interest-rate decision.

The Wednesday release of November’s CPI follows an uptick in October’s inflation rate to 2.6%. Other recent inflation readings also have moved higher, keeping the rate of price increases above the Federal Reserve’s target level. 

Also coming this week is the Producer Price Index (PPI) for November, which will show how inflation is affecting wholesalers. And the import/export price index release on Friday provides a look at inflation in foreign trade. 

The inflation readings are among the last data that the Fed will get before its meeting next week, where officials will debate whether to again reduce the federal funds rate that influences other borrowing costs across the economy. While many investors believe that the Fed will make a cut at the meeting, some Fed officials have said they are closely reviewing inflation data before making a decision on whether to lower rates. Federal Reserve officials are in a blackout period this week, meaning they won’t make comments on monetary policy.

Other economic indicators for release this week include October’s wholesale inventory data on Monday, small business optimism on Tuesday, and weekly initial jobless claims on Thursday.

Investors Watching Earnings from Meme Stock GameStop, Chipmaker Broadcom

The Tuesday earnings report from original meme stock GameStop will be closely watched, especially after a post from investor “Roaring Kitty” Keith Gill sent the stock soaring last week. The video game retailer posted a surprise profit in its most recent earnings report, despite a decline in revenue.

On Monday, Oracle will report its earnings as analysts have recognized the software giant’s opportunities for growth in the cloud computing market. Semiconductor manufacturer Broadcom’s report on Thursday comes after the tech firm posted a loss in its prior quarter that stemmed from its 2023 acquisition of software firm VMware.

Adobe’s report this week follows a disappointing quarterly revenue outlook as investors are looking for the graphics software maker to capitalize on artificial intelligence (AI) advancements. 

Costco Wholesale reports its earnings after the retailer showed slower sales growth in its prior quarter, though it anticipates muted holiday sales this year due to the late timing of the  Thanksgiving holiday.