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Day Ahead: Top 3 Things to Watch for Jan. 16

Stock MarketsJan 16, 2020 04:05AM ET
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© Reuters. - Here are three things that could rock the markets tomorrow.

By Kim Khan

1. Morgan Stanley (NYSE:MS) Leads More Financial Earnings

Another batch of financial company earnings comes tomorrow. This weeks results have been mostly positive, but with a few big-name exceptions like Wells Fargo (NYSE:WFC) and Bank of America (NYSE:BAC).

Morgan Stanley (NYSE:MS) will weigh in ahead of trading.

Analysts are looking for a profit of $1.03 per share on revenue of about $9.7 billion, according to forecasts compiled by

But there’s already some hesitation about the numbers. JMP Securities downgraded Morgan Stanley (NYSE:MS) shares to market perform from outperform on Monday.

JMP said Morgan Stanley’s results are tied to the market backdrop and is growing from a large base in wealth management. That could make management hesitant to “push the goalposts much, if at all” when it updates guidance when reporting earnings.

Also reporting is Bank of New York Mellon (NYSE:BK), which is expected to earn $1.39 per share and revenue for $4.24 billion.

Charles Schwab (NYSE:SCHW) is also on the calendar. The consensus forecast is for a profit of 64 cents per share, with revenue seen coming in at $2.6 billion.

2. Retail Sales in Focus After Target (NYSE:TGT) Miss

There will be economic indicators aplenty for investors to digest now that phase one of a trade deal between the U.S. and China is finally in the rearview mirror.

Retail sales will be of special interest after Target (NYSE:TGT) spooked the sector with disappointing holiday sales.

The Commerce Department will report on December retail sales at 8:30 AM ET (13:30 GMT).

Economists predict that retail sales rose 0.3% last month, according to forecasts compiled by

Core retail sales, which exclude autos, are seen up 0.5%.

At the same time, the Labor Department releases weekly initial jobless claims.

Claims for first-time unemployment benefits are expected to have ticked up to 216,000.

3. Philly Fed Seen Rebounding Slightly

Also at 8:30 AM ET there will be more information on whether manufacturing remains the weak spot for the U.S. economy.

The Philadelphia Fed Manufacturing Index for January is expected to rise to 3.8, according to economists’ forecasts.

At 10:00 AM ET, the November numbers on business inventories arrive.

Economists are looking for a drop of 0.1% for the month.

Also at 10, the National Association of Home Builders will release its measure of housing activity for January

The NAHB housing market index is forecast to edge down to 74 from 76 in December.

Day Ahead: Top 3 Things to Watch for Jan. 16

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