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Housing data, Alibaba earnings, retail reports: 3 things to watch

Stock Markets Nov 17, 2022 05:16
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Investing.com -- Stocks slid on Wednesday after a dismal outlook from big box retailer Target (NYSE:TGT) put a chill on the sector.

Target is battling the forces of higher prices, which are forcing its shoppers to make tradeoffs when it comes to buying stuff. It also has to discount merchandise to clear out excess inventory. Profit was cut in half in the recent quarter.

Whether it is a sign of a trend or an outlier may come into better focus on Thursday, when a batch of other retailers including Macy's and Kohl's report earnings. Analysts will be looking for their guidance on holiday sales. The traditionally biggest shopping season officially kicks off with Black Friday a little over a week from now.

Wednesday's retail sales number for last month was stronger than expected, a sign the consumer continues to be resilient even in the face of rising prices. Investors hope the Federal Reserve will start to ease back on its aggressive interest rate hikes when it meets next month. Jobless claims data due out Thursday could factor into the Fed's decision.

Lowe's (NYSE:LOW), the home improvement chain, had surprisingly strong results and raised its full year outlook, proof that not all retailers are stumbling. But Lowe's results are a contrast to the related housing sector, which has been stalling out. More data on that will also come out on Thursday and Friday.

Here are three things that could affect markets tomorrow:

1. Housing data

New data on the housing sector for October is due out at 8:30 ET (13:30 GMT). Housing starts are expected to be 1.4 million, down slightly from the prior month. Building permits are expected to be 1.5M, also a slight downtick.

2. Alibaba earnings

The Chinese e-commerce giant Alibaba Group Holdings Ltd ADR (NYSE:BABA) is expected to report earnings per share of $11.74 on revenue of $208.5 billion.

3. Retail earnings

Another slate of earnings reports from retailers is expected. Macy’s Inc (NYSE:M) is forecast to report earnings per share of 18 cents on revenue of $5.2B. Kohl’s Corp (NYSE:KSS) is expected to report EPS of 63 cents on revenue of $4.1B. 

Housing data, Alibaba earnings, retail reports: 3 things to watch
 

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