April CPI and Walmart earnings in spotlight
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 12 May 2024
⏱️ 8 minutes
🧾️ Download transcript
Summary
Show Notes
Barclays spotlights 44 stocks to watch if inflation remains sticky
Earnings Calendar
Dividend Roundup
Episode transcripts seekingalpha.com/wsb
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street brunch, our Sunday look ahead to this week's market moving events, |
| 0:11.1 | along with the weekend's top news and analysis. |
| 0:14.0 | Hello, today is Sunday, May 12th, and I'm your host Kim Khan. |
| 0:18.0 | Macro takes the lead this week, with more than 80% of the S&P 500 now having reported Q1 earnings. The April |
| 0:24.8 | CPI will be out on Wednesday, one of two retail inflation reports the Fed will |
| 0:28.8 | see before its June meeting. The forecast is for the, is expected to 0.4% on the month, |
| 0:34.0 | with the annual rate dipping to 3.4%. The core CPI, which excludes food and energy prices, |
| 0:40.0 | is expected to have risen 0.3%, dropping to 3.6% for the year. |
| 0:45.0 | Standard Charter strategist Steve Engleder says there is reason for optimism that shelter inflation |
| 0:50.1 | could fall soon and bring down core inflation, especially when looking at owner-equivalent |
| 0:54.5 | rent, which is one of three components that feeds into the CPI shelter measure. |
| 0:59.7 | He noted the Fed Chief Jay Powell's optimism that housing costs would lower core inflation over time may be justified looking at a regression analysis that points to a sharp decline in OER in coming months. |
| 1:10.0 | The regression indicates that the Q1 uptick was an aberration and downward pressure will resume in the coming months, perhaps sharply. |
| 1:18.0 | Englander and team are a little more bullish than the market on Fed cuts, pricing in 50 basis points of rate reductions |
| 1:24.6 | this year compared with the 43 prices points priced in but he says that if a |
| 1:29.0 | rate cut doesn't come in July we likely see rates stay steady for all of 24. Fed Funds futures are |
| 1:35.2 | predicting a 95% chance of no move in June. The April BPI is due on Tuesday |
| 1:40.6 | and while it won't get the CPI attention economists note that it gives clues to changes into the |
| 1:45.5 | Fed's preferred inflation gauge the core PCCE price index. Also on |
| 1:50.3 | Wednesday the April retail sales report is due. The forecast is for a 0.4% rise with a 0.2% rise ex-autos. |
| 1:59.1 | The retail sector will also see results from marquee names Walmart and Home Depot. |
| 2:03.0 | Walmart reports earnings on Thursday, analysts are looking for a profit of |
... |
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