What to Expect in the Week Ahead (PCE Inflation; FDX, MU and NKE Earnings)

A bevy of economic data and several notable companies reporting will keep investors busy this week, before things slow down for the holidays.

The Conference Board will release its Consumer Confidence Index for December on Wednesday. The Bureau of Economic Analysis releases the November personal income and expenditures report on Friday. Also on Friday, the Census Bureau releases the durable goods report for November.

Housing-market data this week will include the National Association of Home Builders' Housing Market Index for December on Monday, the Census Bureau's November residential construction data on Tuesday, and the National Association of Realtors' existing-home sales for November on Wednesday.

The National Association of Home Builders releases its Housing Market Index for December. The consensus estimate is for a 34 reading. The index has declined every month this year and is at its lowest level since the onset of the pandemic. Surging mortgage rates and home-affordability issues have turned home builders quite gloomy on the outlook for the housing market.

The Census Bureau reports November residential construction data. Economists forecast that private housing starts came in a seasonally adjusted annual rate of 1.40 million last month, slightly lower than in October.

The Conference Board releases its Consumer Confidence Index for December. Expectations are for a 101 reading. The index has rebounded from its summer lows, but is down sharply over the past year.

The National Association of Realtors reports existing-home sales for November. The consensus call is for a seasonally adjusted annual rate of 4.16 million, 270,000 below October's.

The Bureau of Economic Analysis releases its third and final estimate for third-quarter gross domestic product. The GDP growth rate is expected to remain unchanged from the second estimate—an annualized 2.9%.

The BEA reports on personal income and expenditures for November. Both income and spending are forecast to have risen 0.4%, month over month. This compares with gains of 0.7% and 0.8%, respectively, in October. The Federal Reserve's preferred inflation gauge, the core personal-consumption expenditures price index, is expected to be up 4.7%, year over year, down from 5% previously.

The Census Bureau releases the durable goods report for November. Economists forecast that new orders for manufactured-durable goods declined 1%, month over month, to $275.5 billion.