What to Expect in the Week Ahead (Tesla's 2023 Investor Day; TGT, COST, LI and AMC Earnings)

Economic data out this week starts with the Census Bureau's durable-goods report for January on Monday. That's often seen as a decent proxy for business investment. On Tuesday, the Conference Board will release its Consumer Confidence Index for March. That's expected to continue an upward trend.

The Institute for Supply Management will publish the Manufacturing Purchasing Managers' Index for February on Wednesday, followed by the Services equivalent on Friday. The former is expected to hold roughly steady from the prior month, while the latter is seen declining but remaining in expansion territory.

The Census Bureau releases the durable-goods report for January. Economists think that new orders for manufactured durable goods declined 3%, to $278 billion.

The Conference Board releases its Consumer Confidence Index for February. The consensus estimate is for a 109.2 reading, slightly higher than January's. The index has rebounded from the 2022 low in July, buoyed by a strong labor market. In January, nearly half of respondents said that jobs were "plentiful," while only 11.3% said that jobs were "hard to get."

S&P CoreLogic releases its Case-Shiller National Home Price Index for December. The Institute for Supply Management (ISM) releases its Chicago Business Barometer for February. The consensus call is for a 45 reading, roughly even with the January data. The index has had five consecutive monthly readings below 50, indicating a contracting economy, but this hasn’t shown up in the gross-domestic-product data, with fourth-quarter GDP growing at a seasonally adjusted annual rate of 2.7%.

ISM releases its Manufacturing Purchasing Managers' Index for February. Economists forecast a 47.9 reading, in line with the January figure. The index has been below the expansionary level of 50 since November.

ISM releases its Services PMI for February. Expectations are for a 54.5 reading. The services sector has held up better than the manufacturing sector, as there is still pent-up demand from pandemic restrictions.