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Chevron, Caterpillar, Spending and Income: 3 Things to Watch

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By Dhirendra Tripathi

Investing.com -- Stocks bounced around all day on Thursday in a seesaw session on the eve of fresh inflation and consumer sentiment data.

This week has been marked by huge daily swings in the major indexes. Investors are getting used to the idea of interest rates rising, and that has taken some of the wind out of the sales of the big tech rally.

But Thursday evening bring earnings from Apple (NASDAQ:AAPL), the biggest company by market value. People are awaiting word on iPhone sales, supply chain issues, lingering issues with Omicron shuttering stores, and the outlook for new gadget releases this year.

On Wednesday the Fed signaled it would first raise rates in March, warning that inflation was more persistent than previously thought. On Friday, data on consumer spending, income and the Fed’s favorite inflation measure, the PCE, come out. Economists are waiting to see how much the Omicron wave might have affected behavior in December.

The S&P 500 touched a three month low last week on uncertainty over how aggressive the Fed would be.

1. Chevron earnings

Chevron Corp (NYSE:CVX)’s fourth-quarter revenue is seen at $44.68 billion and profit per share at $3.10, according to investors tracked by Investing.com. This is as the price of oil has spiked to near $90 a barrel.

2. Caterpillar earnings

Caterpillar Inc (NYSE:CAT) is expected to clock a fourth-quarter revenue of $13.17 billion and profit per share of $2.27. Analysts will be listening to hear the outlook for business spending on construction and agriculture equipment.

3. Economic data

Personal income in the U.S. is likely to have increased at a faster pace in December, at 0.5% month-on-month, compared to November’s 0.4%. Personal spending is expected to have suddenly fallen in December on a month-on-month basis by 0.6% after rising by 0.6% in November.

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