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Pinterest goes public, earnings season heats up — What to know in the week ahead

Heidi Chung
Reporter

Though it will be a shorter trading week, investors will have plenty of events to monitor. Markets will be closed on Friday in observance of Good Friday.

Some of the events investors can expect include Pinterest’s highly-anticipated IPO, a deluge of earnings reports, retail sales data and the Federal Reserve’s beige book release.

Earnings season is officially underway.

JPMorgan Chase (JPM) and Wells Fargo (WFC) kicked things off on Friday; however, despite both companies beating expectations, the stocks went in completely different directions. As investors gear up to face the rest of earnings season, consensus among strategists remains rather pessimistic.

“First quarter earnings season kicks off this week and the bar seems low. Consensus estimates for first quarter earnings season are calling for a slight year-over-year decline in S&P 500 Index earnings amid the economic soft patch at the start of the year,” John Lynch, LPL Financials’ chief investment strategist, wrote in a note to clients on Tuesday. “We expect roughly flat earnings for the quarter, but the streak of seven straight quarters of earnings growth could come to an end.”

Nevertheless, more big bank earnings are expected in the beginning half of the week, with streaming giant Netflix also reporting on Tuesday after the bell.

As it wraps up it roadshow, Pinterest is expected to price its IPO Wednesday evening. On Monday, the company lowered its pricing range to between $15 to $17 per share as it kicked off its roadshow. That pricing range values the company at around $11 billion at the high end of the range, below its private valuation of $12 billion in 2017. Pinterest will be listing on the New York Stock Exchange under the ticker “PINS.”

[Read more: Why Pinterest was smart to lower expectations before its IPO]

Also on Wednesday, investors will turn their attention to the the Federal Reserve when it releases its beige book. The release comes on the heels of the FOMC’s release of its March meeting minutes last week.

The Census Bureau will be dropping the closely-watched retail sales data for March on Thursday. After an extremely disappointing February report, market watchers are hoping for March’s data will provide a bit of relief. “We expect retail sales to have regained some steady footing in March,” Wells Fargo wrote in a note on Friday. “Underlying fundamentals remain supportive of strong growth in spending. The labor market is robust, household balance sheets are in generally good shape and indices of consumer confidence remain at high levels.On that basis, we look for retail sales to have risen 0.9% in March.”

Economists polled by Bloomberg expect retail sales in March to have grown 0.8% from last month.

Earnings calendar

Monday: Aphria (APHA), Citigroup (C), Goldman Sachs (GS), M&T Bank (MTB) before market open

Tuesday: Bank of America (BAC), BlackRock (BLK), Comerica (CMA), Johnson & Johnson (JNJ), UnitedHealth (UNH) before market open; CSX (CSX), Interactive Brokers (IBKR), IBM (IBM), Netflix (NFLX), United Continental (UAL) after market close

Wednesday: Abbott Laboratories (ABT), Bank of New York Mellon (BK), Kansas City Southern (KSU), Morgan Stanley (MS), Pepsico (PEP), U.S. Bancorp (USB) before market open; Alcoa (AA), E*TRADE (ETFC), United Rentals (URI) after market close

Thursday: American Express (AXP), BB&T Corp (BBT), Danaher (DHR), Honeywell (HON), Philip Morris (PM), Schlumberger (SLB) before market open

Friday: N/A

Economic calendar

Monday: Empire Manufacturing, April (8.0 expected, 3.7 prior); Net Long-term TIC Flows, February (-$7.2 billion prior); Total Net TIC Flows, February (-$143.7 billion prior)

Tuesday: Industrial Production month-on-month, March (0.3% expected; 0.0% prior revised); Capacity Utilization, March (79.2% expected, 79.1% prior revised); NAHB Housing Market Index, April (63 expected, 62 prior)

Wednesday: MBA Mortgage Applications, week ending April 12 (-5.6% prior); Trade Balance, February (-$53.5 billion expected, -$51.1 billion prior); Wholesale Inventories month-on-month, February (0.4% expected, 1.2% prior)

Thursday: Retail Sales Advance month-on-month, March (0.8% expected, -0.2% prior); Retail Sales excluding Auto, month-on-month, March (0.8% expected, -0.2% prior); Retail Sales excluding Auto & Gas, March (0.5% expected, -0.6% prior); Philadelphia Fed Business Outlook, April (11.0 expected, 13.7 prior); Initial Jobless Claims, week ending April 13 (196,000 prior); Continuing Claims, week ending April 6 (1.713 million prior); Markit US Manufacturing PMI, April (53.0 expected, 52.4 prior); Markit US Services PMI, April (55.0 expected, 55.3 prior); Markit US Composite PMI, April (54.6 prior); Leading Index, March (0.4% expected, 0.2% prior)

Friday: Housing Starts, March (1.230 million expected, 1.162 million prior); Building Permits, March (1.300 million expected, 1.291 million prior)

Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung.

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