What to expect in the week ahead (TTWO, TWTR, DIS, KO)

We're past the peak of fourth-quarter earnings season, but still with many notable companies left to report. Some 75 S&P 500 components are scheduled for this week.

The economic-data highlight of the week will be Thursday's consumer price index for January, by the Bureau of Labor Statistics. Economist consensus calls for a 7.3% year-over-year rate of inflation, following a 7% rise in December. That would again be the highest reading since 1981.

The Federal Reserve reports consumer credit data for December. Consumer credit is expected to rise at a seasonally adjusted annual rate of 4.3%, after jumping 11% in November. After falling slightly in 2020 due to the pandemic-induced lockdowns, total consumer debt has returned to its long-term upward trend and currently stands at $4.41 trillion.

The National Federation of Independent Business reports its Small Business Optimism Index for January. Consensus estimate is for a 98 reading, just below the December figure.

The Bureau of Labor Statistics reports the consumer price index for January. Economists forecast a 7.3% year-over-year spike, after a 7% jump in November. The core CPI, which excludes volatile food and energy prices, is seen rising 5.9%, compared with 5.5% previously. Both estimates would surpass recent peaks and be the highest readings for their respective indexes since 1982.

The Department of Labor reports initial jobless claims for the week ending on Feb. 5. After averaging a postpandemic low of just 201,200 a week in December, jobless claims have risen to 255,000 in January, in part due to the surge of Omicron cases.

The University of Michigan releases its Consumer Sentiment Survey for February. Consensus estimate is for a 67.5 reading, roughly even with the January figure. The January reading was the lowest for the survey since November of 2011, driven by consumers' expectations of future inflation and rising housing costs.