Consumer sentiment, United Health, big bank earnings: 3 things to watch

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By Liz Moyer

AiVIF.com -- Stocks rose after December's inflation report showed prices cooling in line with expectations and all but solidifying the view that the Federal Reserve will raise interest rates next month at a slower pace.

The consumer price index rose 6.5% last month, better than the 7.1% increase for the year ending in November. The market now expects the Fed will raise interest rates by a quarter of a percentage point at its February meeting, based on evidence that its work to tame inflation was taking hold.

But investors will want to know how long the Fed will keep raising rates. Officials from the central bank have made it clear they aren't ready to pause or pivot on rates because they want to make sure inflation was heading toward their 2% target on a sustainable path. That means the benchmark rate might shoot above 5% this year, officials have said.

The Fed wants to accomplish this without a recession, though it has acknowledged that unemployment will have to rise from its 50-year lows. Signs that the labor market remains tight were evident in Thursday's jobless claims data, which came in below expectations.

Banks kick off earnings season on Friday, with analysts and investors eager to hear their thoughts on a possible recession this year and how it will affect consumer spending.

Here are three things that could affect markets tomorrow:

1. Michigan sentiment

The University of Michigan consumer sentiment reading for January comes out at 10:00 ET (15:00 GMT). Analysts expect a reading of 60.5 versus the 59.7 earlier.

2. United Health earnings

UnitedHealth Group Incorporated (NYSE:UNH) is expected to report earnings per share of $5.18 on revenue of $82.5 billion.

3. Bank earnings

JPMorgan Chase & Co (NYSE:JPM) is expected to report per-share earnings of $3.11 on revenue of $34.2B, while Bank of America Corp (NYSE:BAC) is expected to report earnings per share of 79 cents on revenue of $24.3B.