The Dow Jones Industrial Average reached a record high yesterday, as investors anticipated new data on inflation and earnings. The 30-stock index ended the day at 38,797.38, up 125.69 index points, or 0.33%. The Nasdaq Composite fell 0.3% to conclude at 15,942.55, while the S&P 500 edged lower by 0.09% to finish at 5,021.84. 

Salesforce’s 1.4% stock decline in cloud-based software contributed to the Dow’s decline. Hershey’s stock fell less than 1% after Morgan Stanley downgraded the company to underweight due to weaker demand. 

The most recent reading of the Consumer Price Index, or CPI, a crucial indicator of inflation, will also be of interest to traders. It is scheduled for release on Tuesday morning. On Thursday and Friday, further important economic statistics, such as January’s readings on retail sales, manufacturing, imports and exports, housing starts, and the producer pricing index, or PPI, are anticipated. 

This week’s companies that will be releasing their quarterly results include Applied Materials (AMAT) and Stellantis (STLA) on Thursday, Cisco (CSCO) and Occidental Petroleum (OXY) on Wednesday, and Coca-Cola (KO) and Shopify (SHOP) on Tuesday. 

Coca-Cola is expected to maintain its strong performance from the previous quarter when it demonstrated that consumers are still purchasing its products despite rising prices due to inflation. 

When the soft drink manufacturer releases its earnings before the market opens on Tuesday, analysts predict that both the top and bottom lines will expand by another quarter.  

Analysts predict Coca-Cola’s fourth-quarter net income in 2023 would rise by almost 10% to $2.15 billion on revenue of $10.76 billion, a nearly 7% increase from the same quarter the previous year, according to data from Visible Alpha.