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Fourth-quarter earnings season kicks off this week, starting as usual with several of the largest U.S. banks. JPMorgan Chase, Wells Fargo, and Citigroup will all report on Friday. Other results this week will come from IHS Markit on Wednesday and BlackRock, Delta Air Lines, and Taiwan Semiconductor Manufacturing on Thursday.

Economic data out this week includes a pair of inflation measures. On Wednesday, the Bureau of Labor Statistics reports the Consumer Price Index for December. Excluding volatile food and energy components, its expected to have risen 1.6% year-over-year. The core Producer Price Index for December, out Friday, is predicted to have increased 1.3% from last year.

On Friday, the Census Bureau reports retail-sales datafor Decemberthe all-important holiday shopping season. Retail sales excluding autos fell 0.9% in November, and theyre expected to have climbed 0.4% last month.

Other economic releases this week include the National Federation of Independent Business Small Business Optimism Index for December on Tuesday and the University of Michigans Consumer Sentiment Survey for January on Friday.

Zscaler, the cloud-based internet security platform whose shares were up more than 300% last year, hosts its 2021 analyst day.

Pioneer Natural Resources and Parsley Energy hold extraordinary shareholder meetings to vote on their proposed merger, first announced in October. Pioneer plans to acquire Parsley in an all-stock transaction valued at roughly $7 billion, based on Parsleys recent share price.

The National Federation of Independent Business releases its Small Business Optimism Index for December. Economists forecast a 100.5 reading, below Novembers 101.4.

The Bureau of Labor Statistics releases its Job Openings and Labor Turnover Survey for November. The number of job openings on the last business day of November is expected to be roughly the same as it was in October6.65 million.

IHS Markit reports quarterly results.

The BLS reports the consumer price index for December. Consensus estimate is for a 1.2% year-over-year increase, similar to the November figure. The core CPI, which excludes volatile food and energy prices, is seen jumping 1.6%, matching the rise in November.

The Treasury Department reports U.S. budget data for December. For fiscal 2020, which ended in September, the budget deficit hit a record high of $3.1 trillion, spurred on by massive Covid-19 relief spending.

BlackRock, Delta Air Lines, First Republic Bank, and Taiwan Semiconductor Manufacturing hold conference calls to discuss earnings.

Earnings season commences with three of the four largest U.S. banks reporting fourth-quarter 2020 results. JPMorgan Chase, Wells Fargo, and Citigroup will all announce earnings today.

PNC Financial Services Group reports quarterly results.

ConocoPhillips and Concho Resources hold special shareholder meetings to approve their proposed merger, first announced three months ago. ConocoPhillips has offered to acquire Conchos outstanding shares in an all-stock transaction valued at about $12 billion.

The University of Michigan releases its Consumer Sentiment Survey for January. Expectations are for an 81.4 reading, similar to Decembers.

The Census Bureau reports retail-sales data for December. Economists forecast a 0.1% month-over-month rise in consumer spending to $547 billion. Retail sales fell 1.1% in November. With autos excluded, retail sales are expected to be up 0.4%, after declining 0.9% in the previous month.

The BLS releases the producer price index for December. Consensus estimate is for a 0.1% month-over-month uptick, matching the November data.

Write to Nicholas Jasinski at nicholas.jasinski@barrons.com

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JPMorgan Chase, Wells Fargo, Delta, TSMC, and Other Stocks to Watch This Week - Barron's