Morgan Stanley earnings, retail sales, manufacturing gauge: 3 things to watch for in the markets Thursday

Here are the most important things to know about Thursday before you hit the door.The nation's fourth-largest bank reports fourth quarter earnings before the bell on Thursday. Barclays is expecting Morgan Stanley to report earnings of $1.08 per share, compared to the 80 cents per share earned in the same quarter last year. The firm expects Morgan Stanley's total revenue to come in at $40.287 billion, compared to the $40.107 billion earned in the fourth quarter of 2018.

Bank trading revenues have mostly surprised to the upside this earnings season as Wall Street's sales and trading divisions see a pickup in activity. Barclays expects Morgan Stanley's trading revenues to decrease from last quarter, but increase year-over-year.We'll get a read on the health of the U.S. consumer on Thursday when the Commerce Department releases December retail sales.

Economists are estimating a 0.3% rise in retail sales in December, according to data surveyed by Dow Jones.as Americans cut back on discretionary spending because of bleaker economic growth forecasts for the fourth quarter. Retail sales rose 0.2% in November, while economists polled by Dow Jones were expecting a rise of 0.5%.

Excluding autos, economists are expecting a 0.5% rise in retail sales in December, after a 0.1% rise in November.We'll get a read on the strength of the manufacturing sector when the Philadelphia Federal Reserve's manufacturing index for January comes out on Thursday. The Philly Fed's manufacturing gauge fell 10 points in December, its lowest reading in six months, showing further signs of manufacturing weakness. Economists polled by Dow Jones estimate a reading of 4 in January, up from December's read of 0.3.

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