In the coming week, Wall Street will see a lot of economic data and earnings reports from five mega-cap companies.
On the economic front, investors will closely monitor the US third-quarter GDP figures, the Federal Reserve’s preferred inflation gauge (the personal consumption expenditures price index) and the jobs report.
Next week, shares of five mega-cap companies… AppleMicrosoft, Alphabet, Amazon and Metaplatforms will continue to be the focus of attention when these companies release their third quarter results.
“Next week is shaping up to be a big week for US markets. Many of the Magnificent Seven companies will declare their results, including Alphabet, Apple, Microsoft, Meta and Amazon,” said Yogesh Kansal, co-founder and CMO of Appreciate, an online trading and investment platform.
“Economists anticipate that both core and total PCE will generate a marginal rebound without large inflationary shocks that could threaten the Fed’s soft landing scenario,” Kansal also said.
Economic events
On October 29 (Tuesday), separate reports on October consumer confidence and September job openings will be released.
Third quarter (Q3) gross domestic product (GDP), October ADP employment, and September advanced US goods trade balance data will be released on October 30 (Wednesday).
On October 31 (Thursday), data on the October Personal Consumption Expenditure (PCE) Price Index, October Personal Income and Expenditure, and the US Employment Cost Index for the third quarter will be released. quarter.
On November 1 (Friday), separate reports will be released on S&P US Final Manufacturing PMI for October, ISM Manufacturing, TBA Auto Sales for October, and US Employment and Unemployment Rate. .for October.
Earnings
The following companies are due to report their third quarter earnings in the next week: Ford Motor, Waste Management, Alphabet, Advanced Micro Devices, McDonald’s, Pfizer, Mondelez International, Microsoft, Meta Platforms, Eli Lilly, Caterpillar, Amgen, Starbucks, Apple, Amazon. , Mastercard, Merck, Uber Technologies, Comcast, Exxon Mobil, Chevron and Charter Communications.
US markets last week
US stocks gave up an early gain and had a mixed finish on Friday.
The Dow Jones Industrial Average fell 259.96 points, or 0.61%, to 42,114.40, the S&P 500 lost 1.74 points, or 0.03%, to 5,808.12 and the Nasdaq Composite gained 103. 12 points, or 0.56%, to 18,518.61.
The 10-year Treasury yield rose to 4.24% from 4.21%. The 2-year Treasury yield rose to 4.10% from 4.09%.
Oil prices rose as the conflict in the Middle East escalated. West Texas Intermediate rose 2.3% to settle near $72 a barrel, while the global benchmark Brent was just above $76.
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