The coming week will see a ton of economic data and earnings reports from five megacap companies on Wall Street.
On the economic front, investors will be closely keeping an eye on the US Q3 GDP numbers, the Federal Reserve’s favorite inflation gauge – the Personal Consumption Expenditure Price Index and the jobs report.
Shares of five megacap companies next week– AppleMicrosoft, Alphabet, Amazon, and meta platform Will be in focus as 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 firms will declare their results, including Alphabet, Apple, Microsoft, Meta and Amazon,” said Yogesh Kansal, co-founder and CMO, Appreciate, an online trading and investment platform.
Kansal also said, “Economists expect modest increases in both core and total PCE without any major inflationary shock, which could jeopardize the Federal Reserve’s soft landing scenario.”
economic events
Separate reports on consumer confidence for October and job vacancies for September will be released on October 29 (Tuesday).
October 30 (Wednesday) will see data on third quarter (Q3) gross domestic product (GDP), ADP employment for October and improved US trade balance in goods for September.
On October 31 (Thursday), data will be released on personal consumption expenditure (PCE) price index for October, personal income and personal expenditure for October and US employment cost index for the third quarter.
On November 1 (Friday), separate reports will be released on the S&P final US Manufacturing PMI for October, ISM Manufacturing, TBAAuto Sales for October and US Employment and Unemployment rates for October.
Income
The following companies are scheduled to report third quarter earnings in the coming 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 market last week
US stocks Gave up an early lead and headed for 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 fell 1.74 points, or 0.03%, to 5,808.12 and the Nasdaq Composite added 103.12 points, or 0.56%, to 18,518.61.
The yield on 10-year Treasuries rose to 4.24% from 4.21%. The 2-year Treasury yield rose to 4.10% from 4.09%.
Oil prices rose as conflict escalated in the Middle East. West Texas Intermediate rose 2.3% to close near $72 a barrel, while global benchmark Brent closed just above $76.
