Despite an incredible amount of red in the markets, with the S&P down 0.88%, the Dow down 2.49%, the Russell down 2.67%, and the Nasdaq eking out a very slight gain of 0.0078% on a week-over-week basis, we saw some stocks, like Tesla make huge moves. Tesla stock saw its best day since 2013, with the stock up over 20% on a much better-than-anticipated earnings report and call. Additionally, we saw Capri Holdings fall nearly 50% in price on the SEC blocking yet another merger.
Since there wasn’t much to report on last week, the macroeconomic indicators were relatively quiet. The few interesting data releases that we did see were beats though, with jobless claims coming in lower than anticipated and new home sales as well as final consumer sentiment for the month of October coming in a tad higher than anticipated. Fortunately for us, things will pick back up this week though, as we’ve got an important week ahead of us!
We kick things off with a bang on Tuesday with consumer confidence and the JOLTS report. We then follow up with ADP employment, Q3 GDP, and pending home sales on Tuesday. We then get personal income/spending data, as well as PCE data for the month of October. Lastly, we round things out on Friday with the US employment report, unemployment rate, and hourly wages. It will be incredibly important to pay attention to all the data that’s coming out this week, as many of these metrics will help inform the Fed’s next interest rate decision!
This week, earnings season rages on, with some of the most important companies reporting their earnings, such as:
10/28 – Waste Management (WM), Welltower (WELL), Cadence Design Systems (CDNS), Ford Motor Company (F), On Semiconductor (ON)
10/29 – Alphabet (GOOG/GOOGL), Visa (V), Advanced Micro Devices (AMD), McDonald’s (MCD), Pfizer (PFE), Stryker (SYK), Chubb Limited (CB), Anheuser-Busch (BUD), American Tower (AMT), Mondelez International (MDLZ), PayPal Holdings (PYPL), Chipotle Mexican Grill (CMG), Spotify Technology (SPOT), D.R. Horton (DHI)
10/30 – Microsoft (MSFT), Meta Platforms (META), Eli Lilly (LLY), AbbVie (ABBV), Caterpillar (CAT), Booking Holdings (BKNG), Automatic Data Processing (ADP), UBS (UBS), Starbucks (SBUX), KLA (KLAC), Trane Technologies (TT), Equinix (EQIX), GSK (GSK), DoorDash (DASH)
10/31 – Apple (AAPL), Amazon.com (AMZN), Mastercard (MA), Merck (MRK), Uber Technologies (UBER), Regeneron Pharmaceuticals (REGN), Intel Corporation (INTC),
11/01 – Berkshire Hathaway (BRK.A/BRK.B), Exxon Mobil (XOM), Chevron (CVX)
All eyes will be on big tech this week, as some of the largest companies in the world, including GOOG, MSFT, META, AAPL, and AMZN, report their earnings. Since these juggernauts are weighted heavily in the indices, things are bound to move one way or another this week!
Additionally, people will be paying attention to what has to be said on CMG and SBUX’s earnings calls, as Chipotle’s CEO recently left for Starbucks, and Starbucks just preannounced some bad results. These fast food giants will give us a good idea of where the consumer is spending their money and if they are seeing any pullbacks!
Monitoring the market conditions this week.
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