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A Solid Start to Earnings Season

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Last Week’s Market Activity

This week was another mostly green week, with the Dow, S&P, and Nasdaq all up on the week, whereas the Russell was down. The tremendous amount of green we saw in the markets was despite the fact that there were some inflation misses, which are generally received terribly by the market. However, we’re not out of the woods yet. We’ve still got another big week in terms of corporate earnings!

Macroeconomic Indicators

Last week, we saw some minor upsets in terms of economic data releases, with certain PPI and CPI metrics coming in a bit hotter than expected. We also saw jobless claims come in a touch lower than anticipated, which, of course, is not ideal. However, the beginning of earnings week went quite well, with JPM, WFC, C, and BLK all beating expectations, leading all but BLK up on Friday. Unfortunately, Blackrock saw a slowing in inflows, which led the stock down.

Upcoming Market Catalysts

This week will be a bit less exciting in terms of economic data releases. However, there will be some interesting earnings reports that we’ll talk about in the next section! In terms of economic data releases, we’ll get retail sales numbers on Tuesday, housing starts and building permits on Wednesday, and we’ll get to hear from a few Fed officials, including Chairman Jerome Powell, on Thursday!

Notable Earnings Releases

This week is the first full week of the Q3 earnings season, and there is quite a line-up of companies reporting earnings, such as:

10/16 – HDFC Bank Limited (HDB), The Charles Schwab Corporation (SCHW)

10/17 – Johnson & Johnson (JNJ), Bank of America Corporation (BAC), Lockheed Martin Corporation (LMT), Prologis (PLD), Goldman Sachs Group (GS), The Bank of New York Mellon Corporation (BK), J.B. Hunt Transport Services (JBHT), United Airlines Holdings (UAL), Albertsons Companies (ACI)

10/18 – Tesla, Inc. (TSLA), Procter & Gamble Company (PG), ASML Holding (ASML), SAP SE (SAP), Netflix, Inc. (NFLX), Abbott Laboratories (ABT), Morgan Stanley (MS), Elevance Health (ELV), Lam Research Corporation (LRCX), U.S. Bancorp (USB), Crown Castle Inc. (CCI), Kinder Morgan, Inc. (KMI)

10/19 – Taiwan Semiconductor Manufacturing Company (TSM), Philip Morris International (PM), Union Pacific Corporation (UNP), AT&T, Inc. (T), Intuitive Surgical, Inc. (ISRG), Marsh & McLennan Companies (MMC), Blackstone Inc. (BX), CSX Corporation (CSX)

10/20 – American Express Company (AXP), Schlumberger N.V. (SLB)

One of the main focuses of the week will be the banks. Analysts will be intently listening to what the executives of HDB, SCHW, BAC, GS, BK, MS, USB, BX, and AXP have to say. After all, they have a great view of how money is being spent by both consumers and businesses alike.

We’ll also have some important big tech companies like TSLA, SAP, and NFLX reporting this week as well. It will be interesting to hear what TSLA has to say about consumer demand for cars and which way the trends are moving. It’ll also be good to hear how NFLX is faring amidst the Hollywood strikes, as well as how their new ad-supported model is performing.

Lastly, another important group of companies reporting their earnings will be the semiconductor-related companies, like ASML, LRCX, and TSM. These giants have exposure to huge swathes of the semiconductor market and will likely give us a good idea as to how the other semi-companies, like NVDA and AMD, are faring.

⚡ Watchlist ⚡

Monitoring the market conditions this week.

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