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A Week of Tremendous Earnings

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Last Week’s Market Activity

This week was one of the best weeks that we’ve seen in a long time, with the Dow up 4.14%, the Nasdaq up 5.124%, the S&P up 4.77%, and the Russell up a massive 6.80% on a week-over-week basis. This tremendous amount of green in the market was driven by incredible corporate earnings as well as the fact that the Fed pushed a pause on interest rates again. However, we’re not out of the storm yet; we still have another action-packed week coming up.

Macroeconomic Indicators

Not only did the Fed pause interest rate hikes, but we also saw some great economic data come out. Although the JOLTS report came in a bit hotter than anticipated on Wednesday, with an actual reading of 9.6 million vs. an expected 9.4 million, initial jobless claims came in a bit higher than expected, and nonfarm payrolls came in quite a bit lower than expected, with an actual reading of 150,000 vs. an expected 170,000. While on the surface, this might not sound great, these are readings that the Fed will not ignore!

Upcoming Market Catalysts

Unfortunately, there won’t be many economic data releases this week; however, there will be a fair amount of commentary from various Fed officials throughout the week. While these speeches likely won’t be earth-shattering, it will be important to hear what they are thinking about. In addition to these speeches, we’ll get to see consumer credit numbers on Tuesday. These will be important to pay attention to, as they will give us an idea of how the average consumer is faring.

Notable Earnings Releases

While most of the largest companies have already reported their earnings, we still have some very influential companies reporting their earnings this week, such as:

11/06 – Ryanair Holdings plc (RYAAY), Vertex Pharmaceuticals Incorporated (VRTX), NXP Semiconductors NV (NXPI), Realty Income Corporation (O)

11/07 – Gilead Sciences Inc. (GILD), Uber Technologies (UBER), Air Products and Chemicals, Inc. (APD), Occidental Petroleum Corporation (OXY), KKR & Co. Inc. (KKR), D.R. Horton, Inc. (DHI), Fidelity National Information Services, Inc. (FIS), GlobalFoundries, Inc. (GFS), Datadog, Inc. (DDOG)

11/08 – The Walt Disney Company (DIS), Honda Motor Company, Ltd. (HMC), TC Energy Corporation (TRP), Warner Bros. Discover, Inc. (WBD)

11/09 – Sony Group Corporation (SONY), Astrazeneca PLC (AZN), Becton, Dickson and Company (BDX), Brookfield Corporation (BN), Transdigm Group Incorporated (TDG), Li Auto LI), The Trade Desk, Inc. (TTD), Mettler-Toledo International, Inc. (MTD)

11/10 – Polestar Automotive Holding (PSNY), StoneCo Ltd. (STNE)

This week, all eyes will be on DIS as they disclose their Q3 earnings. As we all know, Disney has been in an incredibly rough place, with the stock only returning around 25% over the past ten years after the stock collapsed over the past two years. Investors will be eager to hear what Bob Iger has to say about any potential plans to turn the stock around.

It’ll also be important to pay attention to companies like KHI and HMC. These are two of the largest players in the new construction housing and automotive spaces, respectively. They will be able to provide great insight as to how their industries are faring amidst high interest rates and consumers tightening their spending.

⚡ Watchlist ⚡

Monitoring the market conditions this week.

⚡ Trade Wins from Last Week ⚡

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