This week was not looking like it would be a green week until the unemployment report came out and shocked investors around the world. All major indices were down for the week until they took off late on Friday morning, leaving the S&P and Nasdaq up 0.61% and 1.31%, week-over-week, respectively. The Dow eked out a slight gain, and the Russell was down 1.54%. Unfortunately, though, we’re not out of the woods yet because we’ve got yet another big week coming up in the stock market!
Last week, we saw some huge upsets in terms of economic data reports. To start things off, the JOLTS report came in on Tuesday, reporting 9.6 million job openings, compared to a previous reading of 8.9 million and an expected 8.8 million. This is what initially sent the market spiraling downward at the beginning of the week. However, on Friday, the employment report also came in well above expectations, with 336,000 new jobs being added, compared to a previous reading of 227,000 and an expected 170,000. This led Wall Street to believe that we might be further from a recession than they had anticipated.
This week will be another interesting week in terms of economic data releases. To start things off, we will get PPI data as well as the minutes from the Fed’s September FOMC meeting on Wednesday. On Thursday, we’ll get CPI data, and then finally, on Friday, we’ll get information on consumer sentiment. If we see upsets on these key economic data reports, like we did last week, that means we’ll surely be in for a ride!
This week, we have the Q3 earnings season kicking off. We have a slow start to the week but end with a bang as some of the largest banks in the world report their earnings.
10/10 – Pepsico, Inc. (PEP)
10/12 – Infosys Limited (INFY), Fastenal Company (FAST), Delta Air Lines (DAL), Walgreens Boots Alliance Inc. (WBA), Domino’s Pizza Inc. (DPZ)
10/13 – UnitedHealth Group Incorporated (UNH), J.P. Morgan Chase (JPM), BlackRock, Inc. (BLK), The Progressive Corporation (PGR), Citigroup Inc. (C), Wells Fargo & Company (WFC), PNC Financial Services Group (PNC)
While these companies certainly won’t be the main focus of the week, it’ll be important to pay attention to what PEP, DAL, WBA, and DPZ have to say about how the consumer is spending money. These companies all operate in vastly different sectors, so it will be interesting to contrast what they have to say about consumer spending.
As we all know, the banks will be the main focus this week. Analysts will undoubtedly be on the edge of their seats as they cling to every word that Jamie Dimon and the other bank CEO have to say, especially when it comes to the economy and the current interest rate climate.
Monitoring the market conditions this week.
Want to stay in the know? Want tips delivered right to your inbox? Simply provide your email address below and you’ll get a high-value newsletter, designed to help you trade stronger.
