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Last Week’s Market Activity

As of the end of last week, five out of the seven “Magnificent Seven” stocks had reported their earnings, and with the exception of Tesla, all of these companies had tremendous earnings reports. Despite the fact that these companies reported incredible earnings, most of them were down, leading the major US indices down between 1.9% and 2.5% on a week-over-week basis. Unfortunately, we’re not out of the woods yet because we still have the largest company in the world, Apple, reporting its earnings this week.

Macroeconomic Indicators

This past week, there was one huge surprise in terms of economic data releases, which was Q3 GDP. Analysts expected the reading to come in at a whopping 4.7%, and the actual reading came in at 4.9%. While this may seem great on paper, the Fed is trying to slow the economy to control inflation, which means there are likely to be some more interest rate hikes in the future. On top of this, Big Tech had some fantastic earnings reports this week. However, they were not well received by the market, which led to them trading down.

Upcoming Market Catalysts

This week will continue to be very busy in terms of economic data releases. To start things off, we’ll get data on ADP employment as well as the JOLTS report on Wednesday morning, followed by the Fed’s decision on interest rates on Wednesday afternoon. This will be incredibly important, as investors have been patiently waiting to hear what Jerome Powell and the Fed will do with interest rates. On Friday, we’ll get to see the numbers on nonfarm payrolls, unemployment rate, and hourly wages, which will also be important to pay attention to as they will tell us how the labor market is faring.

Notable Earnings Releases

Although last week was a huge week in terms of corporate earnings, this week will be fairly big as well, as we have the following companies reporting their earnings:

10/30 – HSBC Holdings plc (HSBC), McDonald’s Corporation (MCD), Arista Networks, Inc. (ANET), Welltower Inc. (WELL), Public Storage (PSA), Simon Property Group, Inc. (SPG), Pinterest, Inc. (PINS)

10/31 – Pfizer, Inc. (PFE), Advanced Micro Devices, Inc. (AMD), Amgen Inc. (AMGN), Caterpillar, Inc. (CAT), BP plc (BP), Anheuser-Busch Inbev SA (BUD), UBS AG (UBS)

11/01 – QUALCOMM Incorporated (QCOM), Mondelez International (MDLZ), CVS Health Corporation (CVS), Airbnb, Inc. (ABNB), GSK plc (GSK), Humana Inc. (HUM), McKesson Corporation (MCK), MercadoLibre, Inc. (MELI), PayPal Holdings, Inc. (PYPL), The Estee Lauder Companies, Inc. (EL), Aflac Incorporated (AFL)

11/02 – Apple Inc. (AAPL), Eli Lilly and Company (LLY), Shell PLC (SHEL), Novo Nordisk (NVO), ConocoPhillips (COP), S&P Global Inc. (SPGI), Starbucks Corporation (SBUX), Stryker Corporation (SYK), Booking Holdings Inc. (BKNG)

11/03 – Berkshire Hathaway Inc. (BRK.A/BRK.B), Enbridge Inc. (ENB), Sempra (SRE), Dominion Energy, Inc. (D)

All eyes will be on AAPL this week, as they are the last of the big tech companies to report their earnings. Analysts will be eager to hear what Tim Cook has to say about the latest iPhone release and where he sees the company going over the course of the next year.

We’ll also have some mid-sized tech companies reporting earnings this week, like PINS, ABNB, PYPL, and MELI. While these companies won’t move the indices as much as AAPL, it’ll still be important to pay attention to what they have to say about the economy.

Lastly, everyone should pay attention to what CAT has to say on their earnings call. After all, construction represents a very large segment of the global economy, and CAT is one of the most prominent players in this market. So, they will provide some great insight as to how the global construction market is looking.

⚡ Watchlist ⚡

Monitoring the market conditions this week.

⚡ Trade Wins from Last Week ⚡

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