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Wall Street will see an extremely busy week ahead, as investors will receive key data on economic growth, inflation and the labor market. Moreover, the earnings season will shift into top gear, with no less than five members of the Magnificent 7 club scheduled to report their results.
Those five companies - Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOG)(GOOGL) and Meta Platforms (META) - represent $12T in market cap, or 23.2% of the S&P 500 alone, as per Deutsche Bank.
Other big names reporting results include Ford Motor (F), McDonald’s (MCD), Pfizer (PFE), Eli Lilly (LLY), Caterpillar (CAT), Starbucks (SBUX), Mastercard (MA), Merck (MRK), Uber Technologies (UBER), Comcast (CMCSA), Exxon Mobil (XOM), and Chevron (CVX).
The economic calendar will see the advance estimate of U.S. Q3 GDP on Wednesday, followed by a reading on the Federal Reserve's favored inflation gauge - the personal consumption expenditures price index - on Thursday. Finally, the October jobs report will come out on Friday.
Those key indicators will come ahead of a pivotal first week of November, which will see the culmination of the 2024 presidential election and the Fed's second penultimate monetary policy committee meeting of the year.
According to the CME FedWatch tool, around 95% of market participants expect the Federal Open Market Committee to cut its benchmark lending rate by 25 basis points in November, while about 5% expect no change.
Earnings spotlight: Monday, October 28 - Ford Motor (F) and Waste Management (WM). See the full earnings calendar.
Earnings spotlight: Tuesday, October 29 - Alphabet (GOOG)(GOOGL), Advanced Micro Devices (AMD), McDonald’s (MCD), Pfizer (PFE), and Mondelez International (MDLZ). See the full earnings calendar.
Earnings spotlight: Wednesday, October 30 - Microsoft (MSFT), Meta Platforms (META), Eli Lilly (LLY), Caterpillar (CAT), Amgen (AMGN) and Starbucks (SBUX). See the full earnings calendar.
Earnings spotlight: Thursday, October 31 - Apple (AAPL), Amazon (AMZN), Mastercard (MA), Merck (MRK), Uber Technologies (UBER), and Comcast (CMCSA). See the full earnings calendar.
Earnings spotlight: Friday, November 1 - Exxon Mobil (XOM), Chevron (CVX), Charter Communications (CHTR). See the full earnings calendar.
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