What will drive the markets this week?
Last week underwent a highly volatile trade that ended mostly highly for European and US equities. Global stocks, with the exception of stocks in Asia, rallied on Friday following positive economic data and better-than-expected earnings reports among US mega-cap companies. All major US indices ended Friday’s session with weekly gains.
Indices in Europe tracked Wall Street to gains, with all major indices with exception of the FTSE recording gains. Stocks in Asia however, posted gloomy weekly results as Chinese cities introduced new COVID-19 curbs, while a broader rout in technology stocks spilled over into Asia after a slew of weak earnings from U.S. heavyweights.
This week will be an eventful one for financial markets, with earnings reports expected from several prominent companies including Stryker, Aflac, Pfizer, Moderna, Toyota, Honda, Qualcomm, PayPal, Starbucks, and Kellogg’s, among others. Policymakers at the U.S.
Federal Reserve will gather for the two-day November policy meeting of the Federal Open Market Committee (FOMC) beginning Tuesday, with a key interest rate decision expected on Wednesday.
The U.S. labor market will also be in the spotlight, as several key reports, including the Bureau of Labor Statistics (BLS) October nonfarm payrolls report, will be released. The Institute for Supply Management (ISM) will release the latest PMI figures for the U.S. manufacturing and service sectors.
Events expected to influence financial markets in the week
Monday, October 31
- Notable Earnings: Stryker (SYK), The Williams Companies (WMB), Aflac (AFL), NXP Semiconductors (NXPI), Global Payments Inc. (GPN), Arista Networks Inc. (ANET), ON Semiconductor Corp. (ON), SBA Communications (SBAC), American Water Works (AWK), Hologic Inc. (HOLX), Cincinnati Financial Corp. (CINF), Avis Budget Group (CAR), and XPO Logistics (XPO)
- Chicago Purchasing Managers’ Index (PMI) (Oct)
- Dallas Fed Manufacturing Index (Oct)
Tuesday, November 1
- Notable Earnings: Eli Lilly (LLY), Pfizer (PFE), Advanced Micro Devices (AMD), BP (BP), Sony (SONY), Mondelez International (MDLZ), Airbnb (ABNB), Uber (UBER), Marathon Petroleum (MPC), McKesson Corp. (MCK), and Enterprise Products Partners (EPD)
- JOLTS Report: Job Openings, Hires, Quits, and Separations (Oct)
- S&P Global Manufacturing PMI - Final Reading (Oct)
- ISM Manufacturing PMI (Oct)
- Construction Spending (Sep)
- Day 1 of November FOMC Policy Meeting
Wednesday, November 2
- Notable Earnings: Novo Nordisk (NVO), Qualcomm (QCOM), CVS Health Corp. (CVS), Estee Lauder (EL), Booking Holdings (BKNG), Humana (HUM), GSK (GSK), MetLife Inc. (MET), Etsy (ETSY), American Financial Group (AFG), Robinhood (HOOD), XP Inc. (XP), Zillow Group (Z), Roku Inc. (ROKU), Valvoline Inc. (VVV), The New York Times Company (NYT), and Sunrun Inc. (RUN)
- ADP Private-Sector Payrolls Report (Oct)
- Day 2 of November FOMC Policy Meeting; Interest Rate Decision and Press Conference
Thursday, November 3
- Notable Earnings: Toyota Motor Company (TM), ConocoPhillips (COP), Amgen (AMGN), Paypal Holdings (PYPL), Starbucks (SBUX), Cigna (CI), Regeneron Pharmaceuticals (REGN), EOG Resources Inc. (EOG), Zoetis Inc. (ZTS), Canadian Natural Resources Ltd. (CNQ), Moderna (MRNA), Intercontinental Exchange (ICE), Atlassian Corp. (TEAM), Marriott International (MAR), Fidelity National Information Services (FIS), Monster Beverage Corp. (MNST), and Kellogg (K)
- U.S. Balance of Trade (Sep)
- S&P Global Composite PMI - Final Reading (Oct)
- ISM Non-Manufacturing PMI (Oct)
- Factory Orders (Sep)
- Vehicle Sales (Oct)
Friday, November 4
- Notable Earnings: Enbridge (ENB), Duke Energy (DUK), Dominion Energy (D), The Hershey Company (HSY), ENI (E), Honda Motor Company (HMC), Cardinal Health (CAH), Magna International (MGA), and Royal Caribbean Group (RCL)
- Nonfarm Payrolls Report (Oct)
- Consumer Credit (Sep)