What will drive the markets this week?
Stocks registered modest gains last week supported by better-than-expected retail sales in data for September, an improvement in consumer sentiment, and better than expected earnings by major banks, even as investors continue to wait for progress towards additional stimulus from Washington.
This week, the third-quarter U.S. corporate earnings reporting season which kicked last week continues, with 80 S&P 500 companies reporting.
In economic data and policy, highlights will include the Conference Board’s Leading Economic Index for September; HIS Manufacturing and Services PMI for October; the Federal Reserve’s latest beige book summary of economic conditions in the U.S, and several housing-market indicators. Read more on this and other insights on what will drive the market this week.
Monday, October 19
- The National Association of Home Builders releases the NAHB/Wells Fargo Housing Market Index for October.
Earnings
- Cadence Design Systems, Halliburton, IBM, PPG Industries, and Zions Bancorp reports quarterly results.
- Earnings from Halliburton. Halliburton (HAL) came out with quarterly earnings of $0.11 per share, beating the Zacks Consensus Estimate of $0.08 per share. This compares to earnings of $0.34 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 37.50%. A quarter ago, it was expected that this provider of drilling services to oil and gas operators would post a loss of $0.11 per share when it produced earnings of $0.05, delivering a surprise of 145.45%. Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Tuesday, October 20
- The Census Bureau reports new residential construction data for September.
Earnings
- Albertsons ACI
- Raytheon RTN
- Lockheed Martin LMT
- Procter & Gamble PG
- Snap SNAP
- Netflix NFLX
- Texas Instruments TXN
Wednesday, October 21
- The Federal Reserve releases the beige book, which summarizes current economic conditions in the 12 Federal Reserve districts. This will be the seventh of eight beige book releases for the year.
Earnings
- Abbott Laboratories ABT
- Spirit Airlines SAVE
- Baker Hughes BHGE
- Biogen BIIB
- Whirlpool WHR
- Las Vegas Sands LVS
- Verizon Communications VZ
- Lam Research LRCX
- Chipotle CMG
- Tesla TSLA
Thursday, October 22
- Final U.S. Presidential debate: President Donald Trump and former Vice President Joe Biden takes place at Belmont University in Nashville
- The National Association of Realtors reports existing-home sales for September.
- The Conference Board releases its Leading Economic Index for September.
Earnings
- American Airlines AAL
- Alaskan Air ALK
- Southwest;
- AT&T
- Coca-Cola KO
- Deckers DECK
- Kimberly-Clark KMB
- Nucor NUE
- Mattel MAT
Friday, October 23
- IHS Markit releases its Manufacturing and Services Purchasing Managers’ Indexes for October.
Earnings
- American Express AXP
- Bloomin’ Brands BLMN
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