Today, the Chicago Fed releases its National Activity Index — or CFNAI — for September, a gauge of economic activity and inflationary pressure. In August, this metric showed that economic growth slowed compared to July’s growth. The S&P US Manufacturing PMI — or Purchasing Managers’ Index — will also be released. In September, the index came in at 52%. In general, a PMI reading of over 50% indicates growth in the manufacturing sector.
Tomorrow, the S&P Case-Shiller US National Home Price Index for August will give investors insight as to where the housing market is headed. In July, single-family home prices rose 15.8% on an annual basis, sharply lower than the 18.1% year-over-year increase observed in June. Finally, keep an eye out for the October Consumer Confidence Index.
On Wednesday, the September New Home Sales report will further illuminate the US real estate market. In August, 685,000 new houses were sold, up 28.8% from July.
On Thursday, the labor market will take the spotlight as initial and continuing jobless claims are due. Also, watch for the initial estimate of the third-quarter GDP as well as September’s durable goods and core capital equipment orders.
Finally, on Friday, look for a flurry of reports including the Q3 Employment Cost Index and September PCE Price Index, the Fed’s preferred measure of inflation. September’s consumer spending and pending home sales index are also due, as well as the University of Michigan’s October consumer sentiment.
The third-quarter earnings season is in full swing and some of the world’s biggest companies will report later this week.
Tomorrow gets things off to a hot start with major tech companies like Google-parent Alphabet (GOOGL), Microsoft (MSFT), and Spotify (SPOT) shedding light on how Big Tech is faring. Meanwhile, Coca-Cola (KO), Visa (V), and UPS (UPS) will give investors a look at the pace of consumer spending.
On Wednesday, watch for a highly-anticipated report from Meta Platforms (META), who will update the market on its risky metaverse play. Additionally, two major manufacturers in Boeing (BA) and Ford (F) are set to share results. Each firm’s results can help the market understand the current state of transportation in America.
Thursday might just be the marquee event, with both Amazon (AMZN) and Apple (AAPL) set to publish quarterly results. Household names McDonald’s (MCD), Caterpillar (CAT), and Honeywell (HON) will report earnings as well. And, in the travel sector, look out for Spirit Airlines (SAVE) to hand in its latest report card. The company will surely discuss its merger with JetBlue (JBLU).
On Friday, oil giants Chevron (CVX) and Exxon (XOM) will round out the week. The market will be paying close attention to expectations regarding gas prices and oil demand, given recessionary concerns, planned production cuts from OPEC+, and additional releases from the US SPR.
The Week Ahead at SoFi
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