Week Ahead on Wall Street

Economic Data

Happy Halloween! There are no major economic announcements due today outside of the October Chicago PMI.

Tomorrow, the October S&P Manufacturing PMI — or Purchasing Managers’ Index — will be released. This is a key measure of economic trends in manufacturing that will provide the market with an update into the state of US manufacturing. In September, the strengthening U.S. dollar caused export demand to decline at its fastest pace since May 2020. We will also get insight into October’s auto sales and the total number of job openings in September.

On Wednesday, investors will be closely watching the Federal Open Market Committee (FOMC) announce its interest rate decision. Their meeting will then be followed by a press conference with Fed Chair Jerome Powell. This presser will provide further insight into the central bank’s plans for future hikes amid its ongoing fight to curb inflation. The Fed has already raised rates by 300 BPS, or 3%, this year.

On Thursday, the market will learn how many people are on the job hunt with initial and continuing jobless claims due. The number of people filing for unemployment benefits ticked up last week but remains historically low. September’s trade balance will also shed insight as to how the U.S. stacks up in the global trade network.

On Friday, watch for a flurry of workforce-related reports for October, including nonfarm payrolls, the unemployment rate, average hourly earnings, and the labor force participation report (ages 25-54).

Earnings

The busy third quarter earnings season continues this week with a full slate of companies reporting earnings. Today, watch for insurance giant Aflac (AFL) to share its Q3 results. The company just named Bradley Dyslin as Global Chief Investment Officer, taking over for the retiring Eric Kirsch.

Tomorrow two of the biggest so-called “sharing economy” companies, Airbnb (ABNB) and Uber (UBER), are scheduled to report. You should also keep an eye out for announcements coming from companies like oil and gas giant Saudi Aramco, competitor BP (BP), Pfizer (PFE), Electronic Arts (EA), and Avis (CAR).

On Wednesday, Zillow (ZG) will help illuminate the direction of the US housing market. Meanwhile, CVS (CVS), KFC-owner Yum! Brands (YUM), eBay (EBAY), Etsy (ETSY), and American International Group (AIG) are all reporting as well.

Thursday is probably the busiest day of the week, with reports coming in from major payment and crypto companies like Paypal (PYPL), Block Inc (SQ), and Coinbase (COIN). On top of that, we’ll get a look at food and beverage trends when Kellogg’s (K), Starbucks (SBUX), and DoorDash (DASH) hand in their latest report cards. Finally, Moderna (MRNA) will post earnings and likely discuss numbers surrounding the sale of COVID-19 vaccines.

On Friday, Hershey (HSY) stands at-the-ready to let us know if today’s Halloween candy sales were more or less busy than last year’s. The company was among several candy makers who discussed efforts to keep prices low in the months and weeks leading up to the holiday.

The Week Ahead at SoFi

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