Third-quarter earnings season ramps up this week, with nearly 1-in-10 S&P 500 companies scheduled to report. The latest U.S. economic data and an interest-rate decision by the European Central Bank will be the highlights on the macro calendar.
Bank of America, Citigroup, Goldman Sachs Group, Johnson & Johnson, United Airlines Holdings, UnitedHealth Group, and Walgreens Boots Alliance all release earnings on Tuesday. ASML Holding, Morgan Stanley, and Prologis publish quarterly results on Wednesday.
Thursday's earnings highlights will include Intuitive Surgical, Netflix, and Taiwan Semiconductor Manufacturing, then American Express and Procter & Gamble close the week on Friday.
Economic data to watch this week includes the Census Bureau's retail sales report for September and the National Association of Home Builders' Housing Market Index for October, both on Thursday. On Friday, the Census Bureau will also report housing starts data for September.
Finally, on Thursday, the ECB is expected to deliver its third quarter-point interest-rate cut since June, taking its benchmark rate target to 3.25%.
Monday 10/14
Fixed-income markets are closed in observance of Columbus Day. The Nasdaq and New York Stock Exchange keep regular trading hours.
The Federal Reserve Bank of New York releases its Survey of Consumer Expectations for September. In August, consumers' median expectations for one-year and five-year inflation were 3% and 2.8%. Both figures are near the lowest levels since late 2020.
Tuesday 10/15
Bank of America, Charles Schwab, Citigroup, Goldman Sachs Group, J.B. Hunt Transport Services, Johnson & Johnson, Omnicom Group, PNC FInancial Services Group, Progressive, State Street, United Airlines Holdings, UnitedHealth Group, and Walgreens Boots Alliance release earnings.
Wednesday 10/16
Abbott Laboratories, ASML Holding, Citizens Financial Group, Crown Castle, CSX, Discover Financial Services, Equifax, Kinder Morgan, Morgan Stanley, PPG Industries, Prologis, Steel Dynamics, Synchrony Financial, and U.S. Bancorp announce quarterly results.
Thursday 10/17
Blackstone, Elevance Health, Huntington Bancshares, Intuitive Surgical, KeyCorp, Marsh & McLennan, M&T Bank, Netflix, Snap-on, Taiwan Semiconductor Manufacturing, Travelers, and Truist Financial hold conference calls to discuss earnings.
The European Central Bank announces its monetary-policy decision. The ECB is widely expected to cut its key short-term interest rate by a quarter of a percentage point to 3.25%. It would be the third quarter-point cut by the central bank since June.
The National Association of Home Builders releases its Housing Market Index for October. Economists forecast a 43 reading, two points more than in September. Readings below 50 indicate that home builders have a negative outlook on conditions for the single-family housing market.
The Census Bureau reports retail and food services sales for September. Consensus estimate is for retail sales to increase 0.3% month over month, after a 0.1% gain in August. Excluding autos, sales are expected to rise 0.1%, which would match the August increase.
Friday 10/18
American Express, Fifth Third Bancorp, Procter & Gamble, Regions Financial, and SLB release quarterly results.
The Census Bureau reports new residential construction data for September. The consensus call is for a seasonally adjusted annual rate of 1.35 million single-family housing starts, roughly even with the August figure.
