It will be a packed week of company news, as roughly one-in-five S&P 500 companies publish their third-quarter results. There will also be the latest data on the U.S. housing market and economic activity.
Nucor and SAP will be the earnings highlights on Monday, followed by 3M, General Motors, Lockheed Martin, and Verizon Communications on Tuesday. On Wednesday, AT&T, Coca-Cola, Newmont, NextEra Energy, Tesla, and T-Mobile US publish quarterly results.
Then, Honeywell International, Southwest Airlines, United Parcel Service, and Western Digital report on Thursday. Colgate-Palmolive, HCA Healthcare, and Sanofi close the week on Friday.
The economic-data highlights of the week will include the National Association of Realtors' existing-home sales report for September on Wednesday, S&P Global's Manufacturing and Services Purchasing Managers' Indexes for October on Thursday, and the Census Bureau's durable goods report for September on Friday.
Monday 10/21
Alexandria Real Estate Equities, Nucor, SAP, and W.R. Berkley release quarterly results.
Tuesday 10/22
3M, Baker Hughes, CoStar Group, Danaher, Enphase Energy, Freeport-McMoRan, Fiserv, GE Aerospace, GM, Genuine Parts, Invesco, Kimberly-Clark, Lockheed Martin, Moody's, Norfolk Southern, NVR, Paccar, Philip Morris International, PulteGroup, RTX, Seagate Technology Holdings, Sherwin-Williams, Texas Instruments, and Verizon announce earnings.
Wednesday 10/23
Boeing, Ameriprise Financial, Amphenol, AT&T, Boston Scientific, CME Group, Coca-Cola, GE Vernova, General Dynamics, Hilton Worldwide Holdings, IBM, Lam Research, Las Vegas Sands, Molina Healthcare, Newmont, NextEra Energy, Northern Trust, Old Dominion Freight Line, O'Reilly Automotive, Raymond James Financial, Rollins, Roper Technologies, ServiceNow, Tesla, Teradayne, Thermo Fisher Scientific, T-Mobile, Tyler Technologies, United Rentals, Veralto, and Westinghouse Airbrake Technologies report quarterly results.
The National Association of Realtors reports existing-home sales for September. Consensus estimate is for a seasonally adjusted annual rate of 3.9 million homes sold, slightly more than in August. Existing-home sales are near their lowest levels since 2010, a decline attributable to what's known as the lock-in effect. High mortgage rates are dissuading homeowners who purchased at much lower rates from selling their homes. Their immobility has put a lid on the housing market.
The Federal Reserve releases the beige book for the seventh of eight times this year. The report gathers anecdotal information on current economic conditions from the 12 regional banks.
Thursday 10/24
Arthur J. Gallagher, Carrier Global, Capital One Financial, CBRE Group, Deckers, DexCom, Digital Realty Trust, Dover, Dow, DTE Energy, Edwards Lifesciences, Hasbro, Honeywell, Keurig Dr Pepper, KKR, Labcorp Holdings, Nasdaq, Northrop Grumman, ResMed, S&P Global, Southwest, Tractor Supply, Union Pacific, UPS, Valero Energy, VeriSign, Western Digital, and West Pharmaceuticals hold conference calls to discuss earnings.
S&P Global releases both its Manufacturing and Services Purchasing Managers' Indexes for October. Economists forecast a 47.5 reading for the Manufacturing PMI and a 55.2 for the Services PMI, both roughly even with the September data. Readings above 50 suggest expansion in the sector, while below 50, contraction. The September data continue a postpandemic trend of a struggling manufacturing sector and thriving services sector.
The Census Bureau reports new residential home sales for September. The consensus call is for a seasonally adjusted annual rate of 720,000 new single-family homes sold, 4,000 more than in August.
Friday 10/25
Aon, Centene, Colgate-Palmolive, HCA Healthcare, and Sanofi release quarterly results.
The Census Bureau releases the durable goods report for September. Expectations are for new orders for durable manufactured goods to decline 1% month over month to $287 billion.
