By Nicholas Jasinski
It's another busy week of third-quarter earnings, plus an expected interest-rate increase by the Federal Reserve. The central bank's policy committee meets on Tuesday and Wednesday, and is widely projected to lift its target rate by three-quarters of a percentage point for a fourth-straight time, to 3.75%-4%. The week closes with the October jobs report.
Some 160 S&P 500 companies are scheduled to report this week. Arista Networks, NXP Semiconductors, and Stryker kick things off on Monday, followed by a busy Tuesday: Airbnb, Advanced Micro Devices, BP, Marathon Petroleum, Newmont, Pfizer, Simon Property Group, and Uber Technologies all report.
Wednesday's earnings highlights will include Booking Holdings, CVS Health, eBay, Paramount Global, and Qualcomm. ConocoPhillips, Illumina, Moderna, PayPal Holdings, Starbucks, and Warner Bros. Discovery report on Thursday, then Cardinal Health and Duke Energy, close the week on Friday.
Economic data to watch this week will include October employment figures from the Bureau of Labor Statistics. On average, economists are forecasting a gain of 225,00 nonfarm payrolls, following growth of 263,000 in September. The unemployment rate is seen ticking up to 3.6%.
Tuesday's Job Openings and Labor Turnover Survey will provide additional insight into the state of the U.S. labor market. Economist consensus calls for 9.75 million job openings on the last business day of September, which would be down by 300,000 from a month earlier.
Other economic data out this week includes th e Institute for Supply Management's Manufacturing Purchasing Managers' Index for October on Tuesday and the Services equivalent on Thursday.
Monday 10/31
Aflac, Arista Networks, NXP Semiconductors, Stryker, and Williams Cos. release earnings.
The Institute for Supply Management releases its Chicago Business Barometer for October. Consensus estimate is for a 47.1 reading, about two points more than September's 45.7. The September figure was the lowest and the first reading below 50 since June 2020, indicating a contracting economy.
Tuesday 11/1
Airbnb, Advanced Micro Devices, BP, Clorox, Devon Energy, Eaton, Electronic Arts, Eli Lilly, Marathon Petroleum, Mondelez International, Newmont, Pfizer, Phillips 66, Simon Property Group, and Uber Technologies report quarterly results.
The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. Economists forecast 10 million job openings on the last business day of September, 53,000 fewer than in August. Job openings fell by 1.1 million in August, the largest decline since the onset of the pandemic, suggesting that a historically tight job market might be loosening.
The ISM releases its Manufacturing Purchasing Managers' Index for October. Expectations are for a 50 reading, one point less than in September.
Wednesday 11/2
The Federal Open Market Committee announces its monetary-policy decision. Wall Street expects a three-quarters of a percentage point increase, bringing the federal-funds rate to 3.75%-4%.
Allstate, APA, Booking Holdings, CVS Health, eBay, Emerson Electric, Equinix, Estée Lauder, Humana, MetLife, Novo Nordisk, Paramount Global, Qualcomm, and Yum! Brands announce earnings.
ADP releases its National Employment Report for October. The consensus call is for private-sector employment to increase by 199,000, slightly below the 208,000 gain in September. Job growth has moderated somewhat following a torrid 18-month stretch.
Thursday 11/3
Amgen, Cigna, ConocoPhillips, Cummins, Exelon, Illumina, Intercontinental Exchange, Kellogg, Marriott International, Moderna, PayPal Holdings, Regeneron Pharmaceuticals, Starbucks, Warner Bros. Discovery, and Zoetis hold conference calls to discuss quarterly results.
ISM releases its Services PMI for October. Economists forecast a 55.3 reading, which would be slightly less than the September data.
Friday 11/4
Cardinal Health, Cboe Global Markets, Dominion Energy, Duke Energy, and Hershey release earnings.
The BLS releases the jobs report for October. The economy is expected to add 200,000 nonfarm payrolls after a 263,000 increase in September. The unemployment rate is seen edging up to 3.6% from 3.5%, near half-century lows.
Write to Nicholas Jasinski at nicholas.jasinski@barrons.com
(END) Dow Jones Newswires
October 30, 2022 18:09 ET (22:09 GMT)
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