By Nicholas Jasinski
It's another busy week for investors: the U.S. midterm elections, the latest inflation data, and a continued parade of third-quarter results will be the highlights.
Activision Blizzard, NRG Energy, and the Mosaic Company will report on Monday, followed by Walt Disney, Occidental Petroleum, and DuPont on Tuesday. Wednesday will bring results from D.R. Horton, then Becton Dickinson, Ralph Lauren, and Tapestry report on Thursday.
Voting on Tuesday will determine control of Congress for the next two years, with Republicans favored to win the House of Representatives and polling suggesting a close race in the Senate. Results may take days to become clear in several states.
The economic-data highlight of the week will be Thursday's release of the October Consumer Price Index from the Bureau of Labor Statistics. The consensus estimate is for a 0.7% rise in the month, to stretch the headline index's annual gain to 8.0%. The core CPI, which excludes food and energy components, is seen rising 0.5% in October and 6.6% from a year earlier.
Other economic data out this week will include the National Federation of Independent Business' Small Business Optimism Index for October on Tuesday. That's forecast to be roughly flat from September. The University of Michigan's Consumer Sentiment Index for November will be out on Friday, and is expected to also be about even with the previous month's reading.
Monday 11/7
Activision Blizzard, BioNTech, Diamondback Energy, SolarEdge Technologies, and Take-Two Interactive Software release earnings.
The Federal Reserve reports consumer credit data for September. In August, total consumer debt rose at a seasonally adjusted annual rate of 8.3%, to a record $4.68 trillion. Revolving debt -- primarily credit cards -- jumped 18.1%.
Tuesday 11/8
It's Election Day. The midterms will determine which party controls Congress for the next two years. Polling suggests that Republicans will retake the House of Representatives, while the Senate looks like a toss-up.
Constellation Energy, DuPont, GlobalFoundries, Occidental Petroleum, and Walt Disney report quarterly results.
Nasdaq and Nucor hold their 2022 investor days.
The National Federation of Independent Business releases its Small Business Optimism Index for October. Consensus estimate is for a 92 reading, roughly even with September's. The index has had readings below its 48-year average of 98 for nine consecutive months, as inflation and labor shortages continue to challenge small-business owners.
Wednesday 11/9
D.R. Horton, Rivian Automotive, Roblox, and Trade Desk announce earnings.
$First Republic Bank(FRC-N)$ and Phillips 66 host their annual investor days.
Thursday 11/10
AstraZeneca, Becton Dickinson, Brookfield Asset Management, Ralph Lauren, Steris, and Tapestry hold conference calls to discuss quarterly results.
Moderna hosts its first ESG day.
The Bureau of Labor Statistics releases the consumer price index for October. Economists forecast that the CPI will show an increase of 8%, year over year, following an 8.2% jump in September. The core CPI, which excludes volatile food and energy prices, is expected to be up 6.5%, a tenth of a percentage point less than previously. While the CPI is down nearly a full percentage from its recent June peak, the core CPI hit a four-decade high in September. The S&P 500 index fell 3.3% this past week as the Federal Open Market Committee raised the federal-funds rate by three-quarters of a percentage point for the fourth consecutive meeting and reiterated that taming inflation was its No. 1 priority.
Friday 11/11
The bond market is closed in observance of Veterans Day. The Nasdaq and New York Stock Exchange keep regular trading hours.
The University of Michigan releases its Consumer Sentiment Index for November. The consensus call is for a 59.7 reading, about even with the previous data. In October, consumers' one-year expectation for inflation was 5%, while longer-run expectations were 2.9%.
Write to Nicholas Jasinski at nicholas.jasinski@barrons.com
(END) Dow Jones Newswires
November 06, 2022 17:55 ET (22:55 GMT)
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