U.S. stocks are expected to see a boost on Monday as major technology companies gear up to release their earnings reports. The market is anticipating an active week, with nearly a third of S&P 500 companies scheduled to share their financial results.
Oil Prices Take a Dip
Crude oil futures experienced a slight decline, with West Texas Intermediate (WTI) falling by 0.3% to $87.82 per barrel. The international standard, Brent crude, also dropped by 0.4% to $91.80 per barrel.
Key Earnings Reports to Watch
Monday kicks off with earnings reports from Cleveland-Cliffs and Logitech International. Tuesday will bring a flurry of reports from industry giants such as 3M, Alphabet, Coca-Cola, General Electric, General Motors, Kimberly-Clark, Microsoft, NextEra Energy, Spotify Technology, Texas Instruments, Verizon Communications, and Visa.
Wednesday’s lineup includes Boeing, General Dynamics, IBM, Meta Platforms, ServiceNow, and T-Mobile US. On Thursday, Amazon, Chipotle Mexican Grill, Comcast, Ford Motor, Intel, Kenvue, Keurig Dr Pepper, Merck, Mastercard, Pioneer Natural Resources, Royal Caribbean, Shell, Southwest Airlines, and United Parcel Service will reveal their earnings. Finally, Friday will feature reports from AbbVie, Charter Communications, Chevron, Colgate-Palmolive, Exxon-Mobil, and Sanofi.
Upcoming Economic Data
This week also brings some crucial economic data releases. On Thursday, the Bureau of Economic Analysis will unveil its advance estimate of third-quarter gross domestic product (GDP). The Commerce Department will announce new-home sales data for September, and the Labor Department will disclose initial unemployment benefits claims for the week ending Oct. 21.
On Friday, the Bureau of Labor Statistics will release the personal-consumption expenditures price index for September. This index includes core PCE, which is the Federal Reserve’s preferred measure of inflation as it excludes food and energy prices.
Stay tuned for an eventful week in the markets!