J.P. Morgan chief global strategist David Kelly shares his expectations for economic movement.
Earning season will be in full swing this week with a slew of companies set to report including Netflix, Procter & Gamble, Johnson & Johnson, American Airlines, AT&T, Southwest Airlines, Verizon, IBM, Tesla, Chipotle Mexican Grill and Intel. Key housing data, including existing home sales, building permits, housing starts and the NAHB housing marketing index, are also on the docket.
The week will also be jam-packed with special events from Apple, Google, Samsung, who will all unveil the latest versions of their customers’ favorite technology products, and a Congressional hearing examining the issues causing global supply chain disruptions, challenges small entities are facing in adjusting to the disruption, and steps the federal government can take to strengthen supply chain resiliency.
This as stocks are trading higher following a stronger than expected retail sales report and solid bank earnings on Friday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 35294.76 | +382.20 | +1.09% |
| SP500 | S&P 500 | 4471.37 | +33.11 | +0.75% |
| I:COMP | NASDAQ COMPOSITE INDEX | 14897.33971 | +73.91 | +0.50% |
FOX Business takes a look at the upcoming events that are likely to move financial markets in the coming days.
Monday 10/18
Kicking off earnings for the week will be Albertsons and State Street Corporation before the market open and Steel Dynamics and Zions Bancorporation after the bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ACI | ALBERTSONS COMPANIES | 28.56 | +0.21 | +0.74% |
| STT | STATE STREET CORP. | 92.73 | +1.02 | +1.11% |
| STLD | STEEL DYNAMICS, INC. | 61.88 | +0.21 | +0.34% |
| ZION | ZIONS BANCORPORATION, NA | 62.14 | -0.50 | -0.80% |
As for economic data, investors will be watching industrial production and the National Association of Homebuilders’ housing market index.
Also on Monday, Apple is set to hold its Unleashed event, which is expected to unveil the latest versions of its Macbook Pro laptops. The computers are rumored to feature the “M1X” processor, designed by Apple, after previous versions used Intel chips.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CMCSA | COMCAST CORP. | 54.02 | +0.03 | +0.06% |
| CS | CREDIT SUISSE GROUP AG | 10.57 | +0.14 | +1.34% |
In addition, Comcast and Credit Suisse are expected to welcome employees back to the office who are fully vaccinated.
Tuesday 10/19
On Tuesday, investors will take in earnings from a slew of companies including Bank of New York Mellon, Johnson & Johnson, Philip Morris and Procter & Gamble before the opening bell. Meanwhile, Netflix and Kansas City Southern will be among the big names taking the spotlight after the bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BK | THE BANK OF NEW YORK MELLON CORP. | 57.16 | +0.59 | +1.04% |
| JNJ | JOHNSON & JOHNSON | 161.30 | +1.19 | +0.74% |
| PM | PHILIP MORRIS INTERNATIONAL, INC. | 98.37 | -0.48 | -0.49% |
| PG | PROCTER & GAMBLE CO. | 144.42 | +0.37 | +0.26% |
| NFLX | NETFLIX, INC. | 628.29 | -5.51 | -0.87% |
| KSU | KANSAS CITY SOUTHERN | 295.59 | +3.26 | +1.12% |
As for economic data, building permits and housing starts will be in focus. The Federal Reserve will also make the rounds with Philadelphia Fed president Patrick Harker speaking before the “C3: Cybersecurity Collaboration & Cooperation” conference, San Francisco Fed president Mary Daly speaking before a Regional Banker Forum and Atlanta Fed president Raphael Bostic participating in a virtual interview dubbed “Back to Work: Helping the Long-Term Unemployed” and speaking before the Federal Reserve’s “Exploring Careers in Economics” event.
The European Commission will publish a report on the COVID-19 pandemic’s impact on the European economy.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GOOGL | ALPHABET, INC. | 2,827.36 | +4.34 | +0.15% |
Also on Tuesday, Google will unveil its Pixel 6 and Pixel 6 Pro phones, which are powered by the tech giant’s first custom mobile chip, Tensor. The Pixel Fall Launch event will be livestreamed at 10 a.m. PT/1 p.m. ET.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| XOM | EXXON MOBIL CORP. | 62.59 | +0.59 | +0.95% |
| DIS | THE WALT DISNEY CO. | 176.46 | +2.05 | +1.18% |
Other notable events include union workers’ vote on a contract proposal with ExxonMobil and the debut of Disney Genie, a new digital planning service for the company’s Florida theme parks.
Wednesday 10/20
Earnings to watch on Wednesday include Abbott Labs, Anthem, and Verizon before the market open and IBM and Tesla after the bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ABT | ABBOTT LABORATORIES | 117.49 | -0.08 | -0.07% |
| ANTM | ANTHEM, INC. | 393.05 | +2.34 | +0.60% |
| VZ | VERIZON COMMUNICATIONS, INC. | 52.27 | +0.35 | +0.67% |
| IBM | INTERNATIONAL BUSINESS MACHINES CORP. | 144.61 | +1.22 | +0.85% |
| TSLA | TESLA, INC. | 843.03 | +24.71 | +3.02% |
Investors will also monitor economic developments outlined in the Beige Book, weekly mortgage applications, the Energy Information Administration’s weekly crude stocks, and remarks from Atlanta Fed president Raphael Bostic, Chicago Fed president Charles Evans and St. Louis Fed president during the virtual “Racism and the Economy: Focus on the Wealth Divide” event hosted by the Federal Reserve district banks. San Francisco Fed president Mary Daly will also participate in a virtual fireside chat before the Symposium on Asian Banking and Finance”
Additional important events to watch will be Samsung’s Unpacked event, a House Small Business subcommittee on oversight, investigations, and regulations hearing on global supply chains, and international talks in Moscow between Russia and Taliban representatives on the situation in Afghanistan.
Thursday 10/21
On Thursday, Alaska Air, American Airlines, AT&T, AutoNation, BlackStone, Crocs and Southwest Airlines are among the big names reporting before market open.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ALK | ALASKA AIR GROUP, INC. | 57.77 | +0.25 | +0.43% |
| AAL | AMERICAN AIRLINES GROUP, INC. | 19.98 | +0.34 | +1.73% |
| T | AT&T, INC. | 25.70 | +0.08 | +0.31% |
| AN | AUTONATION, INC. | 116.71 | +0.67 | +0.58% |
| BX | BLACKSTONE | 123.03 | +1.00 | +0.82% |
| CROX | CROCS, INC. | 137.19 | +0.57 | +0.42% |
| LUV | SOUTHWEST AIRLINES CO. | 50.36 | -1.15 | -2.23% |
Meanwhile, Boston Beer, Chipotle Mexican Grill, Intel, Mattel, Snap and Whirlpool will be delivering results after the bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SAM | BOSTON BEER CO., INC. | 511.36 | -13.83 | -2.63% |
| CMG | CHIPOTLE MEXICAN GRILL, INC. | 1,830.93 | -9.76 | -0.53% |
| INTC | INTEL CORP. | 54.46 | +0.56 | +1.04% |
| MAT | MATTEL, INC. | 19.66 | -0.05 | -0.25% |
| SNAP | SNAP, INC. | 77.34 | +0.70 | +0.91% |
| WHR | WHIRLPOOL CORP. | 206.72 | +2.03 | +0.99% |
Restaurant chain Portillo’s and coconut water company Vita Coco are also expected to make their debut on the Nasdaq under the ticker symbols PTLO and COCO. Portillo’s is selling 20.3 million shares at $17 to $20 each, according to its IPO prospectus. At $20, Portillo’s valuation could hit $1.4 billion. Vita Coco, meanwhile, is offering 11.5 million shares at $18 to $21 each, according to its prospectus. Vita Coco is targeting a $1.17 billion valuation at $21 a share.
Economic data on the board for Thursday includes initial and continuing jobless claims, existing home sales, the Philadelphia Fed manufacturing index and the index of leading economic indicators.
U.S. Attorney General Merrick Garland holds a news conference to announce that the Justice Department will file a lawsuit challenging a Georgia election law that imposes new limits on voting, at the Department of Justice in Washington, D.C., U.S., Ju (Reuters Photos)
In the world of politics, Attorney General Merrick Garland is set to testify before the House Judiciary Committee.
Friday 10/22
Wrapping up the week for earnings will be American Express, Honeywell, Schlumberger and VF Corporation. Meanwhile, the Markit Manufacturing and Markit Services PMIs will finish out the week for economic data.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AXP | AMERICAN EXPRESS CO. | 175.81 | +4.30 | +2.51% |
| HON | HONEYWELL INTERNATIONAL, INC. | 220.72 | +2.13 | +0.97% |
| SLB | SCHLUMBERGER NV | 34.00 | +0.48 | +1.43% |
| VFC | VF CORP. | 73.55 | 0.00 | 0.00% |
San Francisco Fed president Mary Daly will also participates in conversation entitled “Facing an Uncertain World: the Federal Reserve and Climate Change Risk” before an event hosted by the American Enterprise Institute. Russia’s central bank will also update its 2021 inflation and rate trajectory forecasts.
