What to Watch in the Day Ahead - Thursday, October 31
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Analysts expect Apple to report a 5.5% growth in quarterly revenue for its fourth fiscal quarter. Wall Street expects guidance on how the company views demand for its AI-infused iPhone 16 series and future AI products.
Amazon.com is expected to report a jump in third-quarter revenue powered by robust growth in its cloud services segment thanks to strong demand driven by AI. Investors will be keeping an eye out for signs of strength in the company's retail side of the business, as well as its commentary on capital spending for the year and benefits from its ad-supported Prime Video service.
On the U.S. economic front, the Commerce Department's Bureau of Economic Analysis is likely to report that the personal consumption expenditures (PCE) price index nudged up 0.2% in September, compared with a 0.1% gain in August. On an annual basis, the PCE price index likely rose 2.1% in September after rising 2.2% in the previous period. Meanwhile, the September core PCE price index is expected to have increased 0.3% following August's 0.1% gain. Annually, the core PCE price index likely edged up 2.6% after rising 2.7% in the previous period. Separately, the Labor Department is expected to show that initial claims for state unemployment benefits for the week ending Oct. 26 likely rose to 230,000 from 227,000 in the week before. The continued jobless claims fell 1.885 million for the week ending Oct. 19 from 1.897 million in the previous week.
Intel will report results for its third fiscal quarter. Investors will focus on its loss-making foundry business and CEO Pat Gelsinger’s plans to turn the struggling chipmaker around.
Uber is expected to report an 18% rise in third-quarter revenue and adjusted core earnings of $1.64 billion. Investors are looking for commentary on how it plans to invest to boost growth and further diversify its businesses.
Merck will report its third quarter earnings. Investor focus is expected to be on the company's outlook as well as sales of its cancer drug Keytruda, human papillomavirus vaccine Gardasil and Winrevair for a rare lung condition.
Regeneron is expected to give its third-quarter results. Investor focus will be on the performance of the drugmaker's eczema drug and eye drugs Eylea which is facing competition from biosimilars.
Cigna is set to report its third quarter results before markets open. The focus will be on changes to the health insurer's full year profit forecast and comments regarding the demand of medical services which have been weighing on its costs.
Estee Lauder is expected to post a fall in first-quarter sales mainly due to weak consumer demand in China as well as in Asia travel retail channels. Investors will look out for comments on consumer demand in the US, new product launches, price increases and its ongoing profit recovery plan.
Comcast is expected to report a rise in revenue in the third quarter, driven by strong performance at its studio business.
Norwegian Cruise Line Holdings is expected to post a rise in third-quarter revenue, helped by strong demand for luxury voyages and higher ticket prices. Investors will focus on further pricing measures, strategies to contain runaway costs and forecast.
IDEXX Laboratories is set to report its third-quarter results before markets. Investors are expecting any changes to its annual profit or revenue forecast, as well as any commentary on veterinary clinic visits.
Videogame platform Roblox is expected to report a sharp rise in third-quarter bookings as its virtual worlds benefit from strong in-game spending. Investors will be looking out for additional commentary on the Hindenburg short seller report.
Aluminum packaging manufacturer Ball Corporation is expected to post a decline in third-quarter revenue on muted consumer spending on its products like aluminum packaging for canned food and beverages in the U.S. Investors will look out for comments on efforts to advance the use of sustainable aluminum packaging.
Tobacco giant Altria will publish its third quarter results. The Marlboro maker has been looking to gain market share in smoking alternatives like vapes and nicotine pouches but has faced challenges from illicit trade.
Real estate investment trust Kimco Realty is expected to post a rise in third-quarter revenue as rental rates rise on account of retail space short-supply and high demand. Investors will look out for comments on retail space supply and development growth, store closures and expansion plans.
Lazard is expected to report a surge in third-quarter profit, driven by a recovery in investment banking, mirroring a trend among larger Wall Street rivals.
Mastercard is scheduled to report its third-quarter earnings. Analysts expect higher profits and higher revenue, but investors will scrutinize the report for any signs of a spending slowdown, especially after American Express' results.
Erie's third-quarter profit is expected to jump driven by robust investment income and stronger underwriting.
For Canada, Statistics Canada is expected to report the country's GDP numbers. The economic growth likely remained flat in August, after growing by 0.2% in July.
Canadian oil and gas producer Cenovus Energy is expected to post a fall in third quarter profit due to lower production as result of planned maintenance activities. Investors will be on the lookout for commentary on the broader oil and gas outlook, upstream production and refining margins.
On the Latin American front, Brazil's statistics agency IBGE is likely to report that the jobless rate increased 6.5% in September following 6.6% gain in the previous period.
Reporting by Indrishka Bose; Editing by Shreya Biswas
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