What to Watch in the Week Ahead and on Monday, October 21
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ON MONDAY
Federal Reserve Bank of Dallas President Lorie Logan will speak and participate in a moderated question-and-answer session before the 2024 SIFMA (Securities Industry and Financial Markets Association) Annual Meeting in New York. (0855/1255) Federal Reserve Bank of Minneapolis President Neel Kashkari is scheduled to participate in Chippewa Falls Chamber of Commerce's town hall in Wisconsin. (1300/1700) Federal Reserve Bank of Kansas City President Jeffrey Schmid will speak on the economic and monetary policy outlook before a hybrid event hosted by the Chartered Financial Analyst Society in Kansas City. (1705/2105)
Finance officials head to Washington DC for the annual meeting of the International Monetary Fund and World Bank Group to debate how countries can navigate slowing growth and ever-rising debt.
Matt Garman, CEO of Amazon's AWS, is expected to speak at WSJ tech conference. He is expected to be asked about AI and Alexa, among other issues.
Reuters Events Automotive USA conference will be held in Detroit starting Monday and lasting through Wednesday at which scheduled speakers include U.S. Energy Secretary Jennifer Granholm and executives from BMW, Scout Motors, Bosch, Lucid, Nvidia, Continental, Hyundai, Stellantis, Mercedes and CARB.
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REST OF THE WEEK
Boeing is expected to report a cash burn in the third-quarter on Wednesday, after the U.S. planemaker took a hit from an about 33,000 worker strike, which crippled production of its strongest selling jet.
On the U.S. economic calendar, S&P Global on Thursday is scheduled to report its flash manufacturing PMI for October which likely ticked up to 47.5, from a final reading 47.3 in September. Its flash services PMI is forecast to have inched lower to 55 in October, from 55.2 in September. The Commerce Department on Friday will show orders for durable goods likely fell 1.0% in September, after remaining unchanged in August. Also on Thursday, the Labor Department is due to report initial claims for state unemployment benefits rose to 247,000 in the week ending October 19, from 241,000 in the previous week. Data on Friday will show the University of Michigan's final reading on the overall index of consumer sentiment likely came in at 69.3 in October, compared to a preliminary reading of 68.9. A report from National Association of Realtors on Wednesday is expected existing home sales likely remained unchanged in September. A separate report from Commerce Department on Thursday is slated to show new home sales probably increased to a seasonally adjusted rate of 718,000 in September, from 716,000 in August.
Coca-Cola is expected to post a fall in third-quarter revenue on Wednesday, mainly as consumer pare back spending on sodas which got pricier in the last couple of year. Investors will look out for comments about consumer demand in the United States, sales in international markets, new product launches and any impact from port strikes in the U.S. East Coast and Gulf Coast.
AT&T is expected to report rise in second-quarter revenue on Wednesday, helped by strong subscriber additions. Also next week, Verizon is expected to report a rise in wireless subscriber additions when it releases its third-quarter results on Tuesday, driven by demand for its discounted offerings and promotional trade-in deals. Additionally, T-Mobile is expected to report a rise in revenue in the third quarter on Wednesday, helped by cost-conscious customers moving to its cheaper plans and 5G services.
General Motors is expected to report a marginally higher third-quarter profit and revenue on Wednesday, helped by stronger sales of higher-margin vehicles.
United Parcel Service is expected to report a rise in its third-quarter profit and revenue on Thursday.
Lockheed Martin is expected to report a rise in third quarter revenue on Tuesday, driven by high demand of military equipment amid a tense geopolitical landscape. General Dynamics is set to report third quarter 2024 earnings on Wednesday. The defense company is expected to post upbeat results on the back of strong defence demand. However, investors are also eyeing the company's aircraft deliveries as supply chains issues persist. Northrop Grumman is expected to report a rise in third quarter revenue on Thursday, driven by high demand of military equipment amid a tense geopolitical landscape.
IBM to report results for its third fiscal quarter on Wednesday. Investors will focus on growth in the company's "AI book of business" and indicators of demand for enterprise IT spending.
Southwest Airlines is scheduled to report its third-quarter earnings on Thursday. Investors will be looking for updates on the company's profitability initiatives and comments on pricing and impact from Boeing delays. American Airlines is expected to report a fall in third-quarter profits on Thursday. Focus will be on their revamp plan and commentary from the company on the pricing and demand environment.
Industrial giant 3M is expected to report a lower third-quarter revenue and profit on Tuesday.
Legacy motorcycle maker Harley-Davidson is expected to report a fall in its third-quarter profit and revenue when it reports on Thursday.
In Canadian economic news, the Bank of Canada is widely expected to reduce its key policy rate by 50 basis points to 3.75% on Wednesday, its fourth cut in a row and what would be the first super-sized reduction in more than 15 years outside of the pandemic era. On Friday, Statistics Canada is due to release data on retail sales in the country which likely increased 0.5% in August, after recording a 0.9% rise in July. Producer prices data for September is due on Tuesday.
Philip Morris International will on Tuesday report its third quarter sales. The Marlboro maker is expected to enjoy another quarter of strong growth in its ZYN nicotine pouches after resolving supply shortages, and investors will also be looking for an update on the roll out of flagship heated tobacco device IQOS in the United States.
Federal Reserve Bank of Philadelphia President Patrick Harker is expected to speak on 'Fintech' before the Eighth Annual Fintech Conference hosted by the Federal Reserve Bank of Philadelphia on Tuesday. On Wednesday, Federal Reserve Board Governor Michelle Bowman will give opening remarks on the second day of the Eighth Annual Fintech Conference hosted by the Federal Reserve Bank of Philadelphia. Later in the day, Federal Reserve Bank of Richmond President Thomas Barkin is scheduled to speak on "Recognizing the Impact of Community Colleges" before the 2024 Virginia Education and Workforce Conference in Richmond. Federal Reserve Bank of Cleveland President Beth Hammack will give welcome remarks before the "Inflation: Drivers and Dynamics 2024" event hosted by the Center for Inflation Research at the Federal Reserve Bank of Cleveland and the European Central Bank in Cleveland on Thursday. Additionally, Federal Reserve is expected to release its Beige Book on Wednesday.
Nasdaq is expected to post a higher third-quarter profit on Thursday, as the exchange was helped by robust performance in its capital access platforms that reflect growth across its listing services and index business. Derivatives exchange CME Group is expected to report a higher third-quarter profit on Wednesday, bolstered by robust rates and equities trading. Escalating uncertainties have fuelled demand for CME's hedging products, driving strong growth across all of CME's asset classes in the third quarter.
Ratings agencies Moody's Corp & S&P Global are expected to post a higher third-quarter profits on Tuesday and Thursday respectively, helped by a strong demand for its research and analytics products.
Toymaker Hasbro is expected to post a steep drop in third-quarter revenue on Thursday, hurt by market share loss in its toy business including Nerf, offsetting strong demand for its "Magic: The Gathering" segment and "Monopoly Go" mobile game. Investors will watch for the company's strategies to stabilize toy demand, comments on holiday sales, details on gaming and entertainment line-up going ahead and margin upside from cost saving measures. Toymaker Mattel is expected to post a decline in third-quarter net sales after markets close on Wednesday, hurt by softer consumer spending and a strong year ago performance driven by the "Barbie" movie release. Investors will look out for comments on holiday demand, promotions and indications of volume recovery in the near term.
Toothpaste maker Colgate-Palmolive is expected to report a rise in third quarter revenue on Friday helped by resilient demand for its highly priced self-care and pet nutrition products as consumers stretch their budgets to spend on daily essentials. Investors will be on the lookout for the company's 2024 forecast and consumer trends.
Union Pacific is set to report its third-quarter earnings on Thursday. Investors will keep an eye out for volume growth and better service metrics for the railroads' operating ratio to improve which will position it to capture more volumes off highway.
Refiner Valero is expected to report a drop in year-over-year third-quarter earnings on Thursday, weighed on by weakening refining margins and lower demand for fuel products.
GE Aerospace is expected to report higher third-quarter profit on Tuesday. But the focus will be on its supply chain challenges as well as the fallout of an ongoing strike at Boeing.
Universal Health Services will report third-quarter results after markets close on Thursday. Investors will look out for the hospital operator's quarterly performance amid a resurgence in demand for certain non-urgent medical procedures, especially for older adults. Focus will also be on any impact from an ongoing shortage of IV fluid.
Analog chipmaker Texas Instruments will report results for its fiscal third quarter on Tuesday. Investors will focus on indicators of a slump in analog chip demand bottoming out, driven by improving orders from industries like personal electronics.
Gold miner Newmont is expected to post a higher third-quarter profit compared to last year on Wednesday, helped by a rally in gold prices. Investors will be looking forward to any commentary on its divestiture targets or operations. Freeport-McMoRan, the world's largest copper producer, is expected to post better-than-expected third quarter results on Tuesday on cost cuts and rising demand for the red metal.
Chemical firm Dow is expected to report a fall in third-quarter profit on Thursday from the same period last year, hurt by lower demand. Investors and analysts will look out for comments on full-year growth expectation.
Advertising firm Interpublic group is expected to report a fall in third-quarter revenue on Tuesday as advertisers cut back on spending owing to an uncertain economy.
Invesco is set to report its third-quarter results on Tuesday. Analysts expect a rise in profit.
Align Technology is scheduled to report third quarter results after markets close on Wednesday. Investors are expected to look out for any changes to its annual revenue forecast and demand for teeth aligners.
ServiceNow is expected to report a rise in third-quarter revenue on Wednesday, driven by growing demand for the company's AI-powered services.
Molina Healthcare is expected to report third quarter results on Wednesday after markets close. Investors are expected to look out for changes to its full-year profit forecast and medical costs in its Medicaid business.
Rollins is expected to post a rise in third-quarter sales on Wednesday, helped by steady demand for its pest control products, especially in North America. Investors will look out for comments on pricing strategies and the North American market given competitor Rentokil's reported weakness in the region.
Medical equipment maker West Pharmaceuticals will report its third-quarter results on Thursday before markets open. Investors will watch out for comments on demand for its syringe manufacturing as the FDA evaluated plastic syringes made in China and demand for injected drugs continues to grow. Focus will also be on any impact from Hurricane Helene and Milton during the quarter.
Farming supplies retailer Tractor Supply is expected to post a rise in third-quarter revenue on Thursday, helped by steady demand for discretionary and agricultural products. Investors will look for comments on demand, pricing action, and annual forecasts.
Canada's Rogers Communications is expected to report a marginal rise in third-quarter revenue on Thursday as customers switch to cheaper mobile plans in an uncertain economy.
Resmed will report third-quarter results after markets close on Thursday. Investor focus will be on demand trends for its sleep-apnea devices and any comments ahead of a regulatory decision on Eli Lilly's weight loss drug for sleep apnea patients.
Bio-Rad is expected to report third-quarter results after markets close on Thursday. Investors will be particularly attuned to any insights on demand trends among its biotech clients, as well as market dynamics in its key region China.
Footwear maker Deckers Outdoor is expected to post a rise in second-quarter sales on Thursday, helped by demand momentum on its Hoka and UGG brands. Investors will look out for comments on pricing strategies, annual forecast updates, and demand growth in China.
Centene Corp is set to report third quarter results before markets open on Friday. Investors and Wall Street analysts will focus on the health insurer's medical cost ratio - a unit that measures medical costs- and comments on annual outlook as the industry grapples with elevated costs.
New York Community Bancorp is expected to report a third-quarter loss on Friday, driven by a steep decline in interest income and increased provisions for credit losses stemming from its significant exposure to commercial real estate. Investors will closely monitor cost-saving measures and management's comments regarding further reductions in the lender's CRE loan portfolio.
U.S. homebuilder PulteGroup is expected to report a modest rise in third-quarter revenue and profit on Tuesday.
Mexico's August retail sales data is slated for release on Wednesday, followed by inflation data for the first half of October due on Thursday. Brazil's October inflation data is due on Thursday. Additionally, Argentina's August retail sales data is also expected on Thursday.
Compiled by Nachiket Tekawade in Bengaluru; Editing by Shreya Biswas
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