- Wednesday, October 16, 2024
U.S. stocks are expected to start the week on a positive note as investors gear up for a busy week of second-quarter earnings reports and key economic data. The Bureau of Labor Statistics will release the latest U.S. jobs data, adding to the market's anticipation.
Crude Oil Prices Dip Slightly
Crude oil futures have experienced a slight decline. The West Texas Intermediate, which is the U.S. standard, fell by 0.2% to $80.47 per barrel. Meanwhile, Brent crude, the international standard, also dropped by 0.2% to $84.28 per barrel.
A Week Full of Earnings Reports
This week, a total of 170 S&P 500 companies will be reporting their second-quarter results. Among the companies reporting on Monday are Arista Networks, AvalonBay Communities, ON Semiconductor, Republic Services, Welltower, and Western Digital.
Tuesday will see a slew of reports from companies such as Advanced Micro Devices, BP, Caterpillar, Ecolab, Devon Energy, Eaton, Electronic Arts, Marriott International, Merck, Pfizer, Pioneer Natural Resources, Rockwell Automation, Starbucks, and Uber Technologies.
On Wednesday, Albemarle, Clorox, CVS Health, DuPont, Emerson Electric, Equinix, Humana, Kraft Heinz, McKesson, Occidental Petroleum, PayPal Holdings, Phillips 66, Qualcomm, Shopify, and Simon Property Group are scheduled to release their earnings reports.
Thursday will bring earnings announcements from notable companies like Airbnb, Alibaba Group Holding, Amazon.com, Amgen, Apple, Booking Holdings, Cigna Group, ConocoPhillips, Expedia Group, Gilead Sciences, Intercontinental Exchange, Kellogg, Moderna, Motorola Solutions, Regeneron Pharmaceuticals, Southern Co., Stryker, and Warner Bros. Discovery.
Cboe Global Markets, Dominion Energy, and LyondellBasell Industries will be reporting on Friday.
Important Economic Events to Watch
Throughout the week, several key economic events will take place:
- On Monday, the Institute for Supply Management will release its Chicago Business Barometer for July.
- Tuesday will see the release of the Bureau of Labor Statistics' Job Openings and Labor Turnover Survey, showcasing job openings, hires, and separations for June. The Institute for Supply Management will also release its manufacturing purchasing managers index for July.
- Wednesday will bring the release of ADP's National Employment Report for July.
- Thursday will see the release of the ISM's services purchasing managers index for July.
- Finally, on Friday, the BLS will release the jobs report for July, which will include nonfarm payrolls, average hourly earnings, and the unemployment rate.
Stay informed and keep an eye on these important market indicators.
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