- Wednesday, October 16, 2024
The upcoming week holds significant events for investors, with the release of September inflation data and the beginning of earnings season. While the stock market will remain open on Monday, U.S. bond markets will be closed.
Earnings Reports
Several companies are set to publish their results this week, including PepsiCo on Tuesday, followed by Delta Air Lines, Domino's Pizza, Fastenal, and Walgreens Boots Alliance on Thursday.
Consumer Price Index (CPI)
All eyes will be on the Bureau of Labor Statistics' consumer price index for September, set to be released on Thursday. Economists predict that both the headline CPI and the core CPI (which excludes food and energy components) will see a 0.3% increase on average. This would result in a year-over-year inflation rate of 3.6% and 4.1%, respectively, both lower than the figures reported in August.
Producer Price Index (PPI)
The Bureau of Labor Statistics will also report the producer price index on Wednesday. The headline PPI is expected to rise by 1.6% year over year, while the core PPI is predicted to increase by 2.3%. Market watchers eagerly anticipate the release of the minutes from the Federal Reserve's mid-September policy meeting on Wednesday.
Sentiment Indicators
In addition to inflation and producer price index data, two sentiment indicators will be published this week. On Tuesday, the National Federation of Independent Business will release its Small Business Optimism Index for September. Then, on Friday, the University of Michigan will publish its Consumer Sentiment index for October.
Market Schedule
On Monday, 10/9, bond markets will remain closed in observance of the Columbus Day holiday. However, the Nasdaq and New York Stock Exchange will continue with regular trading hours.
Key Highlights for Tuesday
On Tuesday 10/10, PepsiCo will report their third-quarter fiscal-2023 results. Investor meetings will be held by Adobe and HP Inc. Additionally, the National Federation of Independent Business is expected to release its Small Business Optimism Index for September, with expectations of a reading around 91.4, similar to the figure recorded in August.
Federal Open Market Committee Minutes Released
The Federal Open Market Committee has released the minutes from its mid-September monetary-policy meeting.
Producer Price Index for September Released
The Bureau of Labor Statistics has released the producer price index for September. The consensus estimate is for the PPI to increase 1.6% year over year, unchanged from August. The core PPI, which excludes volatile food and energy prices, is expected to rise 2.3%, one-tenth of a percentage point more than previously.
Thursday 10/12
- Delta Air Lines, Domino’s Pizza, Fastenal, and Walgreens Boots Alliance hold conference calls to discuss quarterly results.
- Hormel Foods hosts its 2023 investor day.
Consumer Price Index for September Released
The Bureau of Labor Statistics has released the consumer price index for September. Economists forecast that the CPI will increase 3.6% from a year earlier, while the core CPI is seen rising 4.1%. This compares with gains of 3.7% and 4.3%, respectively, in August. The annual change in the core CPI is at its lowest level since September 2021, and 2.3 percentage points less than its postpandemic peak from September 2022.
Friday 10/13
- BlackRock, Citigroup, JPMorgan Chase, PNC Financial Services Group, UnitedHealth Group, and Wells Fargo announce earnings.
- The University of Michigan releases its Consumer Sentiment Survey for October. The consensus call is for a 67 reading, about one point less than in September. Consumers' expectations for the year-ahead inflation was 3.2% in September, the lowest level since March of 2021, showing that inflation expectations remain well anchored.
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