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It’s a busy trading week ahead, with Q3 earnings season heating up and more economic data being released a couple weeks ahead of the next Federal Open Market Committee (FOMC) meeting, which decides on interest rates. The good news is pre-market indices are in the green — and higher following the data released an hour or so before the opening bell.
Empire State Manufacturing data for the month of October came in less bad than expected: -4.6 versus -6 consensus — a nice move higher from the -19 we saw in August and the 2023 low -32.9 posted back in January. We’ve only seen four months in positive territory on this metric, year to date, the highest being +10.8 in April. This is a clear indication of a slowdown in manufacturing — at least in the fourth most populous state in the U.S., New York.
Charles Schwab (SCHW - Free Report) reported mixed Q3 results ahead of today’s open for a new trading week: earnings of 77 cents per share surpassed the Zacks consensus by 2 cents, while quarterly revenues of $4.61 billion missed the $4.64 billion expected, down -16.2 year over year. That said, it’s the third straight quarter with a positive earnings surprise. Shares were down marginally on the news; they are down -25% from this time a year ago.
Tomorrow, we’ll see new Retail Sales numbers for last month, along with Industrial Production and earnings reports from Johnson & Johnson (JNJ - Free Report) , Goldman Sachs (GS - Free Report) , Lockheed Martin (LMT - Free Report) , among others. This picks up Wednesday when we see Netflix (NFLX - Free Report) and Tesla (TSLA - Free Report) report after the closing bell. We’ll also keep an eye on 2-year and 10-year bond yields — currently they are at 5.06% and 4.68%, respectively.
Prior to the news releases mentioned above this morning, pre-market futures were +135 points on the Dow, +15 on the Nasdaq and +10 on the S&P 500. As of now, these have blossomed to +175 points, +35 and +15 points. respectively. We hope this portends to another week bouncing back from near-term lows we saw the first week of October. We’re still a ways off the highs of the year we saw this past summer.
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Wall Street Waits for Big Earnings Results
It’s a busy trading week ahead, with Q3 earnings season heating up and more economic data being released a couple weeks ahead of the next Federal Open Market Committee (FOMC) meeting, which decides on interest rates. The good news is pre-market indices are in the green — and higher following the data released an hour or so before the opening bell.
Empire State Manufacturing data for the month of October came in less bad than expected: -4.6 versus -6 consensus — a nice move higher from the -19 we saw in August and the 2023 low -32.9 posted back in January. We’ve only seen four months in positive territory on this metric, year to date, the highest being +10.8 in April. This is a clear indication of a slowdown in manufacturing — at least in the fourth most populous state in the U.S., New York.
Charles Schwab (SCHW - Free Report) reported mixed Q3 results ahead of today’s open for a new trading week: earnings of 77 cents per share surpassed the Zacks consensus by 2 cents, while quarterly revenues of $4.61 billion missed the $4.64 billion expected, down -16.2 year over year. That said, it’s the third straight quarter with a positive earnings surprise. Shares were down marginally on the news; they are down -25% from this time a year ago.
Tomorrow, we’ll see new Retail Sales numbers for last month, along with Industrial Production and earnings reports from Johnson & Johnson (JNJ - Free Report) , Goldman Sachs (GS - Free Report) , Lockheed Martin (LMT - Free Report) , among others. This picks up Wednesday when we see Netflix (NFLX - Free Report) and Tesla (TSLA - Free Report) report after the closing bell. We’ll also keep an eye on 2-year and 10-year bond yields — currently they are at 5.06% and 4.68%, respectively.
Prior to the news releases mentioned above this morning, pre-market futures were +135 points on the Dow, +15 on the Nasdaq and +10 on the S&P 500. As of now, these have blossomed to +175 points, +35 and +15 points. respectively. We hope this portends to another week bouncing back from near-term lows we saw the first week of October. We’re still a ways off the highs of the year we saw this past summer.