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Jobs Figures, Q3 Earnings Heat Up a Week Before Election
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Monday, October 28, 2024
It’s an exciting time to be in the stock market. The blue-chip Dow index and the S&P 500 have rolled back a bit from all-time closing highs earlier this month, but the Nasdaq, riding a seven-week winning streak, is racing ahead toward July highs. At this hour, the Dow is +168 points, the S&P +30 and the Nasdaq +149 points.
We’re a week and a day ahead of the General Election, which is what most investors are waiting on in order to get a clearer sense of direction in the markets. And this week is Jobs Week, with JOLTS numbers for last month out Tuesday, ADP (ADP - Free Report) private-sector payrolls Wednesday and non-farm payrolls from the U.S. government Friday.
Q3 Earnings Season Heats Up This Week
In addition, Q3 earnings season heats up to its most consequential week of the cycle. Even though today starts slowly, after the closing bell we’ll hear from Ford (F - Free Report) and VF Corp. (VFC - Free Report) . And this is the week that brings us the lion’s share of Mag 7 reports, including Alphabet (GOOGL - Free Report) , MetaMETA, Microsoft (MSFT - Free Report) , Amazon (AMZN - Free Report) and Apple (AAPL - Free Report) .
On top of all this, Personal Consumption Expenditures (PCE) for October come out this Thursday, with the Fed’s preferred inflation metric expecting downticks to +2.1% year-over-year inflation on headline, +2.6% on core. Q3 GDP will come out a day before, on Wednesday morning. Weekly Jobless Claims are also due Thursday ahead of the bell.
Finally, new Trade Balance numbers join Pending Home Sales, both for September, out mid-week. Construction Spending and S&P PMI and ISM Manufacturing reports are also due.
ON Semi Beats in Q3 but Trading Lower
Arizona-based ON SemiconductorON outperformed expectations on both top and bottom lines this morning, with earning of 99 cents per share ahead of the Zacks consensus by 2 cents, and revenues of $1.76 billion slightly ahead of estimates. However, even though guidance for next quarter is basically in-line with previous expectations, shares are selling off -4% (after initially climbing +2% in the pre-market). This adds to the -12% in the shares, year to date.
Image: Bigstock
Jobs Figures, Q3 Earnings Heat Up a Week Before Election
Monday, October 28, 2024
It’s an exciting time to be in the stock market. The blue-chip Dow index and the S&P 500 have rolled back a bit from all-time closing highs earlier this month, but the Nasdaq, riding a seven-week winning streak, is racing ahead toward July highs. At this hour, the Dow is +168 points, the S&P +30 and the Nasdaq +149 points.
We’re a week and a day ahead of the General Election, which is what most investors are waiting on in order to get a clearer sense of direction in the markets. And this week is Jobs Week, with JOLTS numbers for last month out Tuesday, ADP (ADP - Free Report) private-sector payrolls Wednesday and non-farm payrolls from the U.S. government Friday.
Q3 Earnings Season Heats Up This Week
In addition, Q3 earnings season heats up to its most consequential week of the cycle. Even though today starts slowly, after the closing bell we’ll hear from Ford (F - Free Report) and VF Corp. (VFC - Free Report) . And this is the week that brings us the lion’s share of Mag 7 reports, including Alphabet (GOOGL - Free Report) , Meta META, Microsoft (MSFT - Free Report) , Amazon (AMZN - Free Report) and Apple (AAPL - Free Report) .
If that wasn’t enough, we’ll also see earnings results for JetBlue (JBLU - Free Report) , McDonald’s (MCD - Free Report) , Pfizer (PFE - Free Report) , Royal Caribbean (RCL - Free Report) and AMD (AMD - Free Report) — and that’s just for Tuesday!
Check out the updated Zacks Earnings Calendar here.
Other Notable Reports Expected This Week
On top of all this, Personal Consumption Expenditures (PCE) for October come out this Thursday, with the Fed’s preferred inflation metric expecting downticks to +2.1% year-over-year inflation on headline, +2.6% on core. Q3 GDP will come out a day before, on Wednesday morning. Weekly Jobless Claims are also due Thursday ahead of the bell.
Finally, new Trade Balance numbers join Pending Home Sales, both for September, out mid-week. Construction Spending and S&P PMI and ISM Manufacturing reports are also due.
ON Semi Beats in Q3 but Trading Lower
Arizona-based ON Semiconductor ON outperformed expectations on both top and bottom lines this morning, with earning of 99 cents per share ahead of the Zacks consensus by 2 cents, and revenues of $1.76 billion slightly ahead of estimates. However, even though guidance for next quarter is basically in-line with previous expectations, shares are selling off -4% (after initially climbing +2% in the pre-market). This adds to the -12% in the shares, year to date.
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