Apple earnings, Fed decision and jobs data top Wall Street week ahead
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Investors are gearing up for another busy week of earnings and economic data, including the jobs report for October.
Meanwhile, on Wall Street, stocks ended mixed Friday leaving both the S&P 500 and the Nasdaq Composite in correction territory.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 39908 | +349.89 | +0.88% |
| SP500 | S&P 500 | 5308.15 | +61.47 | +1.17% |
| I:COMP | NASDAQ COMPOSITE INDEX | 16742.390305 | +231.21 | +1.40% |
As of Friday, the S&P 500 is now 10% from its most recent peak.
S&P 500
Monday, October 30
Apple's Big Event
Apple will host an online event to start the week, reportedly to unveil new Mac laptops and possibly talk about its chips. The software giant also reports to shareholders Thursday after the bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 189.72 | +2.29 | +1.22% |
An Apple logo hangs above the entrance to the Apple store on 5th Avenue in Manhattan. (Brendan McDermid / Reuters Photos)
McDonald’s will also showcase the day’s earnings reporting before the opening bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MCD | MCDONALD'S CORP. | 273.87 | +3.21 | +1.19% |
McDonalds
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Meanwhile, Goodyear Tire & Rubber, SoFi Technologies and Western Digital will also report.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GT | GOODYEAR TIRE & RUBBER CO. | 13.05 | -0.02 | -0.15% |
| SOFI | SOFI TECHNOLOGIES | 7.27 | -0.20 | -2.68% |
| WDC | WESTERN DIGITAL CORP. | 75.69 | +2.15 | +2.92% |
Tuesday, October 31
Among many other public companies, Pfizer, Marathon Petroleum and Caterpillar will report earnings before the bell, with Caesars Entertainment and Advanced Micro Devices leading earnings after markets close.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PFE | PFIZER INC. | 28.82 | +0.47 | +1.66% |
| MPC | MARATHON PETROLEUM CORP. | 172.65 | -1.03 | -0.60% |
| CAT | CATERPILLAR INC. | 360.04 | +1.86 | +0.52% |
| CZR | CAESARS ENTERTAINMENT INC. | 36.27 | -0.44 | -1.20% |
| AMD | ADVANCED MICRO DEVICES INC. | 159.67 | +6.51 | +4.25% |
Economic reporting will include employment costs and consumer confidence.
The Consumer Confidence Index, a survey measuring consumer optimism or pessimism regarding expected financial situations, fell again in September as Americans expressed greater concern that the economy could be headed for a recession.
The Labor Department reported Wednesday that the consumer price index, a key gauge of inflation, rose 0.6% in August, its biggest monthly gain in 2023, and 3.7% from a year ago. (Li Jianguo/Xinhua via / Getty Images)
The Index dropped to 103 last month, notching the second straight decline following a two-and-a-half-year high of 114 in July.
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Also on Halloween, Microsoft will roll out its $300 Xbox starter bundle to give sales of the Xbox Series S a boost before Christmas.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP. | 423.08 | +7.27 | +1.75% |
Xbox logo inside an electronics store in Krakow, Poland. (Beata Zawrzel/NurPhoto via / Getty Images)
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Wednesday, November 1
Fed Decision
The Federal Reserve is widely expected to keep interest rates unchanged with 98% of traders forecasting the Federal Funds rate will remain between 5.25-5.50, according to the CME's FedWatch Tool. Chair Jerome Powell will take questions at his press conference following the decision starting at 2:30 pm ET.
Federal Reserve Chairman Jerome Powell speaks during a meeting of the Economic Club of New York in New York City, on Oct. 19, 2023. (Brendan McDermid / Reuters Photos)
In earnings news, CVS, Kraft Heinz and Estée Lauder will report before markets open on Wednesday, with Airbnb and PayPal reporting after the bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CVS | CVS HEALTH CORP. | 56.27 | +0.28 | +0.50% |
| KHC | THE KRAFT HEINZ CO. | 35.85 | -0.34 | -0.94% |
| EL | THE ESTÉE LAUDER COMPANIES INC. | 136.03 | +1.98 | +1.48% |
| ABNB | AIRBNB INC. | 145.80 | -0.90 | -0.61% |
| PYPL | PAYPAL HOLDINGS INC. | 63.90 | -0.68 | -1.05% |
On Friday, the Commerce Department’s Bureau of Economic Analysis reported consumer spending jumped 0.7% in September, while core inflation got even hotter, rising 3.7% last month.
The Fed held interest rates steady for the second time this year in September, pausing its tightening campaign to assess how the economy is faring in the face of higher borrowing costs. The widely expected decision left interest rates unchanged at a range of 5.25% to 5.5%, the highest level since 2001.
Thursday, November 2
Apple’s Day
Apple will report earnings after the bell on Thursday. Shares have climbed roughly 29% this year.
Apple
Investors will be listening for demand updates on the new iPhone 15 rolled out this fall.
Apple's new iPhone 15 and iPhone 15 Plus models. (Apple Inc. / Fox News)
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Conoco Phillips, Starbucks and Palantir Technology will also report earnings.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COP | CONOCOPHILLIPS | 120.77 | -0.26 | -0.21% |
| SBUX | STARBUCKS CORP. | 75.70 | +0.07 | +0.09% |
| PLTR | PALANTIR TECHNOLOGIES INC. | 21.67 | +0.23 | +1.07% |
Economic data on initial jobless claims, durable goods and factory orders is also slated for the day.
Friday, November 3
Jobs! Jobs! Jobs!
Employers likely added 188,000 workers in October, while the unemployment rate held at 3.8%, according to Trading Economics. This compared to the robust 336,000 jobs that were created in September.
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On Wall Street to close the week, Alibaba, AMC Networks and Tyson Foods will report earnings to shareholders.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BABA | ALIBABA GROUP HOLDING LTD. | 80.98 | +1.47 | +1.85% |
| AMCX | AMC NETWORKS INC. | 15.15 | -0.68 | -4.30% |
| TSN | TYSON FOODS INC. | 60.72 | +0.46 | +0.76% |
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FOX Business’ Breck Dumas and Megan Henney contributed to this report.