The monthly jobs report for September is just one of several developments on the radar of investors next week.
This, as stocks registered solid gains at the start of October and the fourth quarter. On Friday, the Dow Jones Industrial Average rose 483 points, or 1.4% while the S&P 500 index and Nasdaq Composite jumped 1.1% and 0.8%, respectively. Still, all three posted losses for the week.
|I:DJI||DOW JONES AVERAGES||34265.37||-450.02||-1.30%|
|I:COMP||NASDAQ COMPOSITE INDEX||13768.921815||-385.10||-2.72%|
FOX Business takes a look at the upcoming events that are likely to move financial markets in the coming days.
The week for economic data will kick off with factory orders.
|USO||UNITED STATES OIL FUND L.P.||60.78||+0.12||+0.20%|
OPEC ministers are also expected to finalize compliance figures on oil production cuts. In September, OPEC+ agreed to increase its output targets by 400,000 barrels per day in October.
In addition, Walmart will begin requiring all U.S. employees above store and club level, such as regional managers and corporate employees, to be fully vaccinated.
On Tuesday, PepsiCo will be the stock to watch with earnings before the market open.
Meanwhile, the trade deficit, Markit Services PMI final reading, and ISM services index will be on the docket for economic data.
Also on Tuesday, Microsoft will roll out its highly-anticipated software update, Windows 11 in what is expected to be a key revenue generator for the tech giant.
|FB||META PLATFORMS INC.||303.17||-13.39||-4.23%|
Additionally, a Facebook whistleblower is expected to appear at a hearing investigating the harmful impact the tech giant's platforms have on young people. The Commerce, Science, and Transportation Subcommittee on Consumer Protection, Product Safety, and Data Security will host the testimony.
On Wednesday, investors will take in earnings from Constellation Brands before the market open and Levi Strauss & Co. after the bell.
|STZ||CONSTELLATION BRANDS INC.||241.01||-2.39||-0.98%|
|LEVI||LEVI STRAUSS & CO.||21.35||+0.08||+0.38%|
However, the main event will be the ADP employment report for September.
Wrapping up the week for earnings will be Conagra Brands and Tilray before the market open.
|CAG||CONAGRA BRANDS INC.||35.25||-0.20||-0.56%|
As for economic data, Wall Street will be watching initial and continuing jobless claims and consumer credit.
It will also be a big day for Tesla as the electric vehicle maker holds its annual meeting at its Austin, Texas Gigafactory at 5:30 p.m. Eastern Time. A live webcast of the meeting will be available to the public here and the meeting's agenda can be found here.
Finishing out of the week for economic data on Friday will be the September's jobs report.
It also marks the end of Robert Kaplan's tenure as the Federal Reserve Bank of Dallas' president and chief executive officer. In a statement, Kaplan said it had been his "great honor" to serve in the role for the past six years and to work with "the superbly talented professionals at the Bank who are helping to build a stronger economy for all communities in the Eleventh District and our nation."
Both Kaplan and Boston Fed chief Eric Rosengren recently came under fire after financial disclosures revealed the pair had made significant stock trades last year, drawing the attention of critics who said the rules need to be tightened regarding what assets Fed officials may hold. Following the news, Rosengren, who spent 35 years at the Boston Fed, including 14 years as its president, announced he would be retiring early for health reasons at the end of September.
"During my tenure, I have adhered to all Federal Reserve ethical standards and policies," Kaplan said. "My securities investing activities and disclosures met Bank compliance rules and standards."
Federal Reserve Chairman Jerome Powell vowed that the agency would make changes as a result of the backlash.
"We understand very well that the trust of the American people is essential for us to effectively carry out our mission, and that’s why I directed the Fed to begin a comprehensive review of the ethics rules around permissible financial holdings and activity by Fed officials," he said at a press conference following the conclusion of the Fed’s September meeting.
In addition, Friday marks the deadline for creators of six special purpose acquisition companies, or SPACs, to respond to a letter from Senate Democrats seeking information related to concerns about "misaligned incentives" with investors.
The creators include VectoIQ managing partner Stephen Girsky, Fertitta Entertainment CEO Tilman Fertitta, M. Klein & Associates founder Michael Klein, Cantor Fitzgerald CEO Howard Lutnick, DiamondHead Holdings Corporation chairman and CEO David Hamamoto and The Social+Capital Partnership co-founder and CEO Chamath Palihapitiya.
|VTIQ||VECTOIQ ACQUISITION CORP. II||9.76||+0.00||+0.00%|
|DHHC||DIAMONDHEAD HOLDINGS CORP.||9.74||-0.01||-0.10%|
Information requested by the senators include which SPACs the creators are involved in, their relationships to the shell companies, their communications with investors and possible financial stakes related to the SPACs.