Trade deals, Fed speakers and jobs headline the week ahead
The week begins with a new trilateral trade agreement and will end on the latest monthly jobs numbers.
The United States and Canada confirmed Sunday they had reached a deal on a "new, modernized trade agreement," which is designed to replace the 1994 NAFTA pact.
In a joint statement the two nations said the new deal would be called the United States-Mexico-Canada Agreement (USMCA).
The agreements reportedly boost U.S. access to Canada's dairy market and protect Canada from possible U.S. autos tariffs.
Economic data due on Monday includes the latest on manufacturing and construction spending.
Fed speakers include: Atlanta President Raphael Bostic, Minneapolis President Neel Kashkari and Boston President Eric Rosengren.
On Tuesday, the major automakers will release their sales figures for September. On the same day General Motors is scheduled to release earnings.
Other earnings to be released include PepsiCo and Paychex.
Fed speakers include: Federal Reserve Chairman Jerome Powell, Federal Vice Chair for Supervision Randal Quarles and Richmond President Thomas Barkin.
The first of the week’s employment-related reports will be ADP’s report on private sector hiring.
Traders will also get the latest data on manufacturing with the ISM report.
It will be a huge day for Fed speakers with no less than six Fed bank presidents speaking.
They are: Chicago President Charles Evans, Richmond President Thomas Barkin, Philadelphia President Patrick Harker, St. Louis President James Bullard Cleveland President Loretta Mester and Dallas President Robert Kaplan.
Thursday’s highlights include the weekly report on jobless claims and earnings from Costco, Constellation Brands and International Speedway.
The parade of Fed speakers continues Thursday with Vice Chair for Supervision Randal Quarles speaking before the Community Banking in the 21st Century conference hosted by the Federal Reserve Bank of St. Louis.
And the week ends with the biggest economic report of the month, the jobs report. Traders will also examine the latest data on the trade deficit.
The week concludes with one more Fed speaker in Atlanta Bank President Raphael Bostic.