Wall Street week ahead: Spotlight on Q3 GDP, jobs report, earnings from five megacaps

Wall Street in the week ahead will see plenty of economic data and earnings reports from five megacap companies.

On the economic front, investors will closely monitor US Q3 GDP numbers, the Federal Reserve’s preferred inflation gauge - Personal Consumption Expenditures price index, and jobs report.

Next week, stocks of five megacap companies -- Apple, Microsoft, Alphabet, Amazon, and Meta Platforms will remain in focus as these firms will release their third quarter results.

“Next week is shaping up to be a big week for the US markets. Many of the Magnificent Seven firms will declare their results, including Alphabet, Apple, Microsoft, Meta, and Amazon,” said Yogesh Kansal, co-founder and CMO, Appreciate, an online trading and investment platform.

“Economists are anticipating both the core and total PCE to deliver a marginal spike without any major inflationary shocks that could threaten the Federal Reserve’s soft landing scenario,” Kansal also said.

Economic events

On October 29 (Tuesday), separate reports on consumer confidence for October and job openings for September will be released.

October 30 (Wednesday) will see data on third quarter (Q3) gross domestic product (GDP), ADP employment for October, and advanced US trade balance in goods for September.

On October 31 (Thursday), data on Personal Consumption Expenditures (PCE) price index for October, personal income and personal spending for October, and US employment cost index for Q3 will be released.

On November 1 (Friday), separate reports on S&P final US manufacturing PMI for October, ISM manufacturing, TBAAuto sales for October, and US employment and unemployment rate for October will be released.

Earnings

Following companies are due to report third quarter earnings in the week ahead — Ford Motor, Waste Management, Alphabet, Advanced Micro Devices, McDonald’s, Pfizer, Mondelez International, Microsoft, Meta Platforms, Eli Lilly, Caterpillar, Amgen, Starbucks, Apple, Amazon, Mastercard, Merck, Uber Technologies, Comcast, Exxon Mobil, Chevron, and Charter Communications.

US markets last week

US stocks gave up an early gain and drifted to a mixed finish on Friday.

The Dow Jones Industrial Average fell 259.96 points, or 0.61%, to 42,114.40, the S&P 500 lost 1.74 points, or 0.03%, to 5,808.12 and the Nasdaq Composite gained 103.12 points, or 0.56%, to 18,518.61.

The yield on the 10-year Treasury rose to 4.24% from 4.21%. The 2-year Treasury yield rose to 4.10% from 4.09%.

Oil prices rose on escalation in the Middle East conflict. West Texas Intermediate climbed 2.3% to settle near $72 a barrel, while global benchmark Brent settled just above $76.