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.
As of Friday, the S&P 500 is now 10% from its most recent peak.
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.
McDonald’s will also showcase the day’s earnings reporting before the opening bell.
US CAR THEFTS JUMP 10% OVER 2022, THESE MODELS ARE THIEVES’ FAVORITES
Meanwhile, Goodyear Tire & Rubber, SoFi Technologies and Western Digital will also report.
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.
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 Index dropped to 103 last month, notching the second straight decline following a two-and-a-half-year high of 114 in July.
STATE FARM REPORTS DRAMATIC DROP IN CATALYTIC CONVERTER THEFT CLAIMS
Also on Halloween, Microsoft will roll out its $300 Xbox starter bundle to give sales of the Xbox Series S a boost before Christmas.
WARREN BUFFETT’S BERKSHIRE HATHAWAY UPS STAKE IN OCCIDENTAL PETROLEUM, AGAIN
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.
In earnings news, CVS, Kraft Heinz and Estée Lauder will report before markets open on Wednesday, with Airbnb and PayPal reporting after the bell.
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.
Apple’s Day
Apple will report earnings after the bell on Thursday. Shares have climbed roughly 29% this year.
Investors will be listening for demand updates on the new iPhone 15 rolled out this fall.
TREASURY JUST DROPPED A FINANCIAL BOMB, BUT BIDENOMICS MEANS THE WORST IS YET TO COME
Conoco Phillips, Starbucks and Palantir Technology will also report earnings.
Economic data on initial jobless claims, durable goods and factory orders is also slated for the day.
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.
WALL STREET CEOS STANDING UP FOR ISRAEL AND AGAINST PRO-HAMAS COLLEGES
On Wall Street to close the week, Alibaba, AMC Networks and Tyson Foods will report earnings to shareholders.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
FOX Business’ Breck Dumas and Megan Henney contributed to this report.