What to expect in the week ahead (JPM, TSM, MS, GS)

Moomoo Breakfast US wrote a column · Oct 10, 2021 19:29

What to expect in the week ahead (JPM, TSM, MS, GS)

Weekly market recap

Stock futures edged lower Sunday night after finishing near the flat line Friday after investors shook off concerns about a much weaker-than-expected labor market report released on Friday.

In regular trading Friday the $Dow Jones Industrial Average(.DJI.US)$slipped 8.69 points to 34,746.25. The $S&P 500 Index(.SPX.US)$lost 0.2% to 4,391.34. The $Nasdaq Composite Index(.IXIC.US)$fell 0.5% to 14,579.54.

Third-quarter earnings season kicks off this week, with several big banks reporting. Economic data out this week includes the latest reads on U.S. inflation and consumer and small-business sentiment.

Here's a look at the return of S&P 500 sectors

Source: jhinvestments

This week ahead in focus

$JPMorgan(JPM.US)$reports its third-quarter results on Wednesday, followed by $Bank of America(BAC.US)$, $Citigroup(C.US)$, $Morgan Stanley(MS.US)$, and $Wells Fargo & Co(WFC.US)$on Thursday. $Goldman Sachs(GS.US)$goes on Friday. Non-bank companies releasing results this week include $Fastenal(FAST.US)$on Tuesday, $Delta Air Lines(DAL.US)$on Wednesday, and $UnitedHealth(UNH.US)$on Thursday.

The economic data highlights of the week will be the September consumer price index on Wednesday and the producer price index for September on Thursday. Consensus estimates are for consumer prices to be up 5.3% year over year -- continuing a stretch of hot inflation in 2021.

Economists and Fed watchers will also be paying attention on Wednesday, when the minutes from the Federal Open Market Committee September meeting will be released. Finally, the annual meetings of the World Bank Group and the International Monetary Fund will run virtually all week.

Monday 10/11

U.S. bond markets are closed in observance of Columbus Day.

The 2021 annual meetings of the World Bank Group and the International Monetary Fund convene primarily in a virtual format. The confab runs through Oct. 17.

Tuesday 10/12

$Fastenal(FAST.US)$reports quarterly results.

The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. Consensus estimate is for 11.1 million job openings on the last business day of August, slightly more than the July figure, which was a record high.

The National Federation of Independent Business releases its Small Business Optimism Index for September. Expectations are for a 99 reading, slightly less than the August data.

Wednesday 10/13

Earnings season kicks off with $JPMorgan(JPM.US)$reporting third-quarter results. The KBW Bank Index has rallied 39% this year as Treasury yields have risen and the Federal Reserve has become more hawkish.

$Blackrock(BLK.US)$, $Delta Air Lines(DAL.US)$, and $First Republic Bank(FRC.US)$release earnings.

$Medtronic(MDT.US)$hosts an investor meeting to discuss its ESG initiatives.

The Federal Open Market Committee releases the minutes for its September monetary-policy meeting.

The BLS reports consumer price data for September. Economists forecast a 5.3% year-over-year rise, which would match the August reading. The core CPI, which excludes volatile food and energy prices, is seen increasing 4%, also even with the August data.

Thursday 10/14

$Bank of America(BAC.US)$, $Citigroup(C.US)$, $Morgan Stanley(MS.US)$, and $Wells Fargo & Co(WFC.US)$, $Walgreens Boots Alliance(WBA.US)$, $U.S. Bancorp(USB.US)$, $UnitedHealth(UNH.US)$hold conference calls on quarterly results.

$Hormel Foods(HRL.US)$hosts an investor meeting to discuss its long-term strategy and key initiatives.

The BLS releases the producer price index for September. Consensus estimate is for a 0.5% month-over-month rise and for the core PPI to gain 0.4%. This compares with increases of 0.7% and 0.6%, respectively, in August.

Friday 10/15

$Goldman Sachs(GS.US)$, $PNC Financial Services(PNC.US)$, $Prologis(PLD.US)$, and $Truist Financial(TFC.US)$report earnings.

The Census Bureau reports on retail sales spending for September. Consumer spending is expected to decline 0.1% from August to $618 billion. Excluding autos, retail sales are seen rising 0.6% month over month after jumping 1.8% previously.

The University of Michigan releases its Consumer Sentiment Index for October. The consensus call is a for a 74.8 reading, two points more than the September figure. In August, the index hit a decadelong low as consumer concerns about inflation heated up.

Source: CNBC, Barron's

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