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Investors face a full week ahead with key economic releases and earnings announcements. The economic calendar is highlighted by our first look at third quarter gross domestic product (GDP) on Wednesday, the Federal Reserve’s (Fed) preferred inflation gauge, Personal Consumption Expenditures (PCE), out Thursday and Friday’s release of the October employment report.1 October payroll growth is expected to come in just above 100,000, well below September’s job gains of 254,000.2 Understanding distortions in the payroll number created by the Boeing strike and two hurricanes will be critical for Fed policymakers prior to another interest rate decision the following week.
On the earnings front, approximately one-third of the S&P 500 Index companies are set to report results this week,3 including five of the Magnificent Seven — Alphabet, Apple, Microsoft, Amazon and Meta.4
Sources:
1,2MarketWatch – U.S. Economic Calendar; as of 10/28/24
3FactSet – S&P 500 Earnings Season Update: October 25, 2024
4The Economic Times – US stock market forecast before US election 2024 results: S&P 500, Dow Jones, Nasdaq to be driven by these factors; 10/25/24
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