It’s that time of the year – third-quarter earnings season is here! Over 50 S&P 500 firms are gearing up to release their earnings reports this week. Alongside, we can also expect the release of some crucial economic data, including the retail sales data and the Federal Reserve’s latest beige book.
Major Earnings Releases
Kicking off the week, Charles Schwab will be the first major company to disclose its third-quarter earnings on Monday. Following suit, we can look forward to earnings announcements from Bank of America, Goldman Sachs Group, Johnson & Johnson, Lockheed Martin, and United Airlines Holdings on Tuesday.
Wednesday will witness a flurry of earnings reports from ASML Holding, Morgan Stanley, Netflix, Procter & Gamble, Tesla, Travelers, and U.S. Bancorp. The highlights of Thursday’s earnings releases include American Airlines Group, AT&T, and Taiwan Semiconductor Manufacturing. Finally, American Express and SLB will wrap up the week with their earnings announcements on Friday.
Economic Data Releases
Apart from the eagerly awaited earnings reports, there will also be several economic data releases to keep an eye on. On Tuesday, the Census Bureau will report the retail sales data for September. Retail sales are expected to increase by 0.3% month over month, with a projected rise of 0.2% when excluding autos. In August, both overall retail sales and sales excluding autos saw a 0.6% increase.
The National Association of Home Builders will also be releasing its Housing Market Index for October on Tuesday. Economists forecast a reading of 45, which is consistent with the September figure.
Furthermore, the housing market will be in focus with the Census Bureau reporting September housing starts on Wednesday and the National Association of Realtors adding existing-home sales for the same month on Thursday.
A Look into Current Economic Conditions
Lastly, on Wednesday, the Federal Reserve will release its seventh beige book of the year. This insightful release will provide a comprehensive description of the current economic conditions across the United States.
Let the third-quarter earnings season begin, accompanied by an array of significant economic data releases!
Earnings Reports and Economic Data to Watch
Several major companies are set to release their quarterly results. Abbott Laboratories, ASML Holding, Citizens Financial Group, Crown Castle, Discover Financial Services, Elevance Health, Equifax, Kinder Morgan, Lam Research, Las Vegas Sands, M&T Bank, Morgan Stanley, Nasdaq, Netflix, Northern Trust, PPG Industries, Procter & Gamble, SAP, State Street, Tesla, Travelers, and U.S. Bancorp will all be sharing their financial performance.
New Residential Construction Statistics
The Census Bureau will be reporting new residential construction statistics for September. Analysts predict a seasonally adjusted annual rate of 1.38 million privately-owned housing starts, which is approximately 100,000 more than in August.
Beige Book from the Federal Reserve
The Federal Reserve is releasing the beige book for the seventh time this year. This report collects anecdotal information on current economic conditions from the 12 regional Federal Reserve banks.
Several companies will be holding conference calls to discuss their earnings. American Airlines Group, AT&T, Blackstone, CSX, Fifth Third Bancorp, Freeport-McMoRan, Genuine Parts, Intuitive Surgical, KeyCorp, Marsh & McLennan, Philip Morris International, Taiwan Semiconductor Manufacturing, Truist Financial, and Union Pacific are among the companies participating.
The Conference Board will release its Leading Economic Index for September. Experts predict a 0.4% month-over-month decline, matching the drop seen in August. The Leading Economic Index has fallen for 17 consecutive months, which indicates a challenging growth period and the possibility of a recession in the next year.
The National Association of Realtors will report existing-home sales for September. Economists are forecasting a seasonally adjusted annual rate of 3.9 million homes sold, a 3.5% decrease compared to August.
American Express, Huntington Bancshares, Interpublic Group, Regions Financial, and SLB will be reporting their quarterly results.