The third-quarter earnings season has arrived, with over 50 S&P 500 companies slated to release their financial results this week. Alongside these earnings reports, we can expect key economic data on retail sales and the Federal Reserve’s latest beige book.
Earnings Reports to Watch
Leading the way on Monday is Charles Schwab, setting the tone for the rest of the week. On Tuesday, major players such as Bank of America, Goldman Sachs Group, Johnson & Johnson, Lockheed Martin, and United Airlines Holdings will also unveil their quarterly earnings.
Wednesday will see ASML Holding, Morgan Stanley, Netflix, Procter & Gamble, Tesla, Travelers, and U.S. Bancorp reporting their results. Notable names on Thursday include American Airlines Group, AT&T, and Taiwan Semiconductor Manufacturing. American Express and SLB will wrap up the week on Friday.
Key Economic Data
In addition to the earnings reports, important economic data releases are scheduled throughout the week. On Tuesday, the Census Bureau will publish the retail sales figures for September. Economists anticipate a 0.3% month-over-month increase in retail sales, with a projected 0.2% rise if auto sales are excluded. In August, both overall and excluding auto sales saw a 0.6% uptick.
Wednesday will highlight the release of the Housing Market Index for October by the National Association of Home Builders. Experts forecast a reading of 45, consistent with the September figure. On the same day, the Federal Reserve will offer its seventh beige book report of the year, providing insights into the current economic conditions across the United States.
Thursday will bring additional housing market data. The Census Bureau is set to release September housing starts, while the National Association of Realtors will provide existing-home sales figures for the same month.
With a flurry of earnings reports and significant economic data, the third-quarter earnings season promises to be an eventful week in the financial world.
Quarterly Earnings Reports Revealed by Major Companies
Several major companies, including 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 have released their quarterly financial results.
Insight into Residential Construction Statistics
The Census Bureau has reported 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 the previous month of August.
Economic Conditions Analyzed by the Federal Reserve
The Federal Reserve has released the beige book for the seventh time this year. This report compiles anecdotal information on current economic conditions from the 12 regional Federal Reserve banks.
A number of companies including 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 will hold conference calls to discuss their earnings.
Furthermore, The Conference Board will be unveiling its Leading Economic Index for September. Analysts predict a 0.4% month over month decline, matching the drop seen in August. The Leading Economic Index (LEI) has experienced a decline for 17 consecutive months. Justyna Zabinska-La Monica, Senior Manager of Business Cycle Indicators at The Conference Board states that this indicates “the economy is heading into a challenging growth period and possible recession over the next year.”
In addition to this, The National Association of Realtors will be reporting existing-home sales figures for September. Economists predict a seasonally adjusted annual rate of 3.9 million homes sold, which is 3.5% less than the previous month of August.
On this day, American Express, Huntington Bancshares, Interpublic Group, Regions Financial, and SLB will release their quarterly financial results.