What will drive the markets this week?
On Friday, global stock markets encountered challenges despite the backing of tech giants, while benchmark Treasury yields and the dollar remained relatively steady. Economic data confirmed that U.S. inflation remained elevated, but it fell in line with expectations. The Dow Jones Industrial Average saw a 1.12% decline, the S&P 500 dipped by 0.48%, and the Nasdaq Composite (.IXIC) managed to secure a 0.38% gain.
In Europe, shares declined to near seven-month lows on Friday, marking the second consecutive week of losses. France’s primary stock index suffered the most significant setback, primarily due to Sanofi’s decision to cancel its 2025 profit forecast.
In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan concluded the week about 1% higher after hitting an 11-month low on Thursday.
Looking ahead, this week holds great anticipation for earnings reports from major corporations, including Apple, McDonald’s, Pfizer, AMD, Caterpillar, Stellantis, Qualcomm, PayPal, Airbnb, and Starbucks, among others.
Furthermore, central banks worldwide, including the U.S. Federal Reserve, Bank of England (BoE), and Bank of Japan (BoJ), will be gathering to deliberate and decide on interest rates.
Within the United States, we can expect the latest updates on the labor market, including the nonfarm payrolls report for October, along with data on home prices and PMI survey findings. Additionally, Tuesday will bring the release of preliminary third-quarter gross domestic product (GDP) and inflation figures for the eurozone, offering insights into the region’s recent economic performance.
Events expected to move the markets this week
Monday, October 30
- HSBC Holdings (HSBC), McDonald’s (MCD), Arista Networks (ANET), Welltower Inc. (WELL), Public Storage (PSA), ON Semiconductor Corp. (ON), Simon Property Group (SPG), Arch Capital Group (ACGL), and Pinterest (PINS) report earnings
- Dallas Fed Manufacturing Index (Oct)
- Bank of Japan (BoJ) Interest Rate Decision
Tuesday, October 31
- Pfizer (PFE), Advanced Micro Devices Inc. (AMD), Amgen (AMGN), Caterpillar (CAT), BP (BP), Anheuser-Busch (BUD), Eaton Corp. (ETN), Stellantis (STLA), Marathon Petroleum (MRC), and Ecolab Inc. (ECL) report earnings
- S&P Case-Shiller National Home Price Index (Aug)
- FHFA House Price Index (Aug)
- Dallas Fed Services Index (Oct)
- Chicago Purchasing Managers’ Index (PMI) (Oct)
- Conference Board Consumer Confidence Index (Oct)
- Day 1 of Federal Open Market Committee (FOMC) Meeting
- Euro Area Gross Domestic Product (GDP) - Flash Estimate (Q3 2023)
- Euro Area Inflation Rate (Oct)
- China Caixin Manufacturing PMI (Oct)
Wednesday, November 1
- Qualcomm (QCOM), Mondelez International (MDLZ), CVS Health Corp. (CVS), Airbnb (ABNB), Humana (HUM), McKesson Corp. (MCK), Thomson Reuters Corp. (TRI), PayPal Holdings (PYPL), Estée Lauder (EL), and Aflac Inc. (AFL) report earnings
- Job Openings and Labor Turnover Survey (JOLTS) (Oct)
- ADP National Employment Report (Oct)
- ISM Manufacturing PMI (Oct)
- S&P Global Manufacturing PMI (Oct)
- Day 2 of FOMC Meeting; Interest Rate Decision and Press Conference
Thursday, November 2
- Apple (AAPL), Eli Lilly & Co. (LLY), Shell (SHEL), Novo Nordisk (NVO), ConocoPhillips (COP), S&P Global Inc. (SPGI), Starbucks (SBUX), Booking Holdings (BKNG), Stryker Corp. (SYK), and The Cigna Group (CI) report earnings
- Challenger, Gray & Christmas Job Cuts (Oct)
- Factory Orders (Sep)
- Vehicle Sales (Oct)
- China Caixin Services PMI (Oct)
- Bank of England (BoE) Interest Rate Decision
Friday, November 3
- Enbridge Inc. (ENB), Sempra (SRE), Dominion Energy (D), Gartner Inc. (IT), Cardinal Health (CAH), Church & Dwight Co. (CHD), Restaurant Brands International Inc. (QSR), Liberty Media Corp. (FWONA), and CBOE Global Markets Inc. (CBOE) report earnings
- Nonfarm Payrolls Report (Oct)
- S&P Global Composite PMI - Final Reading (Oct)
- ISM Services PMI (Oct)