Yahoo Finance Wall Street Waits for Big Earnings Results
It’s a busy trading week ahead, with Q3 earnings season heating up and more economic data being released a couple weeks ahead of the next Federal Open Market Committee (FOMC) meeting, which decides on interest rates. The good news is pre-market indices are in the green — and higher following the data released an hour or so before the opening bell.
Empire State Manufacturing data for the month of October came in less bad than expected: -4.6 versus -6 consensus — a nice move higher from the -19 we saw in August and the 2023 low -32.9 posted back in January. We’ve only seen four months in positive territory on this metric, year to date, the highest being +10.8 in April. This is a clear indication of a slowdown in manufacturing — at least in the fourth most populous state in the U.S., New York.
Charles Schwab SCHW reported mixed Q3 results ahead of today’s open for a new trading week: earnings of 77 cents per share surpassed the Zacks consensus by 2 cents, while quarterly revenues of $4.61 billion missed the $4.64 billion expected, down -16.2 year over year. That said, it’s the third straight quarter with a positive earnings surprise. Shares were down marginally on the news; they are down -25% from this time a year ago.
Tomorrow, we’ll see new Retail Sales numbers for last month, along with Industrial Production and earnings reports from Johnson & Johnson JNJ, Goldman Sachs GS, Lockheed Martin LMT, among others. This picks up Wednesday when we see Netflix NFLX and Tesla TSLA report after the closing bell. We’ll also keep an eye on 2-year and 10-year bond yields — currently they are at 5.06% and 4.68%, respectively.
Prior to the news releases mentioned above this morning, pre-market futures were +135 points on the Dow, +15 on the Nasdaq and +10 on the S&P 500. As of now, these have blossomed to +175 points, +35 and +15 points. respectively. We hope this portends to another week bouncing back from near-term lows we saw the first week of October. We’re still a ways off the highs of the year we saw this past summer.
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Lockheed Martin Corporation (LMT) : Free Stock Analysis Report
The Goldman Sachs Group, Inc. (GS) : Free Stock Analysis Report
Johnson & Johnson (JNJ) : Free Stock Analysis Report
Netflix, Inc. (NFLX) : Free Stock Analysis Report
The Charles Schwab Corporation (SCHW) : Free Stock Analysis Report
Tesla, Inc. (TSLA) : Free Stock Analysis Report
