Monday, October 14th, 2024
Today is a bank holiday: either Columbus Day (depending how Italian-American your community) or Indigenous Peoples’ Day (depending how “woke”). In any case, the stock market is open for business, but there are no major economic reports due out until tomorrow. Currently, pre-market futures are mixed, with the Dow -80 points but the S&P 500 +9, the Nasdaq +63 and the small-cap Russell 2000 up slightly.
Looking Ahead to Economic Reports
Despite today’s day off from econ metrics, we see a pretty busy week ahead. Tuesday promises October Empire State Manufacturing, Wednesday brings us September Import/Exports, and Thursday is the biggest of all: Retail Sales, Philly Fed, Industrial Production/Capacity Utilization, Business Inventories, Homebuilders’ Confidence and Weekly Jobless Claims. Friday garners fresh results on Housing Starts and Building Permits for September.
Q3 Earnings Heats Up: Citi, J&J, Netflix and More
Continuing the earlier period of Q3 earnings season, following the Big Banks on Friday and a smattering of quarterly reports throughout last week. Among the most important of these reports will come Thursday afternoon, when Netflix NFLX reports earnings.
Netflix is expected to yield +36% gains on earnings per share, year over year. Revenues are estimated +14% for the Zacks Rank #2 (Buy) streaming giant, which is looking to notch its third-straight earnings beat. Netflix has posted earnings misses twice in the past 12 quarters.
More of the biggest Wall Street banks also report this week, including Bank of America BAC, Citigroup C and Goldman Sachs GS. Further, Johnson & Johnson JNJ, UnitedHealthcare UNH, Procter & Gamble PG and Walgreens Boots Alliance WBA puts out new quarterly numbers this week.
We’ll really see Q3 earnings season get cooking a week from now, but a good percentage of high market-cap stocks reporting this week make it a substantial trading period. We also will be tracking a proposed new stimulus offering to boost Chinese stocks, the aftermath of two major hurricanes hitting the Southeast and continued violence in the Middle East and Ukraine will be worth keeping note of. Also, the General Election is now three weeks from tomorrow.
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Bank of America Corporation (BAC) : Free Stock Analysis Report
Citigroup Inc. (C) : Free Stock Analysis Report
UnitedHealth Group Incorporated (UNH) : Free Stock Analysis Report
Johnson & Johnson (JNJ) : Free Stock Analysis Report
Netflix, Inc. (NFLX) : Free Stock Analysis Report
Procter & Gamble Company (The) (PG) : Free Stock Analysis Report
Walgreens Boots Alliance, Inc. (WBA) : Free Stock Analysis Report
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