JPMorgan earnings, inflation data and UAW strike top week ahead
Rising Treasury yields remain in focus: 10-year at 4.783%, 2-year at 5.077%
Wall Street realizing rates will be higher for longer than anticipated: Tim Anderson
NYSE trader Tim Anderson discusses what events are putting the most pressure on the stock market on 'Cavuto: Coast to Coast.'
Investors will gear up for the start of earnings season with the big banks kicking off results and the United Auto Workers strike against Detroit’s Big Three entering its fourth week.
Stocks rose Friday and for the week after a stronger-than-expected September jobs report.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44296.51 | +426.16 | +0.97% |
| SP500 | S&P 500 | 5969.34 | +20.63 | +0.35% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19003.651134 | +31.23 | +0.16% |
A bulk of the gains came from the tech-heavy Nasdaq, which gained 1.6%.
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Nasdaq
Monday, Oct. 9
Columbus Day
Monday marks Columbus Day with many banks closed for the federal holiday, but U.S. financial markets will be open for trading.
People walk outside the New York Stock Exchange in New York City. (Spencer Platt/Getty Images / Getty Images)
Investors will also be keeping tabs on the latest from the UAW as the strike drags into its fourth week. On Friday, the UAW declined to expand the strike against GM, Ford and Stellantis, saying progress was being made. Additionally, fresh data from the Anderson Economic Group on how much the strike may cost the U.S. economy may be released.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 11.18 | +0.38 | +3.47% |
| GM | GENERAL MOTORS CO. | 58.53 | +2.85 | +5.12% |
| STLA | STELLANTIS NV | 13.04 | +0.20 | +1.52% |
And Wall Street will be on alert for any information on Birkenstock's widely anticipated IPO, which may price in the coming week, according to Renaissance Capital.
Birkenstock models in a retail store of the shoe manufacturer in Berlin Sept. 13, 2023. (Sebastian Gollnow/picture alliance via Getty Images / Getty Images)
BIRKENSTOCK HEADS TO WALL STREET WITH IPO FILING
Tuesday, Oct. 10
SBF, soda, snacks and luxury goods
The trial of Sam Bankman-Fried is expected to resume with the star witness and his former girlfriend Caroline Ellison expected to take the stand.
Alameda Research CEO Caroline Ellison reportedly admitted to knowingly misleading lenders the company's financial ties to FTX. (Twitter @carolinecapital / Fox News)
Bankman-Fried is on trial for the collapse of cryptocurrency trading firm FTX which erased $1 billion in customer funds.
Sam Bankman-Fried leaves Manhattan federal court in New York on Feb. 16, 2023. The fraud trial of Bankman-Fried, the founder of failed cryptocurrency brokerage FTX, begins Tuesday with jury selection. (AP Photo/Seth Wenig, File / AP Newsroom)
As for economic data on wholesale inventories and trade sales are slated for the day, while PepsiCo will release earnings along with LVMH.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PEP | PEPSICO INC. | 162.00 | +1.66 | +1.04% |
| LVMUY | LVMH MOËT HENNESSY LOUIS VUITTON SE | 121.3 | +0.78 | +0.65% |
Market value for the luxury goods maker hit the $500 billion plateau in April, making the brand one of the world's 10 biggest companies. It's founder, Bernard Arnault, is the world's richest man with a net worth of $211 billion as tracked by Forbes.
A guest at Womenswear Spring/Summer 2024 as part of Paris Fashion Week Oct. 3, 2023, in Paris. (Getty Images / Getty Images)
Wednesday, Oct. 11
First of two inflation reports
Investors will get data for the producer price index, the first of two inflation reports of the week. The PPI is expected to rise 1.6%, matching the prior month, per economist estimates.
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Panelists Carol Roth and Nancy Tengler provide insight on the state of the U.S. economy on 'The Evening Edit.'
SEE HOW MUCH HIGHER MORTGAGE RATES ARE ACTUALLY COSTING YOU
Thursday, Oct. 12
CPI, oil prices
The Consumer Price Index will be released, and economists expect the inflation rate to rise 3.6% compared to a 3.7% rise in the prior month.
ExxonMobil’s Beaumont refinery expansion adds 250,000 barrels per day to the oil company’s processing capacity. (Fox News Digital/ExxonMobil / Fox News)
Elsewhere, the Strategic Petroleum Reserve will provide an update on storage. In the prior report, for the week ending Sept. 22, it contained 350,980,000 barrels of oil. The U.S. is consuming an average of about 20 million barrels a day, leaving the country with a little over 17 days of oil in an emergency.
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The price of oil was down last week, dropping to around $82 dollar per barrel after rising to $95 per barrel almost two weeks ago.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CVX | CHEVRON CORP. | 162.36 | +0.75 | +0.46% |
| HES | HESS CORP. | 148.68 | +0.69 | +0.46% |
| OXY | OCCIDENTAL PETROLEUM CORP. | 51.93 | +0.39 | +0.76% |
Oil producers like Hess, Chevron and Occidental Petroleum reflect the drop in crude prices as all three finished last week in the red.
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Delta Air Lines, Walgreen’s Boots and Domino’s Pizza will report earnings before the opening bell.
A Delta Air Lines Airbus A330 or A330-900 aircraft. (Nicolas Economou/NurPhoto via Getty Images / Getty Images)
Last week, reports surfaced that Delta, along with United, Southwest Airlines and American Airlines, may have sourced unapproved parts from AOG Technics, a firm that acquires parts before selling them to maintenance and repair organizations.
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Delta told Fox News Digital the parts were discovered in "a small number" of aircraft engines during a recent overhaul.
Delta
Friday, Oct. 13
Big banks kick off earnings season
Earnings from Blackrock, Wells Fargo, JPMorgan, Citigroup and PNC Financial will all be reported Friday morning before the opening bell, kicking off the official start of the third-quarter reporting season.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BLK | BLACKROCK INC. | 1,036.73 | +8.59 | +0.84% |
| WFC | WELLS FARGO & CO. | 75.96 | +1.13 | +1.51% |
| JPM | JPMORGAN CHASE & CO. | 248.55 | +3.79 | +1.55% |
| C | CITIGROUP INC. | 69.82 | +0.88 | +1.28% |
| PNC | THE PNC FINANCIAL SERVICES GROUP INC. | 210.07 | +4.32 | +2.10% |
Jamie Dimon, chairman and CEO of JPMorgan Chase & Co., speaks during the Institute of International Finance annual membership meeting in Washington, D.C., Oct. 13, 2022. (Ting Shen/Bloomberg via Getty Images / Getty Images)
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FOX Business reporter Breck Dumas contributed to this report.