Monday, October 28, 2024
The stock market is buzzing with activity. Although the blue-chip Dow index and the S&P 500 have dipped slightly from their all-time highs earlier this month, the Nasdaq continues to climb, buoyed by a seven-week winning streak and closing in on its July highs. Currently, the Dow is up +168 points, the S&P is up +30 points, and the Nasdaq has gained +149 points.
As we approach the General Election in just over a week, many investors are keeping an eye on the political landscape for clues about the market’s future direction. This week marks Jobs Week, starting with JOLTS data for last month due out on Tuesday, followed by ADP private-sector payrolls on Wednesday, and the non-farm payrolls report from the U.S. government on Friday.
Q3 Earnings Reports Take Center Stage
This week is crucial for third-quarter earnings, with many major companies reporting their results. The day kicks off slowly, but after the closing bell, we’ll hear from Ford (F) and VF Corp. (VFC). This week will also feature reports from major firms such as Alphabet (GOOGL), Meta (META), Microsoft (MSFT), Amazon (AMZN), and Apple (AAPL).
Moreover, on Tuesday, we will also receive earnings results from JetBlue (JBLU), McDonald’s (MCD), Pfizer (PFE), Royal Caribbean (RCL), and AMD (AMD).
For a comprehensive list, check out the updated Zacks Earnings Calendar.
Anticipated Economic Data Ahead
In addition to earnings, economic indicators are set to be released this week. On Thursday, the Personal Consumption Expenditures (PCE) for October will be published, with forecasts showing a slight decline to +2.1% year-over-year inflation on the headline figure and +2.6% on the core. The Q3 GDP will be available the morning before, on Wednesday. Additionally, Weekly Jobless Claims will be reported Thursday morning.
Mid-week will bring new Trade Balance statistics and Pending Home Sales data, both for September. Reports on Construction Spending and S&P PMI and ISM Manufacturing are also anticipated.
ON Semiconductor Surprises Market but Shares Drop
ON Semiconductor (ON), based in Arizona, exceeded expectations today with earnings of 99 cents per share, surpassing the Zacks consensus by 2 cents, and revenues of $1.76 billion, which slightly exceeded estimates. Despite this positive report, shares are trading down -4% after initially rising +2% in pre-market. This follows a year-to-date decline of -12% in its stock price.
Have questions or feedback regarding this article? Click here>>
Just $1 for Exclusive Zacks Insights!
Yes, that’s correct!
Years ago, we surprised our members with an offer for 30 days of full access to all our stock picks for only $1. No obligations to spend more after that.
Many took advantage of this deal, while others thought it must be too good to be true. Our intention is simple: we want you to experience our portfolio services like Surprise Trader, Stocks Under $10, Technology Innovators, and more, which realized 228 positions with double- and triple-digit gains in 2023 alone.
Explore Stocks Now >>
For the latest recommendations from Zacks Investment Research, download our report on 5 Stocks Set to Double for free.
Amazon.com, Inc. (AMZN): Free Stock Analysis Report
Ford Motor Company (F): Free Stock Analysis Report
Apple Inc. (AAPL): Free Stock Analysis Report
Advanced Micro Devices, Inc. (AMD): Free Stock Analysis Report
Microsoft Corporation (MSFT): Free Stock Analysis Report
Automatic Data Processing, Inc. (ADP): Free Stock Analysis Report
Pfizer Inc. (PFE): Free Stock Analysis Report
JetBlue Airways Corporation (JBLU): Free Stock Analysis Report
Royal Caribbean Cruises Ltd. (RCL): Free Stock Analysis Report
McDonald’s Corporation (MCD): Free Stock Analysis Report
V.F. Corporation (VFC): Free Stock Analysis Report
Alphabet Inc. (GOOGL): Free Stock Analysis Report
ON Semiconductor Corporation (ON): Free Stock Analysis Report
Meta Platforms, Inc. (META): Free Stock Analysis Report
To read this article on Zacks.com, click here.
Zacks Investment Research
The views and opinions expressed herein belong to the author and do not necessarily reflect those of Nasdaq, Inc.
