The Week Ahead on Wall Street

Economic News

Today, there is no economic data scheduled to be released.

Tomorrow, be on the lookout for the Consumer Confidence Index for October, which tracks how consumers are feeling about the economy and their personal finances. In September the reading was 109.3—a seven-month low as rising COVID-19 cases weighed on sentiment. Investors will be paying close attention to see if that has reversed as COVID-19 cases ticked downward.

On Wednesday, durable goods orders for September are released. This data point tracks monthly industrial activity and provides insight into how the supply chain is holding up. In August, durable goods rose 1.8%, besting the 0.7% increase economists were expecting. With supply-chain problems worsening, investors will be paying close attention to this data point when it’s released.

On Thursday, be on the lookout for initial and existing unemployment claims to be released. The number of people collecting unemployment for the first time has continued to decline as more Americans return to the workforce. Last week, initial unemployment claims were 290,000, the lowest level since the pandemic hit the US in March 2020.

On Friday, consumer spending for September is released. In August consumer spending increased 0.8%, which is a reversal from a decline of 0.1% in July. Spending was focused on furniture, clothes, and groceries in August. Spending on experiences was down as the Delta variant of COVID-19 spread. Investors will be paying close attention to see if sentiment has changed since then as we head into the holiday season. Also Friday, personal income and core inflation for September are released.

Earnings Reports

Today, Restaurant Brands (QSR), which owns Burger King and other fast food chains, reports quarterly earnings. Earlier this month Burger King became the first fast food chain to sell Impossible Foods’ plant-based nuggets. Burger King is testing the vegan nuggets in Des Moines, Boston, and Miami. Investors will be looking for an update on the launch.

Tomorrow, be on the lookout for Twitter (TWTR) to report quarterly earnings. The social media company just opened up Spaces, Twitter’s take on Clubhouse’s audio chat rooms, to all its users. The feature launched in November 2020 but only for users with 600 or more followers. Investors will want to learn more about Spaces and if it will drive user numbers and engagement.

On Wednesday, General Motors (GM) reports quarterly earnings. Earlier this month the vehicle maker laid out plans to boost operating margins by between 12% and 14% by 2030, almost double the 7.9% reported in 2020. GM also expects revenue to reach $280 billion, double its average of $140 billion over the past five years. EVs, auto services, and supporting businesses are expected to drive this growth. Investors will want to hear more about that when GM weighs in with its quarterly earnings.

On Thursday, be on the lookout for Apple (AAPL) to report quarterly earnings. Investors will be paying close attention to what Apple has to say about the supply chain and the impact it is having on its ability to sell iPhones ahead of the holiday season. Orders for its newest products including the iPhone 13, iPad mini, and its Apple Watch, may not be fulfilled until next month or December. Investors will be paying close attention to what Apple has to say about the supply chain when it reports quarterly earnings.

Friday, be on the lookout for ExxonMobil (XOM) to report quarterly results. The oil company, which has faced intense pressure to adopt greener business practices, is currently mulling whether to continue with big oil and gas projects as it charts a more environmentally friendly future. Board members, including three who were nominated by an activist investor, have raised concerns about a few projects including liquefied natural gas development in Mozambique and a gas project in Vietnam.

The Week Ahead at SoFi

This week, learn what it means to be indispensable at work. Then Brian Walsh hosts webinars on how to manage credit card debt, plus clarity on open enrollment. RSVP in the SoFi app!

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