The Week Ahead on Wall Street

Economic News

Today, the ISM Manufacturing Index for October is released. Also known as the purchasing managers’ index or PMI, this data point tracks monthly activity at over 300 manufacturers. In September, the manufacturing index expanded even as factories experienced delays in getting raw materials and faced higher costs. With both issues worsening since September, investors will be paying close attention to this data point.

Tomorrow, the homeownership rate for the third quarter is released. The homeownership rate in the US fell to 65.4% in the second quarter compared to 65.6% in the first quarter of this year. A lack of inventory and higher home prices have prevented more people from purchasing homes. More of the same may be in the cards for the third quarter.

Wednesday, be on the lookout for Federal Reserve Chairman Jerome Powell’s press conference after the Fed’s two-day meeting. Investors will be paying close attention to what Powell has to say about inflation, the supply chain, interest rates, and when the Fed will start tapering its emergency bond-buying program.

Thursday, initial and existing unemployment claims for the prior week are released. With COVID-19 cases slowing and more people getting vaccinated, the employment picture has been steadily improving. Last week new unemployment claims fell to a 19-month low of 290,000. Investors will be paying close attention to see if this data point continues to improve as we head into the end of the year.

Friday, consumer credit for September is released. This data point tracks how many purchases consumers make with credit in a given month. In August consumer credit increased just 4%, the slowest rise since the start of the year and below economists’ forecasts. A slowdown in auto sales due to inventory issues was partly to blame.

Earnings Reports

Today, Simon Property Group (SPG), one of America’s largest mall operators, reports quarterly results. The company was hit hard during the pandemic. While foot traffic is picking up, malls are still declining in popularity. However, as competition dwindles in the mall industry, it could present an opportunity for this REIT. Investors will be paying close attention to what Simon has to say about competition and demand when it reports.

Tomorrow, be on the lookout for quarterly earnings from Pfizer (PFE). Sales for the company have been surging thanks to its COVID-19 vaccine. With the FDA getting ready to approve the shot for children and with booster shots already being administered, Pfizer is expected to post strong sales that may top expectations.

On Wednesday, Marathon Oil (MRO) reports quarterly earnings. With energy prices surging, Marathon Oil’s sales have been growing. Ahead of its earnings report the oil company raised its quarterly dividend 20%. It’s the third time Marathon has raised its dividend since the start of 2021. Investors will want to know how long higher prices will last and what impact green initiatives will have on the company’s bottom line.

On Thursday, be on the lookout for Uber (UBER) to report earnings. The ride-sharing company just inked a deal with Hertz to supply Uber drivers with Tesla (TSLA) rentals. The deal helps Uber meet its zero emissions goals and lowers fuel costs for drivers. Investors will want to hear more about that deal when Uber weighs in with Q3 results.

Also Thursday, Toyota (TM) reports quarterly earnings. The vehicle maker has been dealing with severe chip shortages, rising materials costs, and shipping delays. This has hurt its ability to get vehicles off the production line. At the same time Toyota is pouring billions of dollars into its electric vehicle efforts. Investors will be paying close attention to both areas when Toyota reports earnings.

The Week Ahead at SoFi

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