September inflation data and the start of earnings season are the highlights for investors this week. The stock market will be open on Monday, but U.S. bond markets will be closed.
The unofficial start of third-quarter earnings season comes on Friday, with results from several big banks.
Citigroup,
JPMorgan Chase,
and
Wells Fargo
will all reporting before the market opens, as will
BlackRock
and
UnitedHealth Group.
Other companies publishing results this week include
PepsiCo
on Tuesday, then
Delta Air Lines,
Domino’s Pizza,
Fastenal,
and Walgreens Boots Alliance on Thursday.
On Thursday, all eyes will be on the Bureau of Labor Statistics’ consumer price index for September. On average, economists are predicting increases of 0.3% in both the headline CPI and the core CPI, which excludes food and energy components. That would bring the year-over-year inflation rate to 3.6% and 4.1%, respectively, both lower than in August.
The BLS will also report the producer price index on Wednesday. The headline PPI is expected to be up 1.6% year over year and the core PPI is seen rising 2.3%. Federal Reserve watchers will closely parse the minutes from the central bank’s mid-September policy meeting after their release on Wednesday.
Other economic data out this week will include a pair of sentiment indicators. On Tuesday, the National Federation of Independent Business will release its Small Business Optimism Index for September, then on Friday, the University of Michigan will publish its Consumer Sentiment index for October.
Monday, 10/9
Bond markets are closed for the Columbus Day holiday. The Nasdaq and New York Stock Exchange have regular trading hours.
Tuesday 10/10
PepsiCo reports third-quarter fiscal-2023 results.
Adobe
and
HPInc.
hold investor meetings.
The National Federation of Independent Business releases its Small Business Optimism Index for September. Expectations are for a 91.4 reading, roughly even with the August figure.
Wednesday 10/11
The Federal Open Market Committee releases the minutes from its mid-September monetary-policy meeting.
The Bureau of Labor Statistics releases the producer price index for September. The consensus estimate is for the PPI to increase 1.6% year over year, unchanged from August. The core PPI, which excludes volatile food and energy prices, is expected to rise 2.3%, one-tenth of a percentage point more than previously.
Thursday 10/12
Delta Air Lines, Domino’s Pizza, Fastenal, and Walgreens Boots Alliance hold conference calls to discuss quarterly results.
Hormel Foods
hosts its 2023 investor day.
The BLS releases the consumer price index for September. Economists forecast that the CPI will increase 3.6% from a year earlier, while the core CPI is seen rising 4.1%. This compares with gains of 3.7% and 4.3%, respectively, in August. The annual change in the core CPI is at its lowest level since September 2021, and 2.3 percentage points less than its postpandemic peak from September 2022.
Friday 10/13
BlackRock, Citigroup, JPMorgan Chase,
PNC Financial Services Group,
UnitedHealth Group, and Wells Fargo announce earnings.
The University of Michigan releases its Consumer Sentiment Survey for October. The consensus call is for a 67 reading, about one point less than in September. Consumers’ expectations for the year-ahead inflation was 3.2% in September, the lowest level since March of 2021, showing that inflation expectations remain well anchored.
—Dan Lam contributed to this article
Write to Nicholas Jasinski at [email protected]
Read the full article here
