Wall Street week ahead: Market’s focus on Q3 earnings amid longest US government shutdown

Wall Street’s focus in the week ahead will be predominantly on the latest earnings reports.

Key companies scheduled to report their quarterly financial results include Palantir, AMD, Shopify, Uber, Amgen, Pfizer, McDonald's, Qualcomm, and Airbnb.

Beyond the corporate results, market participants will also be monitoring several important economic data releases, including the September job openings figures, manufacturing and services PMIs (Purchasing Managers’ Indices), figures for Total Brand Auto (TBA) sales, and the crucial October employment report.

The week ahead will also mark a somewhat ignominious milestone as, in the absence of any decisive action, the ongoing US government shutdown is poised to officially become the longest on record come Thursday.

Economic Calendar

On November 3 (Monday), separate reports on S&P final US manufacturing PMI for October, ISM manufacturing for October, construction spending for September, and TBA Auto sales for October will be released.

On November 4 (Tuesday), separate reports on US trade deficit for September, factory orders for September, and job openings for September will be released.

On November 5 (Wednesday), separate reports on ADP employment for October, S&P final US services PMI for October, and ISM services for October will be released.

On November 6 (Thursday), separate reports on initial jobless claims for the week ended November 1 and US productivity for Q3 will be released.

On November 7 (Friday), separate reports on US employment report for October, consumer sentiment (prelim) for November, and consumer credit for September will be released.

Earnings

Following companies are due to report third quarter results in the week ahead — Palantir, Realty Income, ON Semiconductor, Clorox, AMD, Shopify, Uber Technologies, Amgen, Pfizer, McDonald's, AppLovin, Qualcomm, Arm, DoorDash, Fortinet, AstraZeneca, ConocoPhillips, Airbnb, Take-Two, Block, Constellation Energy, KKR & Co., Enbridge, and Duke Energy.

Markets Last Week

US equities closed higher on Friday, with the most significant impetus coming from Amazon's upbeat earnings outlook.

The Dow Jones Industrial Average climbed 40.75 points, or 0.09%, closing at 47,562.87. The S&P 500 gained 17.86 points, or 0.26%, finishing at 6,840.20, and the Nasdaq Composite advanced 143.81 points, or 0.61%, to 23,724.96.

For the month overall, the S&P 500 added 2.27%, the Nasdaq Composite increased by 4.7%, and the Dow rose 2.5%.

Meanwhile, gold prices hovered around $4,000 an ounce as markets assessed a US-China trade ceasefire which failed to fully alleviate long-term concerns regarding competition between the world’s two largest economies.