Monday, October 28, 2024

It’s an exciting time to be in the stock market. The blue-chip Dow index and the S&P 500 have rolled back a bit from all-time closing highs earlier this month, but the Nasdaq, riding a seven-week winning streak, is racing ahead toward July highs. At this hour, the Dow is +168 points, the S&P +30 and the Nasdaq +149 points.

We’re a week and a day ahead of the General Election, which is what most investors are waiting on in order to get a clearer sense of direction in the markets. And this week is Jobs Week, with JOLTS numbers for last month out Tuesday, ADP ADP private-sector payrolls Wednesday and non-farm payrolls from the U.S. government Friday.

Q3 Earnings Season Heats Up This Week

In addition, Q3 earnings season heats up to its most consequential week of the cycle. Even though today starts slowly, after the closing bell we’ll hear from Ford F and VF Corp. VFC. And this is the week that brings us the lion’s share of Mag 7 reports, including Alphabet GOOGL, Meta META, Microsoft MSFT, Amazon AMZN and Apple AAPL.

If that wasn’t enough, we’ll also see earnings results for JetBlue JBLU, McDonald’s MCD, Pfizer PFE, Royal Caribbean RCL and AMD AMD — and that’s just for Tuesday!

Check out the updated Zacks Earnings Calendar here.

Other Notable Reports Expected This Week

On top of all this, Personal Consumption Expenditures (PCE) for October come out this Thursday, with the Fed’s preferred inflation metric expecting downticks to +2.1% year-over-year inflation on headline, +2.6% on core. Q3 GDP will come out a day before, on Wednesday morning. Weekly Jobless Claims are also due Thursday ahead of the bell.

Finally, new Trade Balance numbers join Pending Home Sales, both for September, out mid-week. Construction Spending and S&P PMI and ISM Manufacturing reports are also due.

ON Semi Beats in Q3 but Trading Lower

Arizona-based ON Semiconductor ON outperformed expectations on both top and bottom lines this morning, with earning of 99 cents per share ahead of the Zacks consensus by 2 cents, and revenues of $1.76 billion slightly ahead of estimates. However, even though guidance for next quarter is basically in-line with previous expectations, shares are selling off -4% (after initially climbing +2% in the pre-market). This adds to the -12% in the shares, year to date.

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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

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