Key Takeaways
- JPMorgan Chase, Wells Fargo, and BlackRock earnings are on tap for this week, as well as quarterly financial reports from Delta Air Lines and PepsiCo.
- Tesla is expected to show off its self-driving robotaxi at a Thursday event.
- The consumer price index will indicate whether inflation continued to fall in September, while investors will also get reports on consumer credit and sentiment.
- Several Federal Reserve officials are scheduled to deliver remarks, including Gov. Michelle Bowman and New York Fed President John Williams. Minutes for the September Fed meeting will also be released.
Highlights this week include Tesla’s (TSLA) expected unveiling of its self-driving robotaxi at a Thursday event as well as the release of earnings reports from JPMorgan Chase (JPM) and Wells Fargo (WFC) on Friday.
The Consumer Price Index (CPI) for September comes as investors monitor inflation following the Federal Reserve’s recent interest rate cut. Minutes for the September Federal Reserve meeting will also provide insight into the central bank’s recent actions, while several Fed officials are scheduled to deliver remarks throughout the week.
Data on wholesale inflation, consumer credit, and the federal trade deficit are also on the calendar.
Monday, Oct. 7
- Consumer credit (August)
- Atlanta Fed President Raphael Bostic, Minneapolis Fed President Neel Kashkari, and St. Louis Fed President Alberto Musalem deliver remarks
Tuesday, Oct. 8
- NFIB Small Business Optimism Index (September)
- U.S. trade deficit (August)
- Atlanta Fed President Bostic delivers remarks
- PepsiCo (PEP) reports earnings
Wednesday, Oct. 9
- Wholesale inventories (August)
- Federal Reserve September meeting minutes released
- Atlanta Fed President Bostic, Dallas Fed President Lorie Logan, Chicago Fed President Austan Goolsbee, Richmond Fed President Tom Barkin, and San Francisco Fed President Mary Daly deliver remarks
- Helen of Troy (HELE) reports earnings
Thursday, Oct. 10
- Initial jobless claims (week ending Oct. 5)
- Consumer price index (September)
- Tesla Robotaxi event
- AMD (AMD) Advancing AI event
- New York Fed President John Williams delivers remarks
- Delta Air Lines (DAL) and Domino’s Pizza (DPZ) report earnings
Friday, Oct. 11
- Producer price index (September)
- Consumer sentiment (October)
- Federal Reserve Gov. Michelle Bowman, Chicago Fed President Austan Goolsbee, and Dallas Fed President Lorie Logan deliver remarks
- JPMorganChase, Wells Fargo, BlackRock (BLK), and Bank of New York Mellon (BK) report earnings
Tesla Set To Unveil Robotaxi; AMD Hosts AI Event
Tesla is expected to introduce its self-driving “robotaxi” at a Thursday event, where the company could provide more details about several of its products.
After delaying the highly anticipated event from August, Tesla will likely show off the driverless vehicle, provide details on its costs, and possibly demonstrate the ride-sharing app used to hail the vehicle that might be called a “Cybercab,” analysts said.
In addition to the robotaxi, Tesla could also provide updates on its Optimus Bot humanoid robot, self-driving software, and a low-cost version of its electric vehicle (EV).
Also on Thursday, chipmaker Advanced Micro Devices will provide updates for its artificial intelligence (AI) products as it hosts its “Advancing AI” event, where its chief executive officer, Lisa Su, will deliver remarks.
Earnings Reports Coming from Big Banks, Delta, PepsiCo
Investors get a look at the performance of the financial services industry of late as several big banks will report 2024 third-quarter earnings on Friday.
Leading the way is JPMorgan Chase, reporting after its prior-quarter results beat analyst expectations on strong revenue from its investment banking services. Earnings for the country’s largest bank come after an executive last month lowered expectations for net interest income following the Federal Reserve’s move to lower interest rates.
Wells Fargo reported a decline in net interest income in its second-quarter report, despite its results coming in ahead of analyst projections. BlackRock will deliver earnings after it reported a record $10.6 trillion in assets under management (AUM) in the prior quarter.
Delta Air Lines’ report on Thursday will offer insight into the air carrier’s performance during the summer travel season, while soda maker PepsiCo will deliver its financials after scaling back its growth outlook amid mixed results in its previous quarter.
September Inflation Data, Fed Speakers on Calendar
Market watchers will get a look at whether inflation continued to decline in September with the Thursday release of CPI. With recent data showing that price increases continue to slow, market participants are looking to see if inflation continues to trend down toward the Federal Reserve’s target.
Easing price pressures prompted the Fed to reduce its key federal funds rate in September, which influences borrowing costs across the economy. Updated inflation data could send signals about the next moves for the central bank.
Throughout the week, investors will have an opportunity to hear individual Fed officials’ thoughts on interest rates and the economy. Federal Reserve Gov. Michelle Bowman’s remarks on Friday will come after the inflation report, while New York Fed President John Williams, San Francisco Fed President Mary Daly, Minneapolis Fed President Neel Kashkari, and St. Louis Fed President Alberto Musalem are also on the week’s speaking calendar.
The Fed will also release the minutes from its Sept. 17-18 meeting on Wednesday, providing another look at how monetary officials are viewing the current economy.
Markets could move on other economic data releases this week, including consumer credit on Monday, jobless claims on Thursday, consumer sentiment and wholesale inflation figures from the producer price index (PPI) report on Friday.
