The Week Ahead For October 12th to 16th
by Geoff Garbacz
The S&P 500, Russell 2000, NASDAQ 100 and Dow Jones Industrial Average were higher for the week.
1.Geopolitical and Fiscal Events. The Senate looks to be shut down for the next week as several GOP senators have picked up Covid-19. We note the hearings for the next Supreme Court nominee though will begin this week. President Trump appears over Covid-19 even though no test validates such a claim. He looks to get back on the campaign trail this week. The latest Federal Reserve Beige Book is due out at 2:00 p.m. EDT.
2.Economic Releases. Releases of note this week include the weekly chain store sales, oil/gas numbers, mortgage applications and jobless claims as well as CPI, PPI, Philadelphia Fed Index, Empire Manufacturing Index, retail sales, industrial production, NAHB Housing Index and University of Michigan Consumer Sentiment.
3.Earnings Releases. Notable releases this upcoming week include JNJ JPM C UNH BAC WFC TSM ISRG MS BK VFC SLB. This week kicks off Q2 earnings season.
Monday, October 12
The bond market, many banks and government offices are closed today for Columbus Day observances so it could be a quiet day.
Tuesday, October 13
September CPI is due out at 8:30 a.m. EDT and is expected to fall to 0.2% from 0.4%.
The latest U.S. Treasury budget is due out at 2:00 p.m. EDT.
Wednesday, October 14
September PPI is due out at 8:30 a.m. EDT and is expected to fall to 0.1% from 0.3%.
The latest Federal Reserve Beige Book is due out at 2:00 p.m. EDT.
Thursday, October 15
October Philadelphia Fed Index is due out at 10:00 a.m. EDT and is expected to come in at 16 from 15 last month.
October Empire Manufacturing is due out at 8:30 a.m. EDT and is expected to come in at 14 from 17.
Friday, October 16
September Retail Sales is due out at 8:30 a.m. EDT and is expected to remain at 0.6%.
September Industrial Production is due out at 9:15 a.m. EDT and is expected to rise to 0.6% from 0.4%.
October NAHB Housing Market Index is due out at 10:00 a.m. EDT and is expected to come in at 83 which is what number it put up last month.
October University of Michigan Consumer Sentiment is due out at 10:00 a.m. EDT and is expected to come in at 82 from 80.4.
Sanderson Farms (SAFM) holds their analyst meeting and is a Type 4 Long Squeeze.
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