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This week, market participants are bracing for the release of key inflation data as well as the start of third-quarter earnings season.
The unofficial start of the earnings season is set for Friday, as major banks such as Citigroup (NYSE:), JPMorgan Chase (NYSE:), Wells Fargo (NYSE:), BlackRock (NYSE:), UnitedHealth Group (NYSE:), and PNC Financial Services Group (NYSE:) are scheduled to announce their results before market opening. A slew of other companies including PepsiCo (NASDAQ:), Delta Air Lines (NYSE:), Domino’s Pizza (NYSE:), Fastenal (NASDAQ:), and Walgreens Boots Alliance (NASDAQ:) are also poised to disclose their results throughout the week.
The corporate calendar also includes investor meetings by Adobe (NASDAQ:) and HP Inc (NYSE:). slated for Tuesday. Hormel Foods (NYSE:) has its 2023 investor day planned for Thursday.
On the economic front, the Bureau of Labor Statistics’ (BLS) consumer price index for September is projected to rise by 0.3% in both headline and core CPI, compared to post-pandemic peak figures from September 2022. The Federal Open Market Committee is set to release minutes from its mid-September monetary-policy meeting on Wednesday. On the same day, the BLS will also release the producer price index with core PPI expected to rise by 2.3%.
Other key data to be released include the National Federation of Independent Business’s Small Business Optimism Index for September, which is expected to register a reading of 91.4. The University of Michigan’s Consumer Sentiment index for October is predicted to come in at a reading of 67.
Year-ahead inflation expectations continue to be a significant focus for investors as they scrutinize these data points and corporate earnings results in the week ahead.
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