What to Watch in the Week Ahead and on Monday, November 4
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ON MONDAY
On the U.S. economic front, the Commerce Department's Census Bureau is set to show that factory orders likely dropped 0.4% in September after falling 0.2% in August.
AIG is expected to report a drop in third-quarter profit due to the impact of divestitures and lower investment income. Analyst and investor focus will be on catastrophe losses at the insurer after a strong hurricane season in the U.S. caused damages worth billions.
Fox Corp is expected to report a rise in first-quarter revenue as the media firm stands to benefit from higher viewership and owing to the U.S. presidential election.
New York Times is expected to report a rise in revenue in the third quarter, driven by strength in the publisher's bundled offerings and ad sales ahead of the U.S. presidential elections.
Oil and gas firm Diamondback Energy is expected to report a fall in third-quarter profit, hurt by lower prices. Investors and analysts will look out for comments on full-year growth expectations.
Franklin Resources is expected to post a lower fourth-quarter profit, hurt by a drop in its investment management fees.
Vertex Pharmaceuticals is set to report its third-quarter results after markets close. The focus will be on the drugmaker's annual forecast and comments around the launch of its gene therapy Casgevy.
Medical equipment maker Revvity is expected to give its third-quarter results. Investor focus will be on the demand for its diagnostic products which include tools used for genetic screening.
Canadian life insurer Sun Life's third-quarter profit is expected to rise when it reports its earnings. Analysts expected Asia momentum to continue in the quarter.
REST OF THE WEEK
The Federal Reserve will begin its two-day monetary policy meeting on Wednesday and is expected to continue policy easing measures that began in September with a bumper 50-basis-point rate cut. The U.S. central bank is widely expected to cut interest rate by 25 basis points when announcing its policy decision on Thursday.
On the U.S. economic front, the U.S. Commerce Department is expected to report on Tuesday that the country's international trade deficit likely expanded to $84 billion in September from $70.4 billion in August. The same day, the Institute for Supply Management (ISM) is expected to report that the country's non-manufacturing PMI likely edged down to 53.8 in October from 54.9 in the prior month. Additionally, S&P Global's final reading of the Services and Composite Purchasing Managers' Index (PMI) for October is slated for release. Separately, the Labor Department will show on Thursday that the initial claims for state unemployment benefits for the week ending November 2 probably climbed to 220,000 from 216,000 in the week before. On Friday, the University of Michigan's preliminary reading on the overall index of consumer sentiment likely came in at 71 in November, compared to a final reading of 70.5 in October.
Smartphone chipmaker Qualcomm to report results on Wednesday for its fiscal fourth quarter. Analysts expect it to record a 14% jump in sales which investors will focus on indicators of end-market demand for the smartphone industry.
Moderna is scheduled to report its third-quarter earnings on Thursday. Investor focus is expected to be on the company's launch of its RSV vaccine, sales of its COVID-19 shots and forecast for 2025. Management commentary on its pipeline of vaccine candidates will also be closely monitored.
Lyft is expected to report a 24.4% rise in the third-quarter revenue on Wednesday as return-to-office mandates drive demand higher for ride-hailing services. Analysts are looking for details on how the company is coping with strong competition from dominant player Uber.
Rivian is expected to post a 25% drop in third-quarter revenue on Thursday after it missed analysts' estimates for third-quarter deliveries. Rivian now expects full-year production to be between 47,000 and 49,000 vehicles, down from its earlier forecast of 57,000 vehicles. The forecast cut means the company now expects to make fewer vehicles than it did last year.
Warner Bros Discovery is expected to report a fall in revenue in the third quarter on Thursday, hurt by weak performance at its studio segment.
On Tuesday, Yum Brands is expected to post a marginal rise in third-quarter same-store sales as fast-food chains tackle weak consumer demand for dining out amid high menu prices.
CVS Health will report its third-quarter results on Wednesday before markets open. The focus will be on the conglomerate's medical costs and comments from newly appointed CEO David Joyner on how he will steer CVS' health insurance business.
Chocolate maker Hershey is expected to post a rise in third-quarter revenue on Thursday, helped by demand for its pricey chocolates along with spreads and syrups. Investors will look out for comments on the report that PFAS were present on wrappers, cocoa price inflation and annual forecast updates.
On Tuesday, analysts expect a three-fold increase in first-quarter revenue for the server maker as Super Micro delivers more equipment to data centers that process AI-related tasks. Wall Street is looking for details on issues at the firm after its auditor resigned last week.
On Thursday, Ralph Lauren is expected to report a rise in second-quarter revenue helped by robust direct-to-consumer sales of its pricey denims and polo shirts.
On Wednesday, Take-Two Interactive is expected to report a slight decline in second-quarter revenue as the videogame publisher grapples with uncertain spending on its sports and action-adventure games. Investors will be focused on any commentary surrounding the highly anticipated "Grand Theft Auto VI".
Carlyle Group said on Thursday its third-quarter distributable earnings jumped nearly 10% year-on-year driven by strong asset sales across its private equity portfolio.
Apollo Global Management reported a jump in third-quarter adjusted net income on Tuesday, as a spike in revenue generated from fees offset a drop in income from its retirement business.
Tapestry is set to post a first-quarter revenue decline on Thursday hurt by weak sales of Coach Tabby handbags on the back of soft accessible luxury spending. Investors will look out for comments on the deal with Capri that was blocked recently and strategies to bolster demand.
Consumer health firm Kenvue will report third-quarter results on Thursday before markets open. Investors will closely watch the performance of its skin health and beauty business, which includes brands like Neutrogena and Clean & Clear. Any comments around conversations with activist hedge fund Starboard will also be in focus.
Froot Loops maker WK Kellogg is expected to post a decline in third-quarter revenue on Thursday, on slowing demand for its ready-to-eat breakfast items and snacks. Investors will look out for comments on restructuring plan updates, annual forecast adjustments, pricing strategies and efforts to bolster volume.
Refiner Marathon Petroleum is expected to report a drop in third-quarter profit on Tuesday compared to the same period a year ago on a slump in refining margins and an oversupply of fuel. Investors will be watching out for Q4 and 2025's outlook, along with impacts to its Californian operations.
Oil and gas firm Devon Energy is expected to report a fall in third-quarter profit on Tuesday hurt by lower prices. Investors and analysts will look out for comments on full-year growth expectations.
On Wednesday, Albemarle, the world's largest producer of lithium, is expected to swing to a quarterly loss in third quarter amid tumbling prices for the battery metal.
Manulife's third-quarter profit is expected to slightly rise when it reports its earnings on Wednesday. Analysts will closely watch the insurer's performance in Asia.
On Thursday, electric vehicle maker Lucid is expected to report a wider loss in third quarter as the company ramps up production of its line of luxury sedans.
Chemical and industrial material firm DuPont is expected to report a higher profit in third-quarter, on Tuesday compared to a year ago on rising demand for its products used in making electronics and semiconductors. Investors will be awaiting commentary around its plans to split into three publicly traded companies and its outlook for 2025.
Block's third-quarter profit is expected to jump when it reports its quarterly earnings on Thursday. Analysts will closely watch the gross payment volume growth of its Square business.
Oilfield services firm Halliburton reports third-quarter results before the market opens on Thursday. Halliburton is expected to post a per-share profit of 75 cents for the period compared with 79 cents a year ago, according to analysts polled by financial firm LSEG.
Duke Energy is expected to report third-quarter results on Thursday before market open, where investors will be watching for any comments on storm impact and restoration costs, as well as any commentary on data center demand and load growth forecast.
Rockwell Automation is expected to report a fall in its fourth-quarter profit and revenue when it reports on Thursday.
PG&E Corp is set to report third-quarter earnings before the bell on Thursday where investors will focus on potential load growth improvements and the impact of California wildfire risks.
Medical device maker Baxter International is expected to report its third-quarter results on Friday. Investor focus will be on the impact of Hurricane Helene on the company's performance and forward-looking statements on how long the impact is expected to last.
On Tuesday, Jack Henry's first-quarter profit is expected to jump driven by robust demand for its fintech products and services.
Patent aggregator Brazos Licensing will take Salesforce to trial on allegations that its "Customer Relationship Management" software infringes a Brazos patent related to a "system, method and computer program product for providing content to a terminal".
On the Canada front, Statistics Canada is likely to release the unemployment rate data on Friday which is expected to have edged up to 6.6% in October from 6.5% in September. Also, on the same day employment change data is on the radar. Additionally, Canada's trade balance data is due for release on Tuesday and Ivey Purchasing Managers Index readings for October are scheduled on Wednesday.
On Tuesday, Thomson Reuters is expected to report a rise in revenue in the third quarter as it dives deeper into enabling artificial intelligence across its portfolio of companies in legal, tax and accounting and corporates. Investors will also look to see the progress it has made in generating revenue from licensing deals in the news division.
On the Latin American economic front, Brazil's central bank is scheduled to announce its monetary policy decision on Wednesday. The central bank is expected to raise the Selic benchmark interest rate by 50 basis points to 11.25%. On the same day, Brazil's inflation data for October as measured by the IGP-DI price index is set for release. Separately, the country's S&P Global's reading of Services and Composite Purchasing Managers' Index (PMI) for October is slated for release on Tuesday. Meanwhile, its October consumer prices as measured by the benchmark inflation index IPCA is due on Friday. On Thursday, Mexico's statistics agency INEGI is scheduled to report inflation figures and producer price index readings for October. Separately, Argentina's September industrial output figures are scheduled for release on the same day. Also, Peru's central bank is scheduled to release the country's interest rate decision on Thursday. On Friday, Chile's statistics agency INE is set to release the consumer prices data for the month of October.
Reporting by Indrishka Bose; Editing by Vijay Kishore
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