What to Watch in the Day Ahead - Tuesday, November 5
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American voters head to the polls as they cast their ballots in a nail-biting, neck-and-neck race between Republican Donald Trump and Democrat Kamala Harris. Opinion polls show the pair locked in a tight race, with Vice President Harris, bolstered by strong support among female voters while former President Trump, gains ground with Hispanic voters, especially men.
On the U.S. economic front, the Institute for Supply Management is expected to report that the country's non-manufacturing Purchasing Managers' Index (PMI) likely edged lower to 53.8 in October from 54.9 in the prior month. Meanwhile, S&P Global's final reading of the Services and Composite PMI for October is also due. Separately, the U.S. Commerce Department is expected to report that the country's international trade deficit widened to $84.1 billion in September from $70.4 billion in August.
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.
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.
Apollo Global Management reported a jump in third quarter adjusted net income, as a spike in revenue generated from fees offset a drop in income from its retirement business.
Chemical and industrial material firm DuPont is expected to report a higher profit in third quarter, 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.
GlobalFoundries is expected to report a fall in revenue in the third quarter, hurt by slowing demand from clients who are clearing excess chip inventory.
Refiner Marathon Petroleum is expected to report a drop in third-quarter profit 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.
International Flavors & Fragrances is expected to post a rise in third-quarter revenue, helped by steady demand for its product categories including food ingredients and fragrances. Investors will look for comments on pricing actions, demand, volumes, impact of rising competition and annual forecasts.
Oil and gas firm Devon 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.
Jack Henry's first-quarter profit is expected to jump driven by robust demand for its fintech products and services.
Microchip Technology is expected to report a decline in its second quarter revenue. Investors will be looking for commentary on improvement in demand as customers continue to clear excess inventory in industrial and automotive sectors amid high interest rates.
Canada’s trade balance data is set for release. The trade deficit is likely to contract to C$0.80 billion in September, from C$1.10 billion in the month before.
Restaurant Brands International is set to report a rise in third-quarter revenue, benefitting from steady demand at its Tim Hortons coffee outlets and Burger King chain. Investors will look out for comments value meals demand and effects of turnaround at Burger King.
The Bank of Canada will publish minutes of the meeting of its monetary policy decision announcement of Oct 23.
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 front, Brazil's S&P Global's reading of Services and Composite PMI for October is due.
Compiled by Archak Sengupta in Bengaluru; Editing by Shreya Biswas
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