Biden, war aid, two-year Treasury yields
Investors are in for another busy week of earnings as the United Auto Workers’ strike against Detroit’s Big Three drags on. Commodity prices also remain in focus as the war between Israel and Hamas continues. Oil prices hit $90 a barrel on Friday.
ISRAEL evacuates a town near Lebanon as Hezbollah increases its activity amid the war between Israel and Hamas
Meanwhile, stocks plunged on Friday, leaving all three major U.S. benchmarks in the red this week.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| Me: DJI | DOW JONES AVERAGE | 33127.28 | -286.89 | -0.86% |
| SP500 | S&P 500 | 4224.16 | -53.84 | -1.26% |
| I: COMP | NASDAQ COMPOSITE INDEX | 12983.807152 | -202.37 | -1.53% |
Monday, October 23rd
Rising bond yields
Investors will be keeping a close eye on bond yields as the 10-year Treasury note flirts with 5%. The iShares 10-20 Year Treasury Bond ETF, which tracks prices inverse to yields, hit an all-time low last week and is over 45% below its all-time high reached in August 2020, as tracked by Dow Jones Market Data Group.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TLH | ISHARES TRUST 10-20 YEAR TREASURY BD ETF | 93.74 | +0.60 | +0.64% |
SAM BANKMAN-FRIED’s ADHD medication is the focus of the FTX trial
Tuesday, October 24th
GM answers shareholders, technology profits
General Motors will report earnings before the opening bell on Tuesday as the UAW strike against the manufacturer, Ford and Stellantis goes well into its second month.
Comodo Motors General Manager Jordan Baker joins The Big Money Show to discuss the impact of the ongoing UAW strike on auto dealers and car buyers.
GM has now achieved around 6,000 strike-related layoffs. Earlier this month, the company confirmed an estimated $200 million loss related to the strike.
Americans’ net worth increased 37% after pandemic outbreak: Fed survey
Big Tech earnings will also be announced on Tuesday, with Microsoft and Alphabet reporting after the market closes.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP. | 326.67 | -4.65 | -1.40% |
| GOOGL | ALPHABET INC. | 135.60 | -2.15 | -1.56% |
Shares of the software giant and Google parent company have risen since the start of the year, rising about 37% and 55%, respectively.
UNITED AUTO WORKERS STRIKE: The cost to the U.S. economy is nearly $8 billion
Coca-Cola and Visa will report before the bell.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| KO | THE COCA-COLA CO. | 54.56 | +0.23 | +0.43% |
| v | VISA INC. | 233.36 | -0.19 | -0.08% |
Wednesday, October 25th
Meta shares have been trending upwards for a year
Meta will lead the day’s gains after the close of trading. Since the start of the year, shares of Facebook’s parent company have exploded, rising about 160%.
Boeing, Norfolk Southern and IBM will also report economic data on new home sales, mortgage applications and building permits on Wednesday.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| B.A | THE BOEING CO. | 180.03 | -2.64 | -1.45% |
| NSC | NORFOLK SOUTHERN CORP. | 201.70 | +1.61 | +0.80% |
| IBM | INTERNATIONAL BUSINESS MACHINES CORP. | 137.16 | -0.85 | -0.62% |
Thursday, October 26th
It’s Ford’s turn
Ford’s profits are in focus Thursday after the automaker and Stellantis said they would cut more jobs at two plants as a “direct result” of the ongoing strikes.
“This layoff is a result of the strike as the Sterling Axle Plant must reduce its production of parts that would normally be supplied to the Kentucky Truck Plant,” a Ford Motor Co. spokesman told Fox News Digital.
Workers demonstrate in front of the Ford assembly plant as the UAW strike against the three major U.S. automakers continues in Chicago, October 10, 2023. (Scott Olson/Getty Images)
The automaker has now recorded a total of 2,730 layoffs since the UAW strike began in September.
US ECONOMY HAS CHANGED LITTLE IN THE PAST WEEKS: THE FED’S BEIGE BOOK
Other available earnings include Amazon, MasterCard, Chipotle Mexican Grill and Northrop Grumman.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 125.17 | -3.23 | -2.52% |
| M.A | MASTERCARD INC. | 384.18 | -3.67 | -0.95% |
| CMG | CHIPOTLE MEXICAN GRILL INC. | 1,831.20 | -15.69 | -0.85% |
| NOC | NORTHROP GRUMMAN CORP. | 485.73 | -4.29 | -0.88% |
More economic data is expected on jobless claims, real consumer spending, upcoming home sales and the latest U.S. GDP numbers.
Luke Lloyd, investment strategist at Strategic Wealth Partners, argues that the Fed is fighting a losing battle against the government’s “Varney & Co.” spending addiction.
The U.S. economy is expected to have grown 4.2% in its first study of the third quarter, compared with 2.1% in the second quarter, according to Trading Economics.
The Federal Reserve’s POWELL warns that slower economic growth may be needed to cool high inflation
Friday, October 27th
Important inflation data
Exxon Mobil and Chevron will present their results to shareholders at the end of the week.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| XOM | EXXON MOBIL CORP. | 111.07 | -1.94 | -1.72% |
| CVX | CHEVRON CORP. | 166.87 | -2.21 | -1.31% |
Meanwhile, the core personal consumption expenditures (PCE) price index, a broad measure of the prices of everyday goods such as gasoline, groceries and rents in the United States, is scheduled to be released.
Last month, the index showed consumer prices rose 0.4% from August, with prices rising 3.5% on an annual basis, according to the Labor Department.
The Bear Traps Report founder Larry McDonald talks to FOX News Digital about how U.S. involvement in the Israel War will impact the global economy and markets.
GET FOX BUSINESS ON THE GO by CLICKING HERE
FOX business reporters Sarah Rumpf-Whitten and Megan Henney contributed to this report.