Coming up: presidential election, Fed interest rate decision, earnings from Palantir, Novo Nordisk, Toyota
JEFF KOWALSKY/AFP/Getty Images
The 2024 presidential elections are Tuesday.
The Federal Reserve will announce its interest rate decision on Thursday, followed by Fed Chairman Jerome Powell’s press conference.
Palantir, Microchip Technology and Arm Holdings are among the tech companies reporting this week, while pharmaceutical companies Novo Nordisk, Gilead Sciences and Vertex will also release financial reports.
Tuesday’s presidential election will draw a lot of attention from market observers, as will Thursday’s Federal Reserve decision on whether to cut interest rates again. Fed Chairman Jerome Powell’s comments on Thursday could set the tone for future central bank action.
Technology companies Palantir Technologies (PLTR), Microchip Technology (MCHP), and arm holdings (ARM) will publish quarterly financial updates this week, together with pharmaceutical suppliers Novo Nordisk (NVO), Vertex Pharmaceuticals (VRTX), and Gilead Sciences (GUILD).
Monday November 4
Factory orders (September)
Vertex Pharmaceuticals, Palantir Technologies, Constellation Energy (CEG), and Marriott International (MAR) report income
Tuesday November 5
US trade deficit (September)
S&P Global Services PMI (October)
ISM services PMI (October)
US presidential election
Ferrari (RACE), Apollo Global Management (APO), Microchip Technology and Yum! To notice (YUM) report income
Wednesday November 6
The Federal Open Market Committee (FOMC) meeting begins
Novo Nordisk, Toyota Motor (T.M), Qualcomm (QCOM), Honda engine (HMC), Arm Holdings, Gilead Sciences and CVS Health (CFS) report income
Thursday November 7
Initial unemployment claims (week ending November 2)
US productivity and costs (third quarter)
Wholesale stocks (September)
FOMC interest rate decision
Press conference from Federal Reserve Chairman Jerome Powell
Consumer credit (September)
Arista Networks (ANET), Hertog Energie (DUK), Airbnb(ABNB), Warner Bros. Discovery (WBD), and News Corp. (NWSA) report income
Friday November 8
Tuesday’s presidential election will be in the spotlight, and the results will likely have an impact on the economy in the coming year.
Market watchers will also be closely monitoring several economic releases this week, focusing on Thursday’s conclusion of the Federal Open Market Committee (FOMC) meeting, where the central bank will decide whether to adjust interest rates again.
The Fed’s decision follows its decision to cut rates by half a percentage point at its last meeting in September, which put rates at a range of 4.75% to 5%. According to CME Group’s FedWatch tool, investors are pricing in another quarter-point cut at this meeting. Market participants will also be followed Thursday afternoon at Fed Chairman Jerome Powell’s news conference, where he is expected to speak about the central bank’s analysis of the economy and provide guidance on the Fed’s path to rate cuts in coming quarters. Other Fed officials will be in a blackout period that prohibits them from discussing monetary policy.
In addition to the election, investors will also get updated Purchasing Managers’ Index (PMI) data on the services sector and the September update on the US trade deficit on Tuesday. Information on the US consumer will also be released this week, with updated data on consumer credit levels released on Thursday and the first look at consumer confidence in November on Friday.
Data analytics software company Palantir Technologies leads this week’s corporate earnings reports when it releases its financial update on Monday. Asset management firm Ark Invest recently named the company’s software products as beneficiaries of artificial intelligence (AI) trends, with the company’s share price rising more than 140% this year. The third-quarter report comes after it raised its full-year guidance in its most recent earnings report in August.
Other tech companies will report this week, including Microchip Technology on Tuesday and Arm Holdings on Wednesday.
Danish pharmaceutical company Novo Nordisk, maker of weight-loss drugs Ozempic and Wegovy, will report earnings on Wednesday after the 25% sales growth it reported in the previous quarter fell short of analyst estimates. Gene-editing technology supplier Vertex Pharmaceuticals will report on Monday and HIV treatment maker Gilead Sciences will publish its financial figures on Wednesday.
Drugstore chain CVS Health will also report its quarterly results on Wednesday, following the decision last month to replace Chief Executive Officer (CEO) Karen Lynch with David Joyner, who most recently led CVS subsidiary Caremark.
Friday’s report from media company Paramount Global follows its announcement that it would cut 2,000 jobs as it looks to cut costs. Warner Bros. Discovery and News Corp. will publish their quarterly figures on Thursday.
Foreign carmakers are also on the agenda this week, with Italy’s Ferrari reporting on Tuesday and Japan’s Toyota Motor releasing its financial report on Wednesday.
