Earnings Season Enters Key Week: Tesla and Meta Report Wednesday as Fed Goes Quiet
NEW YORK — The third-quarter earnings season enters a critical week on Wall Street, with about 70 S&P 500 companies set to report results as investors, rattled by a wobble in the market-leading SI trade, look to corporate profits to test confidence in the rally, Reuters reported.
General Motors and Netflix report on Tuesday, October 20. Tesla and Meta Platforms follow after the close on Wednesday, October 21, with Elon Musk's SpaceX also due to report during the week. Chip-equipment maker Lam Research, Texas Instruments, AT&T, Western Digital, IBM, Procter & Gamble and GE Aerospace are also on the week's calendar.
Stocks head into the week on the back foot. The S&P 500 fell 1.09% on Friday and 1.9% for the week, its worst week since June, while the Nasdaq Composite lost 4.5% on the week. Worries over the financing of the SI build-out have mounted, with SI cloud company CoreWeave's shares tumbling during the week and its bond yields pushing above 15%. Strategists at Deutsche Bank and RBC Capital Markets have both pulled back on technology stocks. "It certainly feels like the narrative in the market is a little bit jittery," Garrett Melson, portfolio strategist at Natixis Investment Managers Solutions, told Reuters. "Clearly there's a lot of uncertainty around where AI stands right now."
The Federal Reserve entered its blackout period on October 17 ahead of its October 27-28 policy meeting, meaning officials will refrain from public remarks on monetary policy. With the Fed quiet, market expectations for the late-October rate decision will be driven more heavily by economic data and earnings. Analysts expect S&P 500 third-quarter earnings to have climbed more than 30% from a year earlier, according to LSEG IBES data.
Related:
Source: GSM · USA (original Chinese edition)
Photo: 图：特斯拉位于加州 Fremont 的工厂（资料图）。图片来源：Wikimedia Commons，CC BY 2.0。Photo: Tesla's Fremont, California factory (file photo). Image: via Wikimedia Commons, CC BY 2.0.
