Your Trading Week Ahead — October 17th

Welcome to Your Trading Week Ahead for October 17th. Here’s what you need to know before you go…

Quick recap

Markets jumped on Friday following a strong start to earnings season. Big banks like Goldman Sachs proved to be doing quite well as the economy continues its recovery. $GS rallied 3.8% after beating Q3 expectations and closed the week at a fresh all-time high of $406 per share. But will the rest of the market follow financials higher as the cycle continues?

Hopes for a strong quarter gave the major indices a boost to the upside late in the week. The S&P 500 closed the week higher by 1.82% at 4,471. The Dow finished up 1.58% at 35,294. Tech led the way, with the Nasdaq closing up 2.18% at 14,897.

Meanwhile in crypto land, Bitcoin continues making massive moves to the upside. In last week’s article, we highlighted the 15% rise to the $55k mark. $BTC has since surged through $60k. At writing, the leading cryptocurrency is up more than 10% on the week at $61,108.

The price action in $BTC sparked a rise in some other cryptos as well. Ether ($ETH) +8.84%, Solana ($SOL) +7%, and Polkadot ($DOT) +16% are all trading higher.

What to watch this week

Earnings roundup

Earnings season ramps up over the next few trading days with a flood of fresh quarterly data. Here’s some of the most noteworthy reports to keep an eye on:

• Monday – Albertsons ($ACI), State Street ($STT), Steel Dynamics ($STLD)
• Tuesday – Netflix ($NFLX), Johnson & Johnson ($JNJ), Bank of New York Mellon ($BK), Fifth Third Bancorp ($FITB), Halliburton ($HAL), Interactive Brokers ($IBKR), Kansas City Southern ($KSU), Philip Morris ($PM), Procter & Gamble ($PG), Synchrony Financial ($SYF), Travelers ($TRV), United Airlines ($UAL)
• Wednesday – Tesla ($TSLA), Abbott Labs ($ABT), Anthem ($ANTM), Biogen ($BIIB), Citizens Financial ($CFG), Comerica ($CMA), CSX ($CSX), Discover Financial ($DFS), International Business Machines ($IBM), Lam Research ($LRCX), Nasdaq ($NDAQ), NextEra Energy ($NEE), PPG Industries ($PPG), Verizon Communications ($VZ)
• Thursday – Alaska Air Group ($ALK), Ally Financial ($ALLY), American Airlines ($AAL), AT&T ($T), AutoNation ($AN), Barclays ($BCS), Blackstone ($BX), Chipotle Mexican Grill ($CMG), Freeport-McMoRan ($FCX), Intel ($INTC), Mattel ($MAT), Snap ($SNAP), Southwest Airlines ($LUV), Tractor Supply ($TSCO), Union Pacific ($UNP), Valero Energy ($VLO)
• Friday – American Express ($AXP), Boston Beer ($SAM), Cleveland-Cliffs ($CLF), Honeywell International ($HON), Regions Financial ($RF), Schlumberger ($SLB), Seagate Technology ($STX), VF Corp. ($VFC)

Economic calendar

There are several events on the calendar this week with the potential to move markets. Here’s some of the most important things to watch:

• Home builders index (October) – Monday at 10am ET
• Building permits and housing starts (Sept.) – Tuesday at 8:30am ET
• Fed Beige Book – Wednesday at 2pm ET
• Philadelphia Fed manufacturing index (October) – Thursday at 8:30am ET
• Initial and continuing jobless claims – Thursday at 8:30am ET
• Existing home sales (Sept) – Thursday at 10am ET
• Leading economic indicators (Sept) – Thursday at 10am ET
• Markit manufacturing and services PMI (flash October) – Friday at 9:45am ET

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