Your Trading Week Ahead — October 31st

Welcome to Your Trading Week Ahead for October 31st. Here’s what you need to know before you go…

Quick recap

The S&P 500 and Nasdaq closed the week at fresh all-time highs as markets jumped following Big Tech earnings. SPX finished +1.34% at 4,605. Nasdaq rallied +2.70% to 15,498. The Dow closed the week up 0.40% at 35,819.

Bitcoin is almost perfectly flat on the week. At writing, $BTC is trading just over $61k as it continues to find a new range near recent all-time highs. Ethereum is following Bitcoin’s lead as it made a new record high on Friday. $ETH is currently off the highs, but still +4.63% at 4,277. But the biggest story in crypto continues to be the emergence of Shiba Inu $SHIB, which is up 70% on the week.

What to watch this week

FOMC meeting

Earnings data and updates on supply chain disruptions will continue to trickle in this week. But traders will also be paying close attention to the FOMC meeting on Tuesday and Wednesday where Fed officials are expected to discuss tapering and interest rates.

The meeting will culminate with an official statement from the Fed on Wednesday at 2pm ET, followed shortly by a press conference with Chairman Jerome Powell.

Earnings roundup

Earnings season continues with energy giants like Marathon Oil ($MRO), ConocoPhillips ($COP), and Diamondback Energy ($FANG) headlining the week ahead. We’ll also find out how ridesharing companies like Lyft ($LYFT) and Uber ($UBER) are performing as the economy recovers.

With major indices at all-time highs, it will be critical to see how the overall market holds up as quarterly data keeps rolling in. Here’s some of the most noteworthy earnings reports to keep an eye on:

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:

• Markit manufacturing PMI (October) – Monday at 9:45am ET
• ISM manufacturing index (October) – Monday at 10am ET
• Construction spending (October) – Monday at 10am ET
• Homeownership rate (Q3) – Tuesday at 10am ET
• ADP employment report (October) – Wednesday at 8:15am ET
• Markit services PMI (October) – Wednesday at 9:45am ET
• ISM services index (October) – Wednesday at 10am ET
• Durable goods and Core capital goods orders (Sept.) – Wednesday at 10am ET
• Federal Reserve statement – Wednesday at 2pm ET
• Fed Chair Powell press conference – Wednesday at 2:30pm ET
• Initial and continuing jobless claims – Thursday at 8:30am ET
• International trade deficit (Sept.) – Thursday at 8:30am ET
• Nonfarm payrolls and unemployment rate (October) – Friday at 8:30am ET
• Consumer credit (Sept.) – Friday at 3pm ET

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