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Earnings reports this week are concentrated on Tuesday and Thursday.
IHS Markit,
McCormick,
and
Micron Technology
all release results on Tuesday, while
Conagra Brands,
Constellation Brands,
and
PepsiCo
go on Thursday.
Alibaba Group Holding
also hosts virtual investor events from Monday through Wednesday, while
Noble Energy
shareholders will vote on its proposed sale to
Chevron
on Friday.
The main event on the economic-data front this week is Friday’s September employment report from the Bureau of Labor Statistics. Nonfarm payrolls are expected to rise by 932,500, following a 1.37 million jump in August. The unemployment rate is forecast to tick down to 8.2% from 8.4%.
Other data out this week include the Conference Board’s Consumer Confidence Index for September on Tuesday, the Bureau of Economic Analysis’ final estimate for second-quarter gross domestic product on Wednesday, and the BEA’s personal income and spending figures for August on Thursday.
Investors will also be tuning in on Tuesday to the first presidential debate between president Donald Trump and former vice president Joe Biden. They’ll listen for any additional color on the candidates’ policy plans and look for any impact on the polls post-debate.
Monday 9/28
Alibaba Group Holding hosts a virtual Investor Day that continues through Wednesday. Speakers will include CEO Daniel Zhang.
The Federal Reserve Bank of Dallas releases its Texas Manufacturing Outlook survey for September. The consensus estimate is for an 8.3 reading, roughly even with the August figure.
Tuesday 9/29
IHS Markit,
McCormick,
and Micron Technology report earnings.
The first of three presidential debates between president Donald Trump and former vice president Joe Biden takes place at Case Western Reserve University in Cleveland.
The Conference Board releases its Consumer Confidence Index for September. Economists forecast a 90 reading, higher than August’s 84.8. The postpandemic high for the index was 91.7 in July.
Wednesday 9/30
ADP releases its National Employment Report for September. The economy is expected to add 625,000 private-sector jobs, up from 428,000 in August. Since shedding almost 20 million jobs in March and April, 43% of that total, or 8.5 million jobs, have been regained, according to ADP.
The Bureau of Economic Analysis reports its final estimate for second-quarter gross domestic product. The economy is forecast to have shrunk at an annual rate 31.7%, which would be unchanged from the BEA’s second estimate released in late August.
The National Association of Realtors releases its Pending Home Sales Index for August. Consensus estimate is for a 2.3% rise, a deceleration from July’s 5.9%. Home sales are in the midst of a V-shape recovery, with sellers seeing their homes going under contract in record time, according to Lawrence Yun, the NAR’s chief economist.
The Institute for Supply Management releases its Chicago Purchasing Managers’ Index for September. Economists forecast a 52.1 reading, slightly higher than August’s 51.2.
Thursday 10/1
Conagra Brands,
Constellation Brands, and PepsiCo report quarterly results.
The BEA reports personal income and spending for August. Income is expected to decline 2.8% month over month, while consumption is seen rising 0.9%. This compares with gains of 0.4% and 1.9%, respectively, in July.
Friday 10/2
The Bureau of Labor Statistics releases the jobs report for September. Nonfarm payroll employment is expected to rise by 932,500, after August’s 1.37 million gain. The headline unemployment rate is seen edging down to 8.2% from 8.4%.
Noble Energy holds a special shareholder meeting seeking approval for its proposed merger with Chevron, which would acquire all outstanding shares of Noble. The all-stock transaction, with an enterprise value of $13 billion, was first announced in late July.
Write to Nicholas Jasinski at nicholas.jasinski@barrons.com
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