US Market Week Ahead: Retail Sales Data and Key Financial, Consumer 3Q Earnings

October 14, 2024

In the United States, the spotlight this week will be on retail sales data and third-quarter earnings from leading financial and consumer companies. Additional critical economic reports, including building permits, industrial production, and import and export prices, will provide further insights into the state of the economy.

1. September Retail Sales Data

Retail sales in the US increased by 0.1% month-on-month (MoM) in August 2024, surpassing expectations of a decline and signaling steady consumer spending. For September, the market forecasts a 0.3% MoM rise, reflecting ongoing resilience in consumer demand.

2. Financial and Consumer Giants Reporting Earnings

Major financial institutions like Citigroup Inc (NYSE:C), Bank of America Corp (NYSE:BAC) and Goldman Sachs Group Inc (NYSE:GS) will report earnings this week. Bank of America is expected to report lower third-quarter earnings, pressured by reduced interest income. Goldman Sachs may experience a profit boost, driven by advisory fees from mergers and stock offerings. On the consumer side, Netflix Inc (NASDAQ:NFLX) and Procter & Gamble Co (NYSE:PG) will also release earnings, giving more insight into consumer behavior and spending trends.

3. Fed Officials’ Speeches  

 A range of Federal Reserve officials, including Kashkari, Waller, Daly, and Bostic, are scheduled to speak this week. Their comments will provide important signals on the Fed’s outlook as the market anticipates a modest 25 basis point rate cut in November, with little chance of a larger reduction.

4. Other Key Economic Data

Building permits climbed by 4.6% in August, reaching a seasonally adjusted annual rate of 1.470 million. September data will offer a clearer picture of the housing market’s momentum. In addition, September reports on industrial production and import and export prices will help gauge the health of the manufacturing sector and trade dynamics. 

Last week, financials like JPMorgan Chase & Co (NYSE:JPM) and Wells Fargo & Co (NYSE:WFC) led a strong market performance, resulting in weekly gains across all major indices: S&P 500 (+1.5%), Dow Jones (+1.4%), and Nasdaq 100 (+1.7%). However, investor caution persists amid uncertainty surrounding the upcoming US presidential election, the pace of Fed rate cuts, and escalating geopolitical risks in the Middle East.

Disclaimer: ProsperUs Manager of Content Hailey Chung doesn’t own shares of any mentioned companies.

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Hailey Chung

As a lifelong learner, Hailey strives to simplify finance for everyday investors, making it relatable and enjoyable. She desires to support investors with various background, whether they are grappling with limited time and resources in seeking financial freedom or are sincere in stewarding their money well as a token of gratitude for God's provision. With a focus on responsible investing, Hailey balances caution and opportunity, believing life's too short to stress over market fluctuations. Beyond the pursuit of profits, she advocates for investments aligned with building a better world. As Manager of Content at ProsperUs, she leverages her journalism background from The Edge Malaysia, where she honed her skills at the capital and corporate desk.

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