Columbus Day, now more commonly called Indigenous Peoples' Day, is this coming Monday, Oct. 14, 2024, and investors are probably curious to know what awaits them in terms of how markets function and several major economic events during the week.Here's a guide about what will be open and closed, what's happening in the markets, and the economic reports to watch.
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Columbus Day Stock Market Hours
US stock markets-meaning the New York Stock Exchange and Nasdaq-are open during regular hours of trading, that is, 9:30 to 4:00. Eastern Time, meaning investors looking to buy or sell see business-as-usual take place. Not all of the markets are going to be in action, though. The bond markets will be closed Monday-what the m sliders refer to as an extra-long weekend​.
While stocks will be open, banks, post offices and many government offices will be closed-meaning some activities related to finance could be affected. The Federal Reserve also is on holiday, meaning there will be no settlement of ACH or wire transfers until the following business day.
Earnings Reports to Watch This Week
This is going to be quite an important week, as far as financials, technology, and healthcare sectors are concerned, since many big companies will report their earnings. Some highly awaited earnings reports come from:
Results: Goldman Sachs, Morgan Stanley, and Citigroup report third-quarter revenue and profits. Investors will closely watch the reports for signs about the relative health of the banking sector in particular, with the seesaw interest rate environment and shaky markets.
Next week, quarterly earnings from UnitedHealth Group, Inc., Johnson & Johnson, and Intuitive Surgical Inc. are scheduled. Each of those medical giants is closely watched for guidance on the hot healthcare industry, which has been running on ongoing medical advancement and policy changes.
Earnings reporters include Taiwan Semiconductor Manufacturing- and Netflix: TSMC's earnings will be an indicator on the state of health in the global semiconductor industry; while Netflix's report focuses on subscriber growth and competitive positioning in the streaming space​
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Economic Data Releases and Federal Reserve Speeches
Apart from earnings, several key economic reports would be released that would show in detail the condition of the U.S. economy:
Retail Sales: The September retail sales report hits later this week-it shows how well consumers are spending. Because consumer spending comprises such a giant portion of US economic activity, this report will be key to making sense of the health of the economy heading into the final quarter of the year.
Housing Starts, Building Permits: These are the two reports that would shed light into the real estate market. With high volatility in mortgage rates in recent periods, data on housing starts and permits would give investors an idea if the housing market is either stabilizing or getting softer.
Federal Reserve Speeches: It's a parade of Fed officials speaking throughout the course of the week. Every word they say will be parsed for any indication of what to expect from future monetary policy, particularly when and how rates could be raised or lowered. Statements regarding inflation or economic growth could spark sudden changes in market sentiment.
The Week Ahead: What to Expect
Traders will digest corporate earnings, economic data, and continued ambiguity over interest rates that will likely give the stock market its ups and downs. October is normally an exceedingly volatile month for the stock market, and investors should pay heed with the many different macroeconomic events already in place, such as fears of inflation, global geopolitics, and more.
In all, bond markets will be closed, while for equity traders, it will be a business-as-usual activity. The week is choked full with key earnings reports and economic data that keep giving insight into the direction of the US economy. Investors should pay close attention to key sectors like finance, healthcare, and technology while being wary of market movements spurred by Federal Reserve commentary.
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