What to Watch in the Day Ahead - Tuesday, October 15
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Bank of America is expected to report a fall in third-quarter profit, hurt by lower interest income at the second-largest U.S. lender. Analysts and investors will closely watch out for the management's outlook on net interest income. Separately, Goldman Sachs is scheduled to report its third-quarter results. The bank is expected to see higher profit as fees from advising on mergers and underwriting stock and bond offerings offset weakness in its trading unit. Also, Citigroup is scheduled to report its third-quarter results. Analysts expect lower profit due to a jump in loan loss provisions.
Johnson & Johnson is expected to report third-quarter earnings before markets open. Investors will closely watch the performance of its electrophysical and surgical devices, and updates on the launch of Rybrevant combination as first-line treatment for lung cancer patients. The focus will also be on any forecast changes, updates on its V-wave acquisition and talc litigation.
UnitedHealth Group will report its third-quarter results before markets open. Investors will look for medical costs for the health insurer and changes to its 2024 outlook. Any update regarding the cyberattack at its Change Healthcare unit will also be closely monitored.
Federal Reserve Bank of San Francisco President Mary Daly will speak and participate in a moderated conversation at an event hosted by the New York University Stern School of Business in New York. (1130/1530) Separately, Federal Reserve Board Governor Adriana Kugler is scheduled to participate in a moderated discussion on "Career Opportunities and Diversity in Economics" before the "Exploring Careers in Economics - Fall 2024" webcast conference hosted by the Federal Reserve Board. (1305/1705) Additionally, Federal Reserve Bank of Atlanta President Raphael Bostic will participate in a moderated conversation on the economic outlook and impact on small business with the Gathering Spot in Atlanta. (1900/2300)
Walgreens Boots Alliance is expected to report fourth-quarter results, its first earnings report since the drugstore chain slashed its fiscal-year profit forecast and announced new store closures. Investors will focus on its fiscal 2025 profit view amid persistent pressure from weak consumer spending and low pharmacy reimbursements.
PNC Financial Services is expected to report a drop in third-quarter profit due to lower interest income. Analyst and investor focus is expected on the bank's outlook for the key metric heading into the fourth quarter of 2024 and into the next year, following the Federal Reserve's larger-than-expected 50 basis point rate cut in September. Additionally, State Street is expected to report a surge in third-quarter profit, as the custodian bank benefits from higher fees earned by managing client assets with stock markets hovering near record highs.
National Retail Federation (NRF) is set to release U.S. holiday sales forecast for 2024 which will give a peek into consumer health in the critical shopping period for retailers. Investors will look out for data and comments on the macroeconomic impact on shoppers' budgets, spending in-store and online, and impact of weather conditions.
United Airlines is expected to report strong third-quarter earnings. The focus will be on its pricing power as well as the outlook for aircraft deliveries. Analysts are also looking for an update on its growth plans in 2025.
Brokerage firm Charles Schwab's third-quarter earnings are expected. Analysts expect its interest costs on debt and deposits to lower its profit.
Statistics Canada is scheduled to release the country's inflation data. Canada's annual inflation likely cooled further to 1.8% in September after reaching the Bank of Canada's 2% target in August. Consumer prices declined by 0.2% in September on a month-on-month basis, mirroring the same rate of decline seen in August. Separately, Canadian wholesale trade most likely fell 1.1% in August from July, compared to a 0.4% rise in July from June, another set of data will show.
Compiled by Nachiket Tekawade in Bengaluru; Editing by Vijay Kishore
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