🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Bank earnings, UnitedHealth, consumer sentiment: 3 things to watch

Published 10/13/2023, 03:58 AM
© Reuters.
C
-
JPM
-
WFC
-
UNH
-

Investing.com -- Stocks were falling heading into Thursday's close after the release of consumer price data for September showed inflation remains stickier than expected.

The headline CPI number was higher than expected, though core prices came in to match expectations. But that sent stocks lower and bond yields higher as investors settled into the Fed's message that rates would remain higher for longer.

The Fed was largely expected to hold rates steady at its next meeting in November before the CPI data were published. Those expectations remain even after the numbers were revealed but futures traders are starting to see the probability of a Fed hike in December. That would fulfill a projection made at the last meeting in September that the central bank could raise rates again before starting to lower them.

Big bank earnings are likely to be the focus of the market tomorrow, with analysts and investors listening to what bank CEOs say about the health of the economy and the American consumer given the persistent inflation.

Here are three things that could affect markets tomorrow:

1. Bank earnings

Big banks unofficially kick off third quarter earnings season on Friday with JPMorgan Chase & Co (NYSE:JPM) and others reporting before the opening bell. JPMorgan is expected to report earnings per share of $3.89 on revenue of $39.5 billion. Citigroup Inc (NYSE:C) is expected to report earnings per share of $1.24 on revenue of $19.2 billion. Wells Fargo & Company (NYSE:WFC) is expected to report earnings per share of $1.24 on revenue of $20.1 billion.

2. UnitedHealth earnings

UnitedHealth Group Incorporated (NYSE:UNH) is expected to report earnings per share of $6.33 on revenue of $91.4 billion.

3. Consumer sentiment

The University of Michigan's consumer sentiment reading for October is due out at 10:00 ET (14:00 GMT). Analysts expect 67.4, down from 68.1 at the prior reading.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.