Wall Street enters a lighter week of earnings and economic data after a Friday rally, with the Nasdaq Composite and Nvidia both touching intraday record highs even as the equal-weighted S&P 500 lags well behind. Marvell's investor day, a handful of consumer-name earnings, and Federal Reserve minutes are the main events to watch before third-quarter earnings season begins.
Wall Street heads into the week ahead with a lighter calendar of earnings and economic data, coming off a Friday rally fueled by a soft September jobs report. Investors are now looking toward the start of third-quarter earnings season, with few scheduled catalysts to move markets before then.
The Nasdaq Composite touched an intraday record high on Friday. Nvidia also set an all-time intraday high the same day, even as market leadership stayed concentrated in a handful of big technology names. The cap-weighted S&P 500 sits about 1% below its mid-August all-time high. An equal-weighted version of the same index, by contrast, is down almost 6% from its own mid-August peak.
Higher Treasury yields raise corporate financing costs, make debt-reliant purchases pricier and lower the present value of future earnings, risks that could widen into a broader pullback if yields climb further. Bond yields and oil prices have also been swinging on Middle East developments, including reports that the U.S. sent another aircraft carrier to the region last week, which pushed both higher.
Marvell investor day headlines a quiet earnings week
No major earnings names report this week, but Marvell holds its investor day on Tuesday, when the company is expected to update its longer-term financial targets. Marvell competes directly with Broadcom in custom semiconductors, and its optical networking business feeds into Nvidia's AI computing hardware, so Tuesday's update could move trading across other AI-linked stocks.
Constellation Brands reports Tuesday evening, Levi Strauss follows Wednesday evening, PepsiCo reports Thursday morning and Delta Air Lines closes out the week Friday morning. Delta likely carries the most valuable information for investors without any direct stake in any of the reporting companies, since Middle East-driven fuel costs are squeezing margins across carriers. Costco is due to release its September monthly sales figures on Wednesday evening.
Fed minutes and PMI data cap the week
The Institute for Supply Management's Services PMI for September opens the week on Monday; economists polled by FactSet expect a reading of 55.9, up from 55.4 in August. New York Federal Reserve President John Williams speaks Tuesday, days after saying the central bank does not need to act with urgency on its next rate move.
Minutes from the Federal Open Market Committee's September meeting, when it hiked rates for the first time in three years, arrive Wednesday, though they predate last week's cooler inflation data and weaker payrolls report. The University of Michigan's preliminary consumer sentiment survey follows on Friday, offering a read on household spending intentions.
Source: CNBC
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