The Week Ahead: Big Earnings Reports, Fed Speakers and CPI Data Take Center Stage

Market Overview

U.S. stock futures pointed higher early Monday, with Dow futures up 84 points (+0.2%), S&P 500 futures rising 0.2%, and Nasdaq 100 futures gaining 0.3%. Investor sentiment is stabilizing after a volatile week, with focus turning to a packed earnings calendar and key inflation data.

All three major indexes closed higher last week, overcoming sharp midweek losses tied to concerns about small regional banks and profit-taking in large-cap tech. Trade optimism returned after President Trump signaled possible tariff exemptions on certain Chinese goods, softening fears of a new round of duties.

The Dow ended the week at 46,190.62 (-1.56%), while the Nasdaq gained 2.14% to 22,679.97 and the S&P 500 advanced 1.70% to 6,664.01. Despite near-term turbulence, the indexes remain well above their 52-week moving averages, suggesting broader uptrend support.

Traders are also watching for any progress in resolving the U.S. government shutdown, now entering its fourth week. Meanwhile, Treasury Secretary Scott Bessent said the U.S. may meet with China’s Vice Premier this week, signaling trade tensions may ease further.

Volatility remains elevated, with the VIX briefly topping 28 last week before retreating. Markets are now pricing in a potential Fed rate cut at the late October meeting, adding another dimension to this week’s inflation report.

Economic Releases & Notable Earnings

Monday (Oct 20)
Before Open: Cleveland-Cliffs (CLF) -$0.45
10:00 GMT – CB Leading Index m/m: Forecast 0.1% (Prev -0.5%)
After Close: Steel Dynamics (STLD) $2.64, W.R. Berkley (WRB) $1.11, Zions Bancorp (ZION) $1.46

Tuesday (Oct 21)
Before Open: Coca-Cola (KO) $0.78, GE Aerospace (GE) $1.45, Philip Morris (PM) $2.09, RTX (RTX) $1.41
09:00 GMT – Fed’s Waller speaks
15:30 GMT – Fed’s Waller speaks
16:30 GMT – API Weekly Statistical Bulletin
After Close: Netflix (NFLX) $6.94, Capital One (COF) $4.38, Texas Instruments (TXN) $1.49

Wednesday (Oct 22)
Before Open: Tesla (TSLA) $0.54, AT&T (T) $0.54, Thermo Fisher (TMO) $5.50
10:30 GMT – Crude Oil Inventories: Forecast 3.5M
After Close: IBM (IBM) $2.44, Lam Research (LRCX) $1.22, SAP (SAP) $1.73

Thursday (Oct 23)
Before Open: Intel (INTC) $0.01, T-Mobile (TMUS) $2.40, Blackstone (BX) $1.23, Honeywell (HON) $2.56
10:00 GMT – Existing Home Sales: Forecast 4.06M (Prev 4.00M)
10:30 GMT – Natural Gas Storage: Forecast 80B
After Close: Newmont (NEM) $1.42, Norfolk Southern (NSC) $3.20

Friday (Oct 24)
Before Open: Procter & Gamble (PG) $1.90, General Dynamics (GD) $3.69, HCA Healthcare (HCA) $5.72
08:30 GMT – Core CPI m/m: Forecast 0.3% (Prev 0.3%)
CPI m/m: Forecast 0.4% (Prev 0.4%)
CPI y/y: Forecast 2.9%
09:45 GMT – Flash Manufacturing PMI: Forecast 51.9 (Prev 52.0)
Flash Services PMI: Forecast 53.5 (Prev 54.2)
10:00 GMT – Revised UoM Sentiment: Forecast 55.0 (Prev 55.0)
UoM Inflation Expectations: Forecast 4.6% (Prev 4.6%)
Tentative: New Home Sales: Forecast 800K

Central Bank Activity

Tuesday (Oct 21)
Fed Governor Christopher Waller speaks at 09:00 GMT and 15:30 GMT. His remarks will be closely followed for any signals on monetary policy ahead of Friday’s CPI release and the upcoming FOMC decision.

Technical Outlook

Dow Jones Industrial Average closed at 46,190.62, down -1.56% for the week. Key support lies at the 52-week SMA (43,435), with recent lows near 43,340.68. Resistance remains near the October high at 47,049.64.

Nasdaq Composite ended at 22,679.97, up +2.14%. Strong support rests at the 52-week SMA (19,674.96), with key resistance at the recent high of 23,119.91.

S&P 500 Index settled at 6,664.01, gaining +1.70%. The 52-week SMA at 6,039.23 is key support, with overhead resistance at 6,764.58.

Major indexes remain in longer-term uptrends above their 52-week moving averages, though near-term resistance levels may test momentum.

Outlook

This week will be pivotal, with earnings from major tech, industrial, and financial names providing a clearer picture of corporate health. More than 100 S&P 500 firms will report, and early results have largely beaten expectations.

The most closely watched event will be Friday’s CPI report. If inflation comes in hotter than expected, it could challenge rate-cut expectations. Conversely, a softer print could reinforce market confidence in Fed easing.

With rising earnings, supportive technicals, and easing trade tensions, the near-term outlook remains cautiously bullish, though sentiment may shift quickly on inflation surprises.

More Information in our Economic Calendar.