Today, technology companies Microsoft and Meta are set to report earnings, while the release of US GDP figures is expected to be of significant interest to voters as the presidential election approaches next week.
Microsoft: Anticipated strong demand in its cloud business is projected to help Microsoft achieve historically high revenue and net income in its first quarter. Investors will be eager to gain insights into how Microsoft is navigating the increasingly competitive artificial intelligence sector.
Meta: Revenue and net income for Facebook’s parent company are expected to have both increased by around 18% in the third quarter. Investors will be looking for commentary on how Meta is incorporating artificial intelligence technology into its advertising strategies.
Other companies: Hess, AbbVie, Kraft Heinz, GE Healthcare, and Biogen will all be reporting earnings before the opening bell. Following the market close, Amgen, Booking Holdings, Starbucks, Coinbase, and Robinhood will release their earnings reports.
US GDP: Economists are predicting that the advance estimate for third-quarter economic growth will remain steady at 3%.
Other economic data: ADP will publish its US employment report for October, offering insights into the labor market before the official government figures are released on Friday. Private payrolls are expected to have increased by 114,000 jobs, a decline from the September figure of 143,000. Pending home sales in the US are forecasted to have risen by 1% in September compared to the previous month, as per economists surveyed by LSEG.
US election: Former President Donald Trump will hold a rally with football quarterback Brett Favre in Green Bay, Wisconsin. Vice President Kamala Harris will be hosting campaign events in the key swing states of North Carolina, Pennsylvania, and Wisconsin.
