Apple Earnings, Jobs Data and Midterms Test Wall Street This Week

Wall Street faces one of its busiest weeks of the season, with Apple’s quarterly results, the US midterm elections and the October US jobs report all due between Monday and Friday. Investors come in cautious after steep falls in big technology stocks such as Alphabet and Intel last week.

Apple reports its fiscal fourth-quarter results after the market closes on Monday, 2 November. Analysts expect earnings of about $1.98 per share. Data analytics firm Palantir also reports on Monday evening.

Chipmaker AMD follows after the close on Tuesday, with analysts looking for earnings of $1.68 per share. Qualcomm, Uber and McDonald’s are due on Wednesday, and Airbnb and Cloudflare on Thursday. After last week’s slide in chip and AI-linked shares, traders will watch closely for signs that heavy AI spending is paying off.

Americans vote in the midterm elections on Tuesday, 3 November. The results will decide control of Congress and could shape the outlook for taxes, spending and regulation.

The week ends with the US jobs report for October, due at 8:30 a.m. Eastern time on Friday. Forecasters expect employers to have added roughly 55,000 to 65,000 jobs, up from a weak gain of 29,000 in September, with the unemployment rate holding at 4.2 percent. A firm US jobs report could add to pressure on the Federal Reserve, which held rates at its latest meeting, to raise borrowing costs again. A soft US jobs report would ease that pressure.

Source: Bloomberg, Stock Titan, Tech Insider