The Week Ahead
Week ahead: Meta's earnings test, AT&T results, and the housing market
Gold, bond and index fund holders get a plain guide to how the week could affect them.
In the week ended Friday: S&P 500 −1.95%, Nasdaq-100 −5.49%, Dow +0.67%
The big question
This week
Can Meta Platforms' results steady technology shares after a bruising week?
Meta Platforms reports quarterly results after the market close on Wednesday, Oct. 21. Tesla and IBM report the same evening. An earnings report shows a company's sales and profit for the latest quarter, and often what managers expect next. Meta goes in with a market value of $1.9 trillion. Its shares slid 1.3% last week, and tumbled 3.7% on Friday alone. The technology sector fund tumbled 7.7% over the week, while the Nasdaq-100 lost 5.5%. The 10-year Treasury yield slid 15 basis points to 5.09%.
A report showing stronger sales or a confident outlook could lift Meta's shares and help steady technology stocks after last week's losses. Weaker results or a cautious outlook could extend that slide. Meta ranks among the most valuable large U.S.-listed companies, so its move could reach many index funds and 401(k) plans. Tesla's results the same evening could push in the same direction or against it. A mixed report might leave the shares swinging in after-hours trading, the thinner session after the main market closes, when prices can move sharply.
For readers
What it means for you: People who own Meta Platforms shares directly carry the full effect of Wednesday's report, with no other holdings to offset it. The stock tumbled 3.7% on Friday ahead of the results. Sales and the managers' outlook, due after the close on Wednesday, Oct. 21, may set the next direction, and after-hours trading can magnify the reaction.
Your money this week
Rates that reach you
30-year fixed mortgage rate
Freddie Mac, Oct. 15
7.40%
0 bp on the week
Mortgage rates shape monthly payments for home buyers and anyone refinancing, and this week's housing starts report could add a fresh signal on demand for new homes.
10-year Treasury yield
Friday's close
5.09%
−15 bp on the week
The 10-year Treasury yield helps set mortgage and other long-term loan rates, and its recent moves could feed into household borrowing costs in the weeks ahead.
Regular gasoline, U.S. average
EIA, week of Oct. 12
$4.33
−0.53% on the week
Pump prices hit household budgets directly, and weekend reports of higher global oil prices could add pressure on fuel costs at the pump.
Fed funds target range
Federal Reserve, as of Oct. 15
3.75%–4.00%
The Fed's target range guides rates on savings accounts, credit cards and home equity lines, so it may shape what households earn on cash and pay on debt.
The week ahead
Week of Oct. 19
No major scheduled releases.
Before open Earnings: GE Aerospace. GE Aerospace, the jet engine maker, reports quarterly results before the opening bell, which could offer a read on demand for air travel and aircraft parts.
10:00 a.m. State Employment and Unemployment (Monthly), September. The Bureau of Labor Statistics releases September jobs and unemployment data state by state, which could show where hiring is strengthening or softening across the country.
After close Earnings: Netflix. Netflix reports quarterly results after the close, and its revenue and outlook could offer a read on how households are spending on entertainment.
TBD New Residential Construction (Building Permits, Housing Starts, and Housing Completions), September. The Census Bureau publishes September figures on building permits, housing starts and completions at a time not yet confirmed, an early signal for the housing market and mortgage demand.
Before open Earnings: AT&T. AT&T reports quarterly results before the opening bell, which could give a read on how households are spending on phone and internet service.
10:00 a.m. Usual Weekly Earnings of Wage and Salary Workers, third quarter. The Bureau of Labor Statistics reports typical weekly pay for full-time workers in the third quarter, a read on whether wages are keeping pace with living costs.
After close Earnings: Meta Platforms, Tesla and IBM. Meta Platforms, Tesla and IBM report after the close, and their results could move some of the largest U.S.-listed companies held in many index funds and retirement accounts.
Before open Earnings: Procter & Gamble. Procter & Gamble reports before the opening bell, and the maker of everyday household goods could shed light on how shoppers are responding to prices.
10:00 a.m. University of Michigan Surveys of Consumers, October (final). The University of Michigan releases its final October consumer sentiment survey, a gauge of how confident households feel about their finances and what inflation they expect.
If you own
What to watch
Index funds that track large U.S.-listed companies could feel this week's earnings reports from Meta Platforms, valued at $1.9 trillion, and Tesla, at $1.4 trillion, both due Wednesday after the close. Because funds like these weight companies by size, those results may move a broad fund more than most other holdings.
Bond funds could respond to Tuesday's September housing starts and Friday's final University of Michigan consumer survey. The 10-year Treasury yield slid 15 basis points last week to 5.09%, and because bond prices move opposite to yields, further swings may push fund values either way.
Gold funds may respond this week to any shift in real interest rates, meaning rates after inflation, or in the dollar. A widely held gold fund fell 0.7% last week and has tumbled 3.6% this year, and further rate moves could extend or ease that decline.
Sector funds could see uneven moves this week as companies across several industries report. Netflix and Meta Platforms could sway communication services funds, Tesla may move consumer discretionary funds, GE Aerospace could affect industrial funds and Procter & Gamble might shift consumer staples funds.
Earnings to watch
Largest reporters
Wed · After close Meta Platforms META · $1.9 trillion market value. Investors are likely to look at Meta's advertising revenue, its spending plans for artificial intelligence and any comment on regulatory scrutiny, including weekend reports about its platforms in Brazil.
Wed · After close Tesla TSLA · $1.4 trillion market value. Investors are likely to look at Tesla's vehicle deliveries, profit margins and any update from the company on its outlook for the rest of the year.
Thu · Before open Procter & Gamble PG · $360 billion market value. Investors are likely to look at whether shoppers are still buying Procter & Gamble's products at current prices, and at what the company says about costs and demand.
Tue · Before open GE Aerospace GE · $320 billion market value. Investors are likely to look at GE Aerospace's orders, its commentary on jet engine demand and servicing, and any change to the company's outlook.
Tue · After close Netflix NFLX · $300 billion market value. Investors are looking for growth in revenue and advertising, along with how Netflix describes its outlook for subscriber spending and content costs.
Weekend watch
While markets were closed
Bitcoin −0.11% since Friday, 4 p.m. ET, at $81,381.
Brent crude, the global oil benchmark, climbed to its highest level since May late Friday, according to reports, as the U.S.-Iran and Russia-Ukraine wars disrupted supply. Energy shares and fuel prices could react when markets reopen Monday.
Meta denied political bias after reports said staff flagged Instagram restrictions affecting Brazilian President Lula's accounts during the country's elections. The reports could add to regulatory scrutiny of Meta ahead of its results on Wednesday.
Stock index futures resume trading at 6 p.m. ET tonight.
AI corner
Three changes that matter
Topics: Startups, Deals
Anthropic opens talks with New York City comptroller over IPO timing
New York City Comptroller Mark Levine urged a delay to the potential November listing over safety and governance concerns, and the outcome could shape how investors weigh other AI listings.
Topics: Chips, Markets
Chip stocks extend losing streak as CoreWeave credit concerns mount
Investors are not abandoning the AI buildout but are asking who pays for it, according to reports, a question that could weigh on chipmakers and their suppliers.
Topics: Markets
Blue Owl expands bet on AI data centers as Monroe Capital stays out
Executives at an industry summit split over AI, with some calling data centers a rare opportunity and others warning heavy spending could end in costly losses.
How it works
Earnings season
The outlook can outweigh the quarter. Guidance is a company's own forecast for its coming sales or profit. It usually arrives alongside quarterly results. Investors often give it more weight than the quarter just ended, because a share price reflects expectations about the future. In practice, the sequence runs like this. A company reports what it earned over the past quarter. Executives then describe what they expect for the months ahead. Analysts compare that outlook with their own estimates and adjust their models. A raised outlook tends to be read as confidence. A lowered outlook tends to be read as a warning. A strong quarter paired with a cautious outlook can still leave a stock lower the following day. This week, Meta Platforms is scheduled to report after the close on Wednesday, Oct. 21, alongside Tesla and IBM. Meta shares slid 1.3% over the past week. Tesla shares tumbled 7.3% over the same stretch. For both companies, what executives say about the coming months may shape the market's reaction as much as the results themselves. Guidance tends to matter most during earnings season, when many large U.S.-listed companies update their outlooks within a few weeks of each other. It can also move a stock when a company revises its forecast between scheduled reports.
The close
The big picture. This is a heavy earnings week, and technology sits at the center of it. Large U.S.-listed companies start the week on the back foot. The S&P 500 slid 1.9% last week, while the tech-heavy Nasdaq-100 tumbled 5.5%. Meta Platforms, Tesla and IBM all report on Wednesday evening. Their sales figures and outlooks could decide whether last week's selling in technology eases or spreads. Tuesday's housing starts and Friday's consumer survey may also sway bond yields and mortgage rates.
Question of the week. This week's question is whether Meta Platforms' results can steady technology shares after a bruising week. The answer arrives with its earnings report after the market close on Wednesday, Oct. 21.
On the calendar. The Fed's rate-setting committee opens its meeting on Tuesday, Oct. 27, and its decision could shape what savers earn and borrowers pay. The Conference Board's consumer confidence index arrives the same day, a read on how households see jobs and the months ahead.
See you Monday.
Not investment advice.