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With the Nasdaq index on the verge of hitting an all-time high, the third quarter earnings of M7 big tech companies, which will influence the flow of the New York stock market this week, are being announced one after another. In addition, major economic indicators that could change the market are also announced one after another, such as the US employment trend in October, the personal consumption expenditures (PCE) price index in September, and the US gross domestic product (GDP) in the third quarter. AFP Coalition
The New York stock market once again stands at a crossroads this week amidst a flurry of announcements of major economic indicators and earnings announcements from M7 Big Techs.
M7 Big Tech’s third quarter earnings announcement is actually focused on this week.
Excluding Tesla, which released its quarterly earnings last week, and NVIDIA, which is scheduled to announce its earnings on the 20th of next month, five M7 big tech companies will release their earnings this week.
In addition, employment trends for October and the Personal Consumption Expenditures (PCE) price index, which is the U.S. Federal Reserve’s inflation standard indicator, will also be released.
Gross domestic product (GDP) statistics, the clearest indicator of the US economic trend, will also be announced on the 30th (local time).
Big Tech earnings announcement
Five of the M7 Big Tech companies, including Apple, ranked 1st in market capitalization, Microsoft (MS), 3rd, Alphabet, Amazon, and Metaplatforms, are announcing their performance in a row.
Alphabet will release its quarterly earnings after the market closes on the 29th, followed by Microsoft and Meta on the 30th, followed by Apple and Amazon on the 31st.
As an analysis showed that Apple has reduced the number of iPhone 16 orders by 10 million units compared to the previous model, the iPhone 15, by the first half of next year, the stock price direction may be influenced by the third quarter performance, including the initial sales performance of the iPhone 16.
Some even recommended selling stocks before the earnings announcement.
If Apple falls ahead of its earnings announcement, it is highly likely that Nvidia will regain the top spot in market capitalization in four months.
The remaining M7 performance is expected to create a favorable environment for NVIDIA.
This is because their investments in artificial intelligence (AI) are expected to raise the stock prices of AI semiconductor companies, led by NVIDIA.
Alphabet, Microsoft, Meta, and Amazon are all investing heavily in AI. The performance announcement outlines how much they have invested so far to expand their data centers and how much they plan to invest in the future. Market expectations are high.
AMD, a semiconductor company that challenged Nvidia amid the AI theme, will announce its performance after the market closes on the 29th.
Berkshire earnings release
In addition to Big Tech, McDonald’s, the world’s largest restaurant chain, which has recently been in trouble due to the hamburger patty food poisoning incident, and Eli Lilly, which has emerged as the world’s largest pharmaceutical company by market capitalization with the diet drug Zebbound, will also announce their earnings this week.
McDonald’s will release its earnings on the 29th, and Lilly will release its earnings on the 30th.
Also, on the 1st of next month, there will be earnings announcements by ExxonMobil and Chevron, the two major US oil majors, and Berkshire Hathaway by Warren Buffett, the ‘Sage of Omaha’.
However, since Berkshire usually announces its earnings on Saturdays, it is highly likely that it will release its quarterly earnings on the 2nd, which is Saturday, rather than the 1st.
In addition, Ford Motor Company is scheduled to announce its performance on the 28th, and Pfizer, a COVID-19 vaccine company, is scheduled to announce its performance on the 29th.
Caterpillar, a heavy equipment company that acts as a wind vane for the construction industry, announces its earnings on the 30th along with Starbucks.
Ride sharing company Uber’s earnings announcement is on the 31st.
indicator
Major economic indicators are also announced one after another.
The indicator that investors’ eyes and ears are focused on is the October employment trend that will be announced by the Ministry of Labor on the 1st of next month.
Last month, the number of newly employed people hit 254,000, 100,000 more than expected, triggering a rise in the stock market, so interest is also focused on this employment indicator.
Economists estimate that the number of new jobs in October would have reached 140,000.
The Fed’s price index, the PEC price index, will be announced for September on the 31st.
It is estimated that the PCE price index in September rose 2.0% compared to the same month last year, falling further from the 2.2% increase in August. This will finally achieve the Fed’s goal.
A day earlier, on the 30th, the U.S. third quarter gross domestic product (GDP) statistics will be announced. It is the first preliminary value to be announced.
The market estimates that the U.S. GDP growth rate in the third quarter was 2.1%, which was 0.9% p lower than the growth rate in the second quarter, which was confirmed to be 3.0%.
[email protected] Reporter Song Kyung-jae
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