The week ahead: the Fed decides, Microsoft, Alphabet and Amazon report, and the first read on third-quarter GDP
What to watch from Monday, October 26 through Friday, October 30: earnings, economic reports and other scheduled events. The Federal Reserve announces its rate decision Wednesday.
The Federal Reserve's October decision, earnings from three of the biggest AI spenders and the first estimate of third-quarter growth fill the week of Monday, October 26 through Friday, October 30. About one-third of S&P 500 companies report quarterly results. Here is what is scheduled, day by day. All times are Eastern.
Where things stand going in
Stocks fell Friday to close a second straight losing week for the S&P 500 and Nasdaq. The S&P 500 fell 0.52% on the day and 0.5% on the week. The Nasdaq Composite slipped 0.21% to 25,955.34 and lost 0.7% on the week. The Dow Jones Industrial Average fell 1.23%, about 653 points, to 52,215.16 but ended the week up about 0.4%. See our Friday Dusk Ledger. Oil is near the top of the Fed's inbox: Brent crude settled Friday at $116.72 a barrel, its highest since April 29, and US crude at $103.27 after a week of attacks on Saudi Arabia (our oil story). Investors are also questioning whether heavy AI spending will pay off, after disappointing reports from Meta and Lam Research hit technology shares on Thursday.
Monday, October 26
| Time (ET) | Event |
|---|---|
| All day | No major US economic releases are scheduled (per Newsquawk). |
| Before the open | Verizon reports. |
| After the close | Cadence Design Systems and Welltower report. |
Tuesday, October 27
| Time (ET) | Event |
|---|---|
| All day | The Federal Reserve opens its two-day policy meeting; the decision is due Wednesday. |
| 8:15 AM | ADP weekly employment change (per Newsquawk). |
| 8:30 AM | September durable goods orders (per Newsquawk). |
| 10:00 AM | The Conference Board's consumer confidence index for October. |
| Morning | Richmond Fed and Dallas Fed factory surveys for October (per Newsquawk). |
| 4:30 PM | The American Petroleum Institute's weekly oil inventory report. |
| Before the open | Coca-Cola, Boeing, UPS, Novartis, S&P Global, HCA Healthcare and American Tower report. |
| After the close | Visa, Seagate Technology and Robinhood report. |
Wednesday, October 28
| Time (ET) | Event |
|---|---|
| 10:30 AM | The Energy Department's weekly oil inventory report. |
| 2:00 PM | The Fed announces its rate decision, followed by a 2:30 PM press conference. Futures pricing implies about a 10% chance of a second straight quarter-point increase after September's rise, so a hold is the base case (per Seeking Alpha). |
| Same day | The Bank of Canada announces its own decision, and the UK government presents its autumn budget (per Newsquawk). |
| Before the open | GE Vernova, Biogen and ADP report. |
| After the close | Microsoft (call at 5:30 PM), Alphabet (4:30 PM), T-Mobile, ServiceNow, Chipotle and Ford report. The two megacap reports land hours after the Fed decision, putting cloud growth and AI spending back in focus. |
Thursday, October 29
| Time (ET) | Event |
|---|---|
| 8:30 AM | First estimate of third-quarter GDP. Economists expect annualized growth of about 3% (per Seeking Alpha). |
| 8:30 AM | September's PCE price index, the Fed's preferred inflation gauge, arrives with personal income and spending; weekly jobless claims are due the same morning (per Newsquawk). The data lands a day after the Fed decision rather than before it. |
| Morning (Europe) | The European Central Bank announces its rate decision, followed by a press conference. |
| Before the open | Eli Lilly, Mastercard, Merck, Caterpillar and Shell report. |
| After the close | Amazon (call at 5:00 PM), Intel, Starbucks and Gilead Sciences report. |
Friday, October 30
| Time (ET) | Event |
|---|---|
| 8:30 AM | The third-quarter Employment Cost Index, a broad measure of pay and benefit costs. |
| 9:45 AM | The Chicago PMI business survey for October. |
| Before the open | ExxonMobil, Chevron, AbbVie and AstraZeneca report, closing the week with the oil majors just as Brent sits at a six-month high. |
| After the close | No reports are scheduled after the close. |
What to watch
The Fed's oil problem. Wednesday's decision and press conference land with Brent at a six-month high, and a hold is the base case. See our story on the jump in October hike odds.
Big tech's AI bill. Microsoft and Alphabet report hours after the Fed on Wednesday and Amazon follows on Thursday, after last week's selloff in AI names raised the bar for proof that record spending is paying off. See our story.
Oil's weekly numbers. The API report Tuesday afternoon and the Energy Department's inventory report Wednesday morning will be read against the supply fears that pushed Brent past $116. See our oil story.
Growth and inflation, in reverse order. The first estimate of third-quarter GDP and the Fed's preferred inflation gauge arrive Thursday.
Friday's cost check. The third-quarter Employment Cost Index and the Chicago PMI close the data week, and ExxonMobil and Chevron report before the open.
Company and agency schedules can change, so check the source before you act.
