Three Things to Know & Watch – 11 Oct, 2022

Oct 11, 2021

By Bill Hornbarger, Chief Investment Officer

Three Things to Watch

  • The third-quarter earnings season kicks off in earnest this week. Earnings are expected to grow approximately 28%, which would be the fifth consecutive quarter, the longest streak since 2005.
  • Banks will lead the earnings charge with Citigroup, Bank of America, and JP Morgan Chase all on the docket. Walgreens, Delta, and BlackRock also report, and AMC Theatres will announce box office results that include the first weekend of the latest James Bond offering.
  • On the data front, both consumer and producer price indices will be released along with consumer sentiment from the University of Michigan. Job openings and labor turnover survey (JOLTS) will be released in addition to small-business optimism. On Wednesday, the Fed releases the minutes from its latest meeting. CPI and core CPI are expected up 0.3% and 0.2%, respectively, with overall CPI matching the smallest monthly gain in seven months.

Three Things to Know

  • Columbus Day is a national holiday in many countries of the Americas and elsewhere  and a federal holiday in the United States, which officially celebrates the anniversary of Christopher Columbus’s arrival in the Americas on Oct. 12, 1492. U.S. equity markets are open on the holiday, while U.S bond markets are closed. (Source: Wikipedia)
  • The Unemployment Rate in the U.S. moved down to 4.8% in September, its lowest level since the start of the pandemic. This is now a full percentage point below the historical average since 1948 (5.8%). (Source: Compound Advisors)
  • Multifamily asking rents continue to soar. Average U.S. asking rents rose $16 in September to an all-time monthly high of $1,558 and are up a record 11.4% year-over-year. (Source: Yardi Matrix)

 

The above information reflects the current opinion of the author. It is based upon sources and data believed to be accurate and reliable. Opinions and forward-looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security mentioned.