Tech firms will likely command the spotlight during this week’s earnings calendar, though pharmaceuticals and gig economy providers are also likely to be in focus. Artificial intelligence demand will be top of mind for market watchers when chipmakers Advanced Micro Devices, Qualcomm, and Arm Holdings, as well as software provider Palantir, report earnings this week. Results from pharmaceutical firms come amid pressure from the Trump administration to lower prices.
Market watchers are likely to pore over private-sector jobs data for October in the absence of the originally scheduled U.S. employment report, which is likely to be delayed again as the government shutdown enters its second month.
Tech, Pharmaceutical Earnings Reports in Focus
Advanced Micro Devices will report on Tuesday, and investors will likely want to hear more about recent deals like the one signed in October to supply AI chips to Oracle. Other chipmakers are on the corporate earnings calendar this week, including Qualcomm, which last week unveiled two new AI chips for data centers. Chip designer Arm Holdings is also scheduled to report this week.
In other tech-related reports, Palantir’s earnings on Monday come as the software maker’s shares have more than doubled this year on strong demand for its AI platforms. Cloud network provider Arista Networks is also on the calendar on Tuesday.
Novo Nordisk reports on Wednesday, and the maker of Ozempic faces pressure from President Donald Trump over the costs of the weight loss treatment, which he said should run about $150 a month instead of the more than $1,000 it costs now. Other noteworthy pharmaceutical firms to report this week include Amgen, Pfizer, and AstraZeneca, and they come as firms have made deals to lower drug prices in response to Trump’s threat of hefty pharmaceutical tariffs. Several key firms in the so-called “gig economy” are also expected to report this week, including ride-sharing app Uber, food delivery service DoorDash, and property-rental app Airbnb.
Private-Sector Jobs Data, Consumer Credit, Fed Speakers Highlight Limited Economics Calendar
While the Federal Reserve has raised worries over the health of the labor market, the government shutdown is again expected to keep officials guessing over employment levels in the U.S. Originally scheduled for Friday, the Bureau of Labor Statistics’ monthly employment report for October is expected to be delayed due to the work stoppage. It would be the second straight monthly jobs report delayed due to the shutdown, which is entering its second month. Data on factor orders, the U.S. trade balance, and job openings are also likely to be delayed due to the shutdown.
Market watchers won’t be totally in the dark when it comes to jobs in the U.S., as the private-sector ADP employment report remains scheduled for release on Wednesday. The closely followed ISM surveys on the manufacturing and services sectors are also scheduled this week, giving investors some indications on employment and pricing in those sectors. The Fed’s report on consumer credit and the University of Michigan’s consumer sentiment survey are also expected this week. Remarks from Philadelphia Fed President Anna Paulson, St. Louis Fed President Alberto Musalem, and New York Fed President John Williams will also be of note after the central bank last week cut interest rates for the second time this year.
What analysts are saying about U.S. stocks
Morgan Stanley: “We’re encouraged by the sales beat rate in earnings season (>2x avg.) and the best EPS growth for the median stock (11%) in 4 years—supportive of our call that a new cycle and bull market began in April. Near-term risks to watch—Fed moving too slow and funding market stress increasing.”
JPMorgan: “The starting point between US and International equity weights, as well as valuation divergence, remain extreme. The potential resumption of the rotation into International markets, post the last 6 months pause, could work even if the AI trade does not take a back seat, given the changed correlations, and even if risk markets were to see some weakness, as the US might not be a traditional low beta that it was in times of elevated volatility.”
Evercore ISI: “Enthusiasm has spurred double-digit SPX returns YTD, in what would be the third year in a row. EVR ISI Strategy continues to see S&P 500 upside to 7,750 by YE 2026 as signs of an end to this (relatively) young bull market – hawkish Fed, capital market froth, slowing AI spending – remain absent.”
BTIG: “The Nasdaq 100 closed higher for a seventh consecutive month, something it has only done five other times in its history. Only twice did it continue higher for an eighth straight, and not since 1995. While we are well aware that November is historically bullish (higher 12 of last 13 years), we think there could be some November rain this year.”
RBC Capital Markets: “We continue to think earnings are providing a solid foundation for the US equity market. But we also continue to think it’s important to note that earnings sentiment is still tracking a notch below what we saw in the last reporting season, suggesting the best part of the earnings story may be behind us.