We’ll get more earnings reports this week, including those from Uber Technologies (UBER), UBS (UBS), Occidental Petroleum (OXY), Rivian Automotive (RIVN), The Walt Disney Company (DIS), Honda Motor Company (HMC), and Warner Bros. Discovery (WBD), among others. The New York Fed will issue its quarterly report on household debt and credit on Tuesday, gauging the financial condition of U.S. households in the third quarter. On Friday, we’ll get a timely consumer sentiment reading from the University of Michigan, which will issue its Consumer Sentiment Index (MCSI) for November.
The Next Batch of Earnings
Though the busiest part of earnings season could be behind us, investors can still expect earnings from a wide array of companies this week. We’ll get reports from Ryanair Holdings and BioNTech on Monday, followed by Gilead Sciences, Uber Technologies, UBS, and Rivian Automotive on Tuesday. The Walt Disney Company and Warner Bros. Discovery will report on Wednesday, while Thursday’s lineup will feature Honda Motor Company and Li Auto, among others.
The New York Fed’s Household Debt and Credit Report
On Tuesday, the Federal Reserve Bank of New York will issue its quarterly report on household debt and credit, gauging the financial condition of U.S. households in the third quarter. U.S. household debt rose to a record $17.06 trillion in the second quarter, driven by higher credit card debt, which surpassed $1 trillion for the first time in history. Consumers are relying increasingly on credit cards to finance their purchases, amid persistently high inflation.
A Timely Consumer Sentiment Update
On Friday, the University of Michigan will issue the preliminary November update to its Consumer Sentiment Index (MCSI), a sentiment gauge that tracks consumer’s perceptions about their own finances and the broader economy, along with expectations for the future. The MCSI fell to a five-month low of 63.8 in October, as consumers became more concerned about their personal finances. The MCSI plunged to a record low of 50 in June of last year amid the highest inflation in four decades, and remains well below a pre-pandemic high of 101 in February 2020.