What Will Impact the S&P 500 Index This Week?
06 Novembro 2023 - 7:35AM
Finscreener.org
After nearly three months of
negative returns, the S&P 500 index sprung back to life,
rising over 5% in the last week. Its recent rebound has meant the
popular index has now gained almost 14% year-to-date.
Let’s see if it can maintain this
momentum in the upcoming days.
Who will report Q3 earnings this week?
While the peak of the earnings
season may have passed, the upcoming week still has a diverse
roster of company earnings for investors to watch out for. Monday
will see financial disclosures from Ryanair
Holdings (NASDAQ:
RYAAY) and BioNTech
(NASDAQ: BNTX),
with Tuesday bringing updates from Gilead
Sciences (NASDAQ:
GILD),
Uber Technologies (NYSE: UBER),
and Rivian Automotive (NASDAQ:
RIVN).
The Walt Disney
Company (NYSE:
DIS) and
Warner Bros. Discovery (NASDAQ:
WBD) are set to release
their reports on Wednesday.
Consumer debt and more
The Federal Reserve Bank of New
York will release its quarterly snapshot of household debt and
credit on Tuesday, providing insights into the financial well-being
of U.S. households during the third quarter.
In the second quarter, U.S.
household debt climbed to an unprecedented $17.06 trillion, with an
increase in credit card debt, which hit a historic milestone by
crossing the $1 trillion mark for the first time.
Credit cards are being used more
frequently by consumers to cover their expenses as they grapple
with the ongoing pressures of high inflation.
Looking ahead to the end of the
week, the University of Michigan is set to publish the early
November figures for its Consumer Sentiment Index (MCSI) on Friday.
The indicator measures the confidence consumers have in their
personal financial situation and the national economy, as well as
their expectations for the future.
October saw the MCSI dip to a
five-month trough of 63.8, reflecting growing concerns among
consumers about their financial health.
Back in June of the previous
year, the MCSI plummeted to an all-time low of 50 during a period
marked by the most severe inflation seen in forty years. The figure
remains significantly lower than the pre-pandemic peak of 101
recorded in February 2020.
GM to invest $13 billion in new UAW deal
General Motors (NYSE:
GM) is set to channel
approximately $13 billion into its American facilities over the
next five years, as reported by the United Auto Workers union
following a provisional deal with the car manufacturer.
GM has already made public
certain investments within this plan, including $4 billion for the
Orion Assembly in the Detroit area and $2 billion for the
production of new electric vehicles in Spring Hill, Tennessee.
Newly disclosed is an investment of $1.25 billion designated for a
future electric vehicle facility at Lansing Grand River.
A significant portion of this
funding will be directed towards assembly plants to either bolster
their current operations or increase their production capacity,
along with investments in engine and component
factories.
Throughout the duration of the
4.5-year tentative agreement, GMU+02019s investment in U.S.
operations will be compared to the $8.1 billion Ford has committed,
as announced by the union, and the $18.9 billion investment plan by Stellantis,
which includes $6.2 billion for previously declared component
factories in Kokomo, Indiana.
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