After nearly three months of negative returns, the S&ampP 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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