Wall Street week ahead

Wall Street’s attention in the coming week will largely be set on a scheduled address of the Federal Reserve chair, Jerome Powell, along with the start of the earnings season of the third quarter. Economic data, usually a key manager, will take a rear seat due to ongoing delays caused by the US government. Mr. Powell will deliver a speech at a bank conference in Washington, DC on Thursday. Investors also listen to several other prominent Fed policymakers throughout the week, including Vice Chairman for Supervision Michelle Bowman and Governor Stephen Miran. The earnings calendar will include financial results of America’s largest airline, Delta Air Lines and the world’s third largest soft drink firm, Pepsico, among others. Economic calendar on October 7 (Tuesday) will be released separate reports on the US trade deficit and consumer credit for August. On October 8 (Wednesday), minutes from the US FOMC meeting of the US Federal Reserve will be released. On October 9 (Thursday) Jerome Powell, chairman of the Federal Reserve, will make opening remarks at a bank conference in Washington, DC a report on the initial unemployed claims for the week ended October 4 will be released. On October 10 (Friday), separate Consumer Sentiment (Prelim) reports for October and monthly US federal budget for September will be released. Earnings follow companies will report the results of the third quarter in the coming week – Constellation Brands, Aehr Test Systems, McCormick & Company, Saratoga Investment Corp, Richardson Electronics, Pepsico, Delta Air Lines, Levi Strauss and Tilray. Markets last week tapped US shares higher and sent Wall Street to more records. The Dow Jones industrial average rose by 238.56 points, or 0.51%, to 46,758,28, the S&P 500 achieved 0.44 points, or 0.01%, to 6,715.79 and the NASDAQ composition lost 63.54 points, or 0.28%, to 22,780,51. For the week, the Dow rose 1.1%, the S&P 500 also climbed 1.1%and the Nasdaq rose 1.3%. In the bond market, the return on the 10-year treasury rose to 4.12% from 4.10% late Thursday.