This week, the New York market will focus on the earnings season gathering pace and the release of the September CPI. Last week, the Dow and Nasdaq rose, supported by buying back of IT and healthcare stocks, and all three major indexes posted weekly gains.
In last week's New York market, the Dow Jones Industrial Average rebounded 0.93% and the Nasdaq Composite rose 0.64%. Buying back of IT and healthcare stocks progressed toward the end of the week, leaving all three major indexes higher on a weekly basis.
This week, third-quarter earnings season will gather pace. Earnings reports are due from major financial stocks including JPMorgan Chase, Goldman Sachs and Citigroup, as well as from major companies such as Johnson & Johnson, UnitedHealth and Travelers.
Key economic data due for release include the September consumer price index (CPI, with headline CPI expected to accelerate to 3.6% year on year), the September producer price index (PPI) and September retail sales. Trends in inflation and consumer spending could determine the market's direction.
The bond market will be closed tonight for Columbus Day. No major economic indicators or corporate earnings reports are specifically scheduled, and market developments this week are expected to depend on earnings and inflation data.