AT&T, American Airlines, Dow Inc., Nucor are set to release earnings Thursday morning, while Whirlpool and CSX will unveil figures in the afternoon.
Beginning at 8:30 a.m. ET, two reports of significant importance will be issued, beginning with the Labor Department’s release on the number of new claims for unemployment benefits last week. It is likely to show that the labor market remains tight.
Expectations are for 230,000, up slightly from 228,000 the prior week. Photo taken on Feb. 4, 2022 shows the office building of the U.S. Department of Labor in Washington D.C., the United States. Continuing claims, which track the total number of workers collecting unemployment benefits, are expected to rise for the third week in a row to 1.375 million . For context, continuing claims touched a 52-year low of 1.306 million in the week ending May 21. Also at 8:30 a.m., the Philadelphia Federal Reserve will release its index of manufacturing activity for eastern Pennsylvania, southern Jersey and Delaware. That report is expected to show a slight rebound in October to -5.0, remaining in contraction for a second month. Any reading below zero means that more manufacturers say business conditions are worsening rather than improving. For a little context, recall on Monday the New York Fed reported its gauge of New York-area manufacturing activity fell more than expected in October, remaining in contraction for a third consecutive month.The National Association of Realtors is expected to say sales of previously owned homes fell 2.1% to a seasonally adjusted annual rate of 4.70 million units. That would be the eighth straight monthly drop, the most consecutive declines since the housing collapse in October 2007, to the lowest in more than two years . It would also mark a 27.6% decline from January when sales were humming along at a 6.49 million annual pace. The report follows other data this week showing a housing market under great pressure from rising mortgage rates, inflation, and high home prices: new-home construction activity fell to a 2-year low, with homebuilder sentiment extending a record decline to the lowest since May 2020. Also at 10 a.m. ET, the Conference Board’s Leading Economic index for September will be released. Watch for a decline of 0.3% from August.
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