What to Watch in the Week Ahead and on Monday, October 19

(The Day Ahead is an email and PDF publication that includes the day's major stories and events, analyses and other features. To receive The Day Ahead, Workspace/Eikon users can register at DAY/US. Thomson One users can register at RT/DAY/US. All times in ET/GMT) On Monday In the United States, the National Association of Home Builders (NAHB) Housing Market Index for October is due to be released.

The index is expected to remain unchanged at 32, matching the previous month's reading. Statistics Canada is scheduled to release Canada's September CPI inflation data. Monthly inflation is expected to rise 0.2% after declining 0.1% in August, while annual inflation is seen accelerating to 3.2% from 3.0%. The release will also include the Bank of Canada Core CPI measures, with prior readings of 2.4% year-over-year and 0.1% month-over-month, as well as the CPI Median and CPI Trim gauges, which previously stood at 2.0% and 1.9%, respectively.

In Argentina, September trade balance data is scheduled for release. The country's trade surplus stood at $2.187 billion in the previous month. Rest of Week A busy week of US corporate earnings is on tap, with some of the world's largest companies scheduled to report results. Meta is expected to report slowing third-quarter revenue growth on Wednesday amid the company's growing investments in AI-powered features to boost engagement on its social media platforms.

Investors will be looking for commentary on the Facebook parent's capital expenditure plans for the year and free cash flow after it launched new Muse Wonder series models to challenge Anthropic and OpenAI in the enterprise AI market. Tesla is expected to report a 1% drop in revenue on Wednesday. However, the company's deliveries surged in the third quarter following a recovery in Europe. US economic data will dominate next week's calendar, with Friday's S&P Global flash PMI surveys likely to be the most closely watched release.

Manufacturing PMI is expected at 55.5 versus 55.9 previously, while services PMI is seen at 58.1 compared with 58.8. The composite PMI previously stood at 58.4. Earlier in the week, Thursday's weekly jobless claims report from the Labor Department is expected to show initial claims at 200,000 for the week ended October 17, compared with 199,000 a week earlier. Continuing claims for the week ended October 10 previously stood at 1.710 million.

On Tuesday, the US Census Bureau is due to release September housing starts and building permits data. Housing starts are expected to rise to 1.310 million from 1.275 million, while building permits are seen at 1.393 million compared with 1.403 million previously. Also on Tuesday, the National Association of Realtors (NAR) will release September pending home sales data, after the monthly change was recorded at 0.3% in the previous reading. Rounding out the US calendar, the University of Michigan's final October consumer sentiment reading on Friday is expected to remain unchanged at 46.3.

SpaceX is expected to report quarterly revenue of $12.74 billion for the July-September period as sales of AI compute services grow. Analysts are expecting commentary on a widely rumored merger between the company and Tesla. Netflix is expected to report slowing third-quarter revenue growth on Tuesday, as the streaming firm faces increasing competition, particularly from YouTube. The earnings report follows recent major announcements, including layoffs and changes in its executive suite.

Longtime Chief Content Officer Bela Bajaria is departing and will be replaced by former Disney and Fox executive Peter Rice. Investors will be looking for commentary on the company's content strategy and the potential for integrating other services onto the Netflix platform. American Express is expected to post higher profit when it reports third-quarter results on Friday, as its wealthy customers continue to spend on travel and entertainment, supporting transaction volumes. Among consumer-facing companies, Procter & Gamble is expected to report a rise in first-quarter revenue.

Investors will watch for margin performance and annual forecasts. Philip Morris International will report its third-quarter results on Wednesday. The world's largest tobacco company is battling fierce competition from rivals in the fast-growing nicotine pouch category and regulatory disruption in its heated tobacco business, but has in recent quarters enjoyed an unexpected boost from cigarette sales. Hasbro is expected to post a rise in third-quarter revenue on Tuesday, helped by demand for its toys and digital games.

Investors will watch for annual forecasts, comments on consumer sentiment, logistics pressures, new releases, and updates on the company's growth plan. In the automotive sector, General Motors will report its third-quarter earnings on Tuesday, October 20. The Detroit automaker is forecast to report earnings of $3.63 per share. Additionally, General Motors will provide updates on its software-defined vehicle technology and next-generation EVs at an event in New York City on Wednesday featuring company leaders, including CEO Mary Barra.

Separately, AT&T is expected to report a rise in third-quarter revenue on Wednesday, helped by increased customer switching and upgrade activity following new iPhone launches. Apple's new foldable iPhone Duo is also set to go on sale in the United States on Friday. Spotify is expected to report higher third-quarter revenue on Thursday, helped by growing demand for its streaming services. Investors will be looking for commentary on the company's AI strategy to boost user engagement as competition intensifies.

Meanwhile, Comcast's studios segment is expected to report higher third-quarter revenue on Thursday, driven by box-office gains from tentpole releases such as The Odyssey and the latest Minions film. In financials, Blackstone kicks off the earnings season for alternative asset managers next week. Wall Street will closely watch for commentary on the outlook for monetization activity against a backdrop of rising rates. Focus will also be on management commentary regarding the AI landscape.

In healthcare, Abbott is expected to report third-quarter results on Wednesday, with investors focused on its diagnostics and medical devices businesses, including heart valves and cancer tests. Health insurer Elevance is expected to report third-quarter results before markets open on Wednesday. Investors are expected to look out for any changes to its annual forecast, as well as comments on medical costs. SLB will report third-quarter results on Friday.

Investors are likely to focus on the pace of recovery in SLB's Middle East operations, margin performance, and growth in its higher-margin digital businesses. The company is expected to post earnings per share of 61 cents, according to data compiled by LSEG. Halliburton is set to report earnings on Tuesday. The company is expected to post third-quarter adjusted profit of 58 cents per share and net income of $485.8 million.

Investors will be on the lookout for any commentary on Middle East impacts and contract awards in light of the conflicts in the region. Furthermore, Dow Inc. is expected to report a profit in its third-quarter results on Thursday, compared with a year-earlier loss, as it benefited from higher product prices amid prolonged disruptions caused by the Middle East conflict. Investors will look for management commentary on the fourth-quarter outlook.

3M is expected to report a year-over-year increase in third-quarter profit, driven by higher pricing, ongoing cost-cutting efforts, and new product launches, which are expected to help offset inflationary pressures and support margins. Union Pacific is scheduled to report its third-quarter results on Thursday. Analysts, on average, expect the railroad operator to post a year-over-year increase in both quarterly revenue and earnings per share, according to LSEG data. In Canada, attention will focus on Friday's retail sales report.

August retail sales are expected to increase 1.3% after falling 0.7% in the prior month, while retail sales excluding automobiles previously declined 0.7%. Earlier in the week, Statistics Canada will release September producer prices on Thursday, following a 1.3% increase in August. Also on Thursday, the Canadian Federation of Independent Business (CFIB) is scheduled to publish its October Business Barometer, after a prior reading of 47.90. In Latin America, inflation data from the region's two largest economies will be in focus.

Brazil's statistics agency, IBGE, is scheduled to release the IPCA-15 mid-month inflation index for October on Friday, after a 0.70% increase in the previous month and an annual rate of 4.47%. Earlier, on Thursday, Mexico's statistics agency, INEGI, will publish first-half October inflation data, with prior readings of 0.17% for core inflation and 0.33% for headline inflation. Also on Thursday, Argentina's statistics agency, INDEC, is due to release August retail sales data after reporting a 25.8% year-over-year increase in the previous release. (Compiled by Imran Zafar; Edited by Vijay Kishore)