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Stock index futures edged higher on Friday, following a pause in Wall Street’s rally as concerns grew over the ongoing U.S. government shutdown. On Thursday, major indexes ended lower as momentum faded. The dip came after the U.S. Senate failed to pass two bills aimed at ending the shutdown. Adding to market uncertainty, Federal Reserve Chair Jerome Powell refrained from offering any insights into the economic outlook or monetary policy during a Fed event. Traders are now increasingly worried that if the shutdown does persist into next week, they won’t get the CPI release on Wednesday, which will leave them more uncertain about the U.S. economy.
Amid a U.S. government shutdown, investors will keep a close eye on economic reports that will be released next week; however, government numbers are in doubt as the shutdown continues. The economic reports that are expected to be announced next week include Construction Spending and Wholesale Trade Sales on Monday, with the NFIB Small Business Optimism Index and Redbook Index on Tuesday. Wednesday will include reports on MBA Mortgage Applications and the Beige Book, with the Philadelphia Fed Manufacturing Index to be released on Thursday.
JPMorgan (JPM), Johnson & Johnson (JNJ), Wells Fargo (WFC), Goldman Sachs (GS), BlackRock (BLK), Citigroup (C), Bank of America (BAC), Morgan Stanley (MS), Abbott Labs (ABT), American Express (AXP), and State Street (STT) will report earnings next week.
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Earnings spotlight: Monday, October 13: Fastenal (FAST). See the full earnings calendar.
Earnings spotlight: Tuesday, October 14: JPMorgan, J&J, Wells Fargo, Goldman Sachs, BlackRock, Citigroup.
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