Investors will kick off the final quarter of the year as more headwinds swirl for the economy, including the ongoing United Auto Workers (UAW) strike against Detroit’s Big Three.
All three of the major averages fell during the third quarter, led by the Nasdaq Composite’s 4% drop, this as the 10-year Treasury yield topped 4.596%.
3Q Stock Market Returns
- S&P 500: -3.6%
- Dow Jones Industrial Average: -2.6%
- Nasdaq Composite: -4%
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Monday, October 2
UAW strike enters third week
As the UAW strike enters its third week, we’ll get fresh estimates on how much the work stoppage is costing the economy.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 12.43 | -0.12 | -1.00% |
| GM | GENERAL MOTORS CO. | 32.99 | -0.17 | -0.50% |
| STLA | STELLANTIS NV | 19.12 | -0.14 | -0.73% |
In other auto news, Tesla may report delivery numbers for the third quarter. In the prior quarter, Elon Musk’s EV maker made “480,000 vehicles and delivered over 466,000 vehicles,” the company announced.
Tesla shares have gained 103% this year.
Additionally, economic data on vehicle sales, construction spending and manufacturing PMI will start the week.
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Tuesday, October 3
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The JOLTS report will kick off the first of three updates on employment in the U.S. The number of job openings is expected to remain around 8.8 million, which is down from the peak 11 million.
In earnings news, spice maker McCormick & Co will report results and Microsoft will kick off its OneDrive online event to showcase the next generation of file management across Microsoft 365.
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Meanwhile, embattled crypto investor Sam Bankman-Fried’s trial begins in New York City.
Wednesday, October 4
Another worker strike deadline
More than 75,00 union health care workers at Kaiser Permanente say they will strike on Wednesday if a new contract is not reached. The existing contract expired on Saturday. The union says if the strike happens, it will be the largest strike of health care workers in U.S. history, with picket lines in California, Oregon, Washington, Colorado, Virginia and Washington, D.C.
And a national emergency alert will blast across mobile phones, TVs and radios Wednesday. 2:20 p.m. ET/11:20 a.m. PT on Oct. 4.
FEMA and the Federal Communications Commission will conduct the test.
“The purpose of the Oct. 4 test is to ensure that the systems continue to be effective means of warning the public about emergencies, particularly those on the national level. In case the Oct. 4 test is postponed due to widespread severe weather or other significant events, the back-up testing date is Oct. 11.” the agencies said.
In economic data, mortgage applications, ADP’s employment, factory orders and weekly crude inventories will be released.
Oil neared $95 per barrel last week before retreating to the $90 level.
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Thursday, October 5
T-minus
In earnings news, Constellation Brands and Levi Stauss will report, along with economic data on initial jobless claims and the trade balance.
Also on Thursday, Virgin Galactic is targeting the launch of Galactic 4 for its fifth commercial space flight.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SPCE | VIRGIN GALACTIC HOLDINGS INC. | 1.80 | +0.08 | +4.65% |
Friday, October 6
Are more Americans working?
The monthly jobs report will round out the week’s economic data. Employers are expected to have created 163,000 positions, down from 187,000 in August. The unemployment rate is expected to tick down to 3.7% vs. 3.8%.
September Jobs Estimates
Non-Farm Payrolls: 163,000 vs. 187,000
Unemployment Rate: 3.7% vs. 3.8%
FOX Business’ Megan Henney contributed to this report.
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