Investors have another busy week of earnings as the United Auto Workers' strike against Detroit’s Big Three drags on. Also, commodity prices remain in focus as the war between Israel and Hamas continues. Oil touched the $90 per barrel level on Friday.
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Meanwhile, stocks tumbled Friday, leaving all three major U.S. benchmarks lower for the week.
Rising Bond Yields
Investors will be keeping a close eye on bond yields as the 10-year Treasury flirts with 5%. The iShares 10-20 Year Treasury Bond ETF, which tracks prices inverted from yields, hit an all-time low last week and is down over 45% from its all-time high reached in August 2020, as tracked by Dow Jones Market Data Group.
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GM answers to shareholders, tech earnings
General Motors will report earnings before the opening bell on Tuesday, as the UAW strike against the manufacturer, Ford and Stellantis drags well into its second month.
GM has now reached roughly 6,000 strike-related layoffs. Earlier this month, the company confirmed an estimated $200 million loss related to the strike.
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Also on Tuesday, Big-Tech earnings will get underway with Microsoft and Alphabet reporting after the bell.
Shares of the software giant and Google parent company, are up year-to-date, skyrocketing around 37% and 55%, respectively.
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Coca-Cola and Visa will report before the bell.
Meta shares on year-long rise
Meta will spearhead the day’s earnings after the bell. Year-to-date, shares of the Facebook parent have exploded, rising roughly 160%.
Boeing, Norfolk Southern and IBM will also report on Wednesday, with economic data on new home sales, mortgage applications and building permits.
Ford’s turn
Ford earnings are in focus Thursday after the automaker and Stellantis said they were cutting more jobs from two plants as a "direct result" of the ongoing strikes.
"This layoff is a consequence of the strike, because Sterling Axle Plant must reduce its production of parts that would normally be shipped to Kentucky Truck Plant," a Ford Motor Co. spokesperson told Fox News Digital.
The automaker has now reached a total of 2,730 layoffs since the UAW strike began in September.
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Other earnings on tap include Amazon, MasterCard, Chipotle Mexican Grill and Northrop Grumman.
Additional economic data is expected on jobless claims, real consumer spending, pending home sales and the latest read on U.S. GDP.
In the first read on the third quarter, the U.S. economy likely grew 4.2% compared to 2.1% in the second quarter, according to Trading Economics.
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Key inflation data
Exxon Mobil and Chevron will deliver earnings results to shareholders to close the week.
Meanwhile, the core price index for personal consumption expenditures (PCE), a broad measure of the price for everyday goods including gasoline, groceries and rents in the U.S., is slated for release.
Last month, the index showed consumer prices jumped 0.4% from August, with prices climbing 3.5% on an annual basis, according to the Labor Department.
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FOX Business reporters Sarah Rumpf-Whitten and Megan Henney contributed to this report.
