On Tuesday we'll get the start of third-quarter earnings season, bank earnings and a gauge of manufacturing acitivty in the New York area.
Here are the most important things to know about Tuesday before you hit the door.We'll get quarterly earnings from the four largest U.S. banks with Goldman Sachs, J.P. Morgan Chase, Citigroup and Wells Fargo all reporting before the bell on Tuesday. Wall Street is expecting S&P 500 financial company earnings to drop 2.
Some analysts are anticipating disappointing results could come from this year's over-valued unicorns including Uber's anticlimactic market debut and pre-IPO bust of WeWork's valuation.2. Overall earnings season kick offS&P 500 are expected to decline by 4.6% this quarter, after growing by more than 3% in the second quarter, according to FactSet.
"Analysts expected declines for the past two quarters that failed to materialize, but the further slowdown in macro data could lead to the first EPS decline since the 2015-16 EPS recession," said Bank of America equity and quant strategist Savita Subramanian said in a note to clients earlier this month.
Along with the major banks, Dow Jones Industrial Average members Johnson & Johnson and UnitedHealth are set to report on Tuesday as well.We'll get a read on the health of the manufacturing sector with the Empire State Manufacturing survey set to release at 8:30 a.m. on Tuesday. Economists are expecting October's Empire State Index, which measures activity in the New York area, to come in at 0.8, according to Dow Jones, down from September's reading of 2.
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