Technology companies Apple and Amazon will report earnings today and the release of inflation and labour costs data will shed light on the health of the US economy ahead of the presidential election next week.
Apple: Investors will be keen to learn more about how demand fared for the tech giant’s latest iPhone, which is armed with its artificial intelligence technology.
Amazon: The ecommerce giant’s cloud business has been a standout performer, and investors will look for hints on the outlook for consumer spending heading into the holiday season, which could also help paint a picture of the health of the broader economy.
Other companies: Mastercard and Roblox are reporting before the bell. Intel will report after the market closes.
Inflation: Economists anticipate that the core personal consumption expenditure price index — an inflation measure closely watched by the Federal Reserve — rose 2.6 per cent annually in September, down from 2.7 per cent in August. The same PCE report is forecast to show consumer spending growth increased to 0.4 per cent from 0.2 per cent in August.
Econ data: One of the Federal Reserve’s favourite wage metrics, the employment cost index, is expected to show costs increased 0.9 per cent in the third quarter, matching the previous quarter. Separately, new applications for unemployment aid are forecast to have ticked up to 230,000 claims in the week ending October 26, compared with 227,000 seven days earlier.
US election: Vice-president Kamala Harris will host rallies in Nevada and Arizona. Former president Donald Trump will also host a rally in Nevada.
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