Week Ahead: CPI and PPI Headline a Light Earnings Calendar

The week of November 9 is built around October inflation figures, with the Consumer Price Index (CPI) due Tuesday and the Producer Price Index (PPI) due Friday standing out as the most closely watched releases. Only 11 S&P 500 companies report results this week, making the economic calendar the main focus for markets. CNBC noted that inflation and a run of Federal Reserve speakers will be "front and center" for traders this week.

Economic calendar

Monday

The week opens with a trio of Federal Reserve officials on the speaking circuit: Governor Michelle Bowman at 8:40 AM ET, Chicago Fed President Austan Goolsbee at 10:00 AM ET, and Richmond Fed President Thomas Barkin at 12:15 PM ET. None of these appearances carry a consensus forecast, but they add to a week CNBC described as heavy on Fed commentary.

Tuesday

Tuesday is the busiest day for data. Fed Governor Christopher Waller speaks at 4:00 AM ET, ahead of the morning's main event: October inflation data at 8:30 AM ET. Core CPI, which excludes food and energy, is expected at 0.2% month over month against a prior reading of 0.3%, while core CPI year over year is expected at 2.8% versus 2.6% prior. Headline CPI is expected at 0.3% month over month, down from 0.6% prior, and 3.9% year over year versus 3.7% prior. The seasonally adjusted CPI index itself is expected at 337, up from 336.3. More Fed speeches follow, from Dallas Fed President Lorie Logan at 9:35 AM ET and Governor Bowman and Kansas City Fed President Jeffrey Schmid both at 1:30 PM ET. Late in the day, the American Petroleum Institute (API) reports its weekly crude oil stock change at 4:30 PM ET, with no consensus given against a prior drop of 5.27 million barrels.

Wednesday

The Organization of the Petroleum Exporting Countries (OPEC) releases its monthly report at 5:00 AM ET. The Mortgage Bankers Association (MBA) reports the average 30-year mortgage rate at 7:00 AM ET, with no consensus given against a prior reading of 7.3%.

Thursday

Weekly jobless claims data arrives at 8:30 AM ET, with initial claims expected at 195K versus 189K prior, continuing claims expected at 1,720K versus 1,718K prior, and the four-week moving average expected at 192.5K versus 194.75K prior. Existing home sales data at 10:00 AM ET is expected to show a 0.3% monthly increase, down from 1.5% prior, with sales expected at 3.98 million versus 3.99 million prior. The Energy Information Administration (EIA) reports weekly gasoline and crude oil stock changes at 12:00 PM ET, with no consensus given against prior declines of 0.22 million and 0.87 million barrels respectively. The federal budget balance for October arrives at 2:00 PM ET, expected at a deficit of $298 billion versus a prior deficit of $27 billion. Several more Fed officials speak during the day, including Cleveland Fed President Beth Hammack, Vice Chair for Supervision Michael Barr, Goolsbee again, San Francisco Fed President Mary Daly, and New York Fed President John Williams in the evening.

Friday

The week closes with October producer price data at 8:30 AM ET. Headline PPI is expected at 0.4% month over month, down sharply from 1.3% prior, while core PPI is expected at 0.3% versus 0.7% prior.

Earnings

Monday

Seven companies report, the heaviest day of the week. Constellation Energy (CEG) is expected to post earnings per share (EPS) of $3.90, Ferguson Enterprises (FERG) $3.31, KKR $1.58, NRG Energy (NRG) $3.35, Occidental Petroleum (OXY) $1.45, Skydance Corporation (SKYD) $0.16, and Take-Two Interactive (TTWO) $0.97.

Tuesday

TransDigm Group (TDG) is the lone S&P 500 reporter, expected to post EPS of $12.21.

Wednesday

Vylor Inc. (VYLR) reports, with EPS expected at a loss of $0.53.

Thursday

Two companies close out the week's reporting. Applied Materials (AMAT) is expected to post EPS of $4.06, and Cisco (CSCO) is expected to post EPS of $1.32.