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What you need to know about this week's Stock Market
After an upbeat start to the reporting season, which saw many of Wall Street's major banks outperform consensus expectations, third-quarter profits are likely to go up even further this week, with new readings on the housing market also in focus.
According to FactSet, the S&P 500 is anticipated to log a 30% growth for this quarter. This figure was up from the previous week, when the expected profits growth rate for the third quarter was around 27.6%. It was based on both actual earnings from companies that have reported thus far and predictions for future results.
Companies from a variety of industries are expected to release results this week, providing more information about how persistent virus-related disruptions and supply-side constraints have impacted various businesses, particularly as the holiday season approaches.
Netflix will be one of the most highly followed names, as it will be the first Big Tech company to report its results for the quarter ended in September, as is customary. After the market closes on Tuesday, the streaming behemoth will release its earnings report.
Other than Alphabet, Google's parent firm, each of the high-flying "FAANG" tech stocks has underperformed the S&P 500 so early this year, as traders shifted away from the victors of the 2020 stay-at-home era. Netflix shares are up 16.2 percent year to date, compared to a 19 percent increase for the S&P 500 during the same period.
Also, investors will be watching a deluge of data on the housing industry in the United States, as material shortages and concerns about affordability continue to weigh on the sector.
The Commerce Department's housing starts data on Tuesday is expected to be one print highlighting these continued difficulties. According to consensus estimates, new homebuilding will remain flat in September compared to August, at a seasonally adjusted annualized rate of 1.615 million. This comes after a 3.9 percent monthly increase in August, however the gain was masked by a surge in risky multi-family housing starts in the Northeast.
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