The upcoming economic data release at 8:30 a.m. ET is expected to influence stock and bond markets significantly. The Dow Jones consensus estimates for weekly initial jobless claims stand at 200,000, while the producer price index (PPI) is anticipated to rise by 0.6% month-over-month and 5.5% year-over-year. Retail sales are also projected to increase by 0.4%.
In corporate news, Taiwan Semiconductor Manufacturing Company (TSMC) is set to report earnings, with its stock having recently fallen 12% from a high earlier this month, despite being up 2.3% over the past three months. Meanwhile, major energy stocks have reached all-time highs, with ConocoPhillips up nearly 14% in October and Marathon Petroleum up 22%.
Conversely, homebuilder stocks are struggling, with D.R. Horton and PulteGroup at 15-month lows, and Lennar down about 40% over the past year, largely due to rising mortgage rates now averaging 7.4%. Other notable movements include International Flavors & Fragrances hitting a new high, and Mastercard and Visa both up nearly 9% in October. Alcoa and J.B.
Hunt Transport Services are also reporting after the bell, with both stocks down significantly in recent months, reflecting broader challenges in their respective sectors