Financial Earnings Calendar - The upcoming earnings calendar is heavily focused on financial institutions, with major firms like JPMorgan Chase & Co., Wells Fargo & Company, and Goldman Sachs Group Inc. reporting pre-market on Tuesday [1] - The financial theme continues into Wednesday with Bank of America Corporation and Morgan Stanley also reporting before the market opens [1] Key Earnings Reports - Taiwan Semiconductor Manufacturing Company Ltd., a significant player in the market, is set to lead Thursday's pre-market earnings reports [1] - The following Tuesday will see a busy schedule with over 40 companies reporting, including GE Aerospace, Coca-Cola Company, and Netflix Inc. after market close, along with numerous industrials and healthcare companies [1]

The government shutdown has put fresh focus on earnings reports from Wall Street’s biggest banks https://t.co/2ABosoTjfD ...

Financial Earnings Overview - Next Tuesday and Wednesday are expected to be significant for the market due to a concentration of financial earnings reports from major banks [1] - Key banks reporting on Tuesday include JPMorgan Chase & Co., Wells Fargo & Company, Goldman Sachs Group Inc., and Citigroup Inc., along with Johnson & Johnson from the healthcare sector [1] - The earnings reports will continue on Wednesday with Bank of America Corporation, Morgan Stanley, ASML Holding N.V. from the semiconductor industry, and Prologis Inc. from the real estate sector [1] - Additionally, PepsiCo Inc. is scheduled to report earnings on Thursday [1]

Market Overview - The stock market opened higher on Friday, with Wall Street remaining unfazed by the ongoing U.S. government shutdown [2] - The Nasdaq Composite and S&P 500 reached new intraday record highs despite the shutdown entering its second day [2] - The prediction market Kalshi indicates a 69% chance that the shutdown will last more than 10 days [2] Economic Reports - Investors are closely monitoring upcoming economic reports, although the reliability of government data is in question due to the shutdown [3] - Key reports expected next week include the CB Employment Trends Index, Exports, Imports, Trade Balance, Atlanta Fed GDP, and Consumer Credit [3] - Additional reports on FOMC Minutes, MBA Mortgage Applications, Construction Spending, Gasoline Production, Jobless Claims, and Wholesale Inventories are also anticipated [3] Earnings Reports - Several companies are scheduled to report earnings next week, including Constellation Brands, PepsiCo, Delta Air Lines, Levi Strauss, Tilray, and Unity Bancorp [4] - Specific earnings spotlight dates include Constellation Brands and Aehr Test Systems on October 6, and McCormick & Co on October 7 [5]

Group 1 - The third quarter is concluding with stocks reaching new highs despite weaker economic data and anticipation surrounding the Federal Reserve [2][3] - A significant day for earnings is expected, with major companies like Costco, Accenture, and Jabil reporting [3][4] - Economic data releases today include Durable Goods Orders, Q2 GDP Data, Initial Jobless Claims, and Existing Home Sales, marking a busy day for economic indicators [4]

Market Transparency & Volatility - Proposal to reduce reporting frequency to semi-annually is viewed negatively, potentially increasing volatility due to larger information gaps [2][4][17][18] - Less frequent reports could lead to bigger surprises and market reactions, described as a "tape bomb" effect [2][17] - Reduced transparency may disadvantage retail investors and advantage insiders with access to non-public information, potentially promoting insider trading [3][23] Investor Sentiment & Preferences - Most investors are not seeking less frequent earnings reports, with institutional investors like pension funds likely to oppose the proposal due to their need for transparency [6] - Investors rely on quarterly reports and company forecasts for timely and material information, making less frequent reporting detrimental [10] - Some companies in Europe voluntarily report quarterly despite not being required, driven by investor demand and the desire to avoid large price swings [16] Reporting Frequency & Calendar Alignment - There is a preference for maintaining quarterly reports, with opinions varying on whether monthly reports would be beneficial [12][13] - A shift away from the current calendar-aligned fiscal year reporting is not widely desired by investors [22] - Maintaining the current calendar fiscal year is preferred for ease of alignment and digestion of information [20]

Policy Change Proposal - The proposal suggests shifting from quarterly to semi-annual earnings reports for companies [1] - The rationale includes cutting costs for companies and allowing managers to focus on long-term business strategy [1] - China is cited as a point of comparison for semi-annual reporting [1] Arguments For and Against - Supporters believe it would allow CEOs to focus on the big picture and give smaller companies more breathing room [2] - Supporters also suggest it would boost the role of financial analysts [2] - Opponents argue it would leave investors in the dark, fuel insider trading, and worsen earning swings [2] Regulatory Considerations - Any change in reporting requirements would require regulatory approval [2] - The SEC Chair, a Trump appointee, would lead the regulatory approval process [2]

Earnings Reports - FedEx Corporation is set to report earnings next Thursday after market close, marking the most significant earnings event of the week [1] - Ferguson Enterprises Inc. will report earnings on the following Tuesday, while General Mills Inc. is scheduled for Wednesday [1] - The earnings calendar for the week is relatively light, with no major sector themes or high-density reporting days [1]

Core Insights - Retailers are experiencing mixed earnings reports, reflecting the impact of tariffs, consumer demand, and operational resilience [1] Group 1: Macy's Inc - Macy's reported adjusted first-quarter earnings of 16 cents per share on revenue of $4.60 billion, exceeding Wall Street expectations [2] - The company has cut its full-year profit forecast due to tariff hikes and increased promotions [2] - Macy's is undergoing a significant turnaround, closing approximately 150 stores and focusing on stronger brands like Bloomingdale's and Bluemercury [2] - Despite a 4% increase before the market opened, Macy's stock is down over 28% year to date [2] Group 2: Abercrombie & Fitch Co - Abercrombie & Fitch's stock surged over 28% in premarket trading following a strong first quarter [3] - The retailer posted earnings of $1.59 per share on $1.1 billion in revenue, significantly surpassing estimates [3] - Although Abercrombie issued positive guidance for the current quarter, it reduced its full-year profit forecast due to an anticipated $50 million impact from tariffs [3] - Prior to this report, Abercrombie's stock was down 48.4% in 2025 [3] Group 3: Dick's Sporting Goods Inc - Dick's Sporting Goods saw its stock rise 5% in electronic trading after reporting earnings of $3.37 per share on $3.17 billion in net sales, both exceeding analyst forecasts [4] - The company reaffirmed its full-year outlook and is managing tariff challenges effectively [4] - Dick's announced plans to acquire rival Foot Locker, indicating confidence in its long-term strategy [4] - Dick's Sporting Goods has a year-to-date deficit of 23.9% [4]

Market Performance - Market indexes experienced a decline, with the Dow dropping 389 points (-0.95%), S&P 500 down 43 points (-0.77%), Nasdaq falling 154 points (-0.87%), and Russell 2000 losing 21 points (-1.05%) [1] Company Earnings Reports - Advanced Micro Devices (AMD) reported earnings of 96 cents per share, beating estimates by 3 cents, with revenues of $7.44 billion surpassing the projected $7.12 billion. Forward revenue guidance was raised to $7.4 billion [3] - Wynn Resorts (WYNN) reported earnings of $1.07 per share, missing the estimate of $1.22, and revenues of $1.7 billion, slightly below the $1.73 billion estimate. The company announced a share buyback program, but faces challenges due to tariff concerns affecting its domestic locations [4] - Rivian Automotive (RIVN) posted a narrower loss of 41 cents per share compared to the expected 80 cents, with revenues of $1.24 billion exceeding the $1.02 billion estimate. The gross profit of $206 million positions the company favorably with Volkswagen, which has invested in Rivian [5] Upcoming Earnings Expectations - The Walt Disney Co. (DIS) is expected to report fiscal Q2 earnings with a projected decline of 2.48% in earnings growth, while top-line growth is anticipated at 4.77%. The Parks division and the film "Thunderbolts" are expected to attract significant interest [6] Federal Reserve Meeting - The Federal Open Market Committee (FOMC) meeting is concluding, with no expected change in interest rates. Fed Chair Jerome Powell will address questions regarding the timeline for potential rate reductions and his position before the end of his term in 2026 [7]