"All eyes are on the U.S. government's Bureau of Labor Statistics this morning, which is expected to finally report consumer price index (i.e. inflation) data for September today. (The original scheduled date for this data release was October 15, but it's been delayed by the ongoing government shutdown). Forecasts are for another 0.4% inflation increase, the same as last month, which would work out to an annualized inflation rate of 3.1% (up 0.2% from where we were in August)."
"In the absence of related government data that might disprove the assumptions, investors are betting right now the actual numbers will fall close to expectations, and the Vanguard S&P 500 ETF ( NYSEMKT: VOO) is up 0.4% premarket on that assumption. Earnings Turning now to data we do have access to, regardless of the shutdown, earnings season is now in full swing, with multiple big companies reporting today."
"Major defense contractor and S&P 500 component company General Dynamics ( NYSE: GD) beat earnings by 19 cents this morning, reporting a Q3 profit of $3.88 per share. Revenue of $12.9 billion likewise exceeded expectations for $12.5 billion. Industrials company and S&P 500 component Illinois Tool Works ( NYSE: ITW) had a $2.81 per share profit in Q3, nine cents better than expected, although revenue came up just short of expectations at $4.1 billion. ITW also guided to between $10.40 and $10.50 per share for full year profit, a nickel ahead of consensus."
September consumer price index data release was delayed by the government shutdown and is now expected from the Bureau of Labor Statistics. Forecasts call for a 0.4% monthly increase and a 3.1% annualized inflation rate, with core inflation expected to rise 0.3% for a 3.1% annual rate. In the absence of fresh data, investors expect numbers near consensus and the Vanguard S&P 500 ETF (VOO) rose about 0.4% premarket. Earnings season is active with General Dynamics beating Q3 EPS and revenue estimates, while Illinois Tool Works beat EPS but missed revenue and guided slightly above prior full-year profit consensus.
Read at 24/7 Wall St.
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