Nvidia's AI summit, Tesla's robotaxi, Amazon Prime Day, inflation: What to watch in the markets this week
Last week closed on a positive note, with two key developments easing concerns about the economy. A strong jobs report helped calm fears of a weakening labor market, while the resolution of the dockworkers’ strike alleviated worries about supply chain disruptions. In addition, oil prices, which had surged early in the week due to Middle East tensions, saw a welcome pullback by the weekend.
This week promises to be action-packed, with plenty on the horizon. With this wave of optimism, let’s dive into what the coming week has in store.
Three-day Nvidia AI summit
NVIDIA’s AI Summit kicks off Monday, running from Oct. 7-9 in Washington, D.C. The three-day event will bring together industry leaders to explore how AI can tackle some of society’s biggest challenges. With a focus on healthcare, cybersecurity, manufacturing, and more, the summit will highlight AI’s potential to drive innovation across key sectors.
Amazon’s two-day Prime Day sale
Amazon’s (AMZN) highly anticipated two-day Prime Day sale event kicks off Tuesday, offering a valuable glimpse into consumer behavior and e-commerce trends. The sale will provide key insights into what products shoppers are prioritizing, as well as into the broader state of consumer demand. This event is expected to highlight popular categories and pricing strategies and could serve as a bellwether for the coming holiday shopping season.
Amazon’s recruitment strategy is partly driven by expectations that e-commerce spending will surpass overall holiday sales in the fourth quarter. The company’s Prime Day event earlier this year generated over $14.2 billion in online sales, marking one of the biggest e-commerce events of the year.
Musk will finally unveil robotaxi
Tesla (TSLA) CEO Elon Musk will finally unveil the highly anticipated Robotaxi on Thursday at Warner Bros. Studios (WBD) in Los Angeles, California. Dubbed “We, Robot,” the event will show the first look at the prototype and the booking platform for owners and riders. There will be also an update to the company’s Full Self-Driving (FSD) technology, which powers the robotaxis, along with a production timeline and the service launch date.
Beginning of the financial giants’ earnings
PepsiCo (PEP) is set to report its earnings ahead of the closing bell Tuesday. Then, Thursday, Delta Air Lines (DAL), Infosys (INFY), and Domino’s Pizza (DPZ) are scheduled to release their earnings before the market opens. The week will close with major banks taking center stage Friday, as JPMorgan Chase (JPM), Wells Fargo (WFC), BlackRock (BLK), and the BNY Mellon (BK) lead off the quarterly earnings season for the financial sector.
Inflation data due this week
The Consumer Credit report for September is set to be released Monday. Midweek (on Wednesday), investors will keep an eye on the Wholesale Inventories data for August, along with the minutes from the Federal Reserve’s September FOMC meeting, which could provide insights into the central bank’s next moves.
Thursday will bring a trio of key data releases, including initial jobless claims, the consumer price index (CPI), and core CPI, offering a detailed look at inflation and labor market trends. Finally, on Friday, the producer price index (PPI) and core PPI will be released alongside preliminary consumer sentiment data for October, rounding out the week with a comprehensive view of inflationary pressures and consumer outlooks.
– Francisco Velasquez contributed to this article
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