(MarketWatch) — Earnings for technology companies are firmly in investor focus following a rash of disappointing results in the sector, and that will increase the pressure on such companies as Apple Inc., which are scheduled to report in the coming week.
More than 150 S&P 500 companies, along with eight Dow components, are scheduled to report quarterly earnings next week.
Tech stocks were the biggest drag on markets Friday with the Dow Jones Industrial Average DJIA -1.52% closing down 1.5%, the S&P 500 Index SPX -1.66% declining 1.7%, and the Nasdaq Composite Index COMP -2.19% falling 2.2%. For the week, the Dow industrials and the S&P 500 clung to fractional gains, while the Nasdaq finished down 1.3%.
Next week is also a big one for data about global business conditions, according to Stone. Markit releases its October preliminary purchasing-managers’ index results for the United States, euro zone, China, Germany and France on Wednesday.
Also, on Wednesday, the Federal Open Market Committee is set to release its statement following a two-day meeting, but not much new is expected given the Fed’s most recently announced easing measures.
Housing data will also be of particular interest, Sorensen said. On Thursday, pending home-sales data for September is released by the National Association of Realtors, and the August home-price index comes out from the Federal Housing Finance Agency.
Also, on Friday, the Commerce Department releases third-quarter gross domestic product data, and the University of Michigan releases its consumer-sentiment index for October.