by Louis Navellier | October 30, 2012 7:41 pm
With Hurricane Sandy finally departing the Atlantic seaboard after leaving an estimated $10 billion to $20 billion in economic damage across the East Coast, many of us still aren’t out of the water yet.
But while first responders and public officials are working around the clock to protect people in the affected areas, Wall Street is making arrangements to reopen as usual Wednesday morning.
As Wednesday just so happens to be the last trading day of the month, it should be a busy day as institutional investors scramble to rebalance their portfolios for the month.
For those of you who can, now is a good time to prepare for this morning’s trading action, so I want to take a moment to run down the big earnings and economic events to look for today and beyond.
On Halloween, we’ll receive earnings data from several big household names:
Along with the weekly jobless claims, the September construction spending and the October consumer confidence reports, Thursday will bring quarterly results from these consumer and retail companies:
Then Friday will be relatively quiet on the earnings front, but it’s the day that the Labor Department releases the unemployment report for October. I consider this to be the most important report for the week.
This Labor Department announcement consists of two separate reports. First, about 60,000 households are surveyed to determine the unemployment rate. Currently, economists expect a 7.9% unemployment rate, slightly higher than September’s 7.8% rate.
Then, approximately 375,000 businesses are surveyed to determine the number of nonfarm payrolls, average workweek and average hourly earnings figure. As it stands, the consensus calls for 135,000 nonfarm payrolls (over 114,000 last month), a 0.2% increase in hourly earnings, and for the average workweek to remain unchanged at 34.5 hours.
In the meantime, I’ll check in first thing Thursday with a report on trading activity and anything else you may need to act on once the stock market reopens.
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