Brace yourselves for another hectic week of earnings.
About 20% of the S&P 500 Index companies are scheduled to release their quarterly earnings beginning Monday Nov. 2.
Many investors will be looking to see how well Facebook did in its most recent quarter. According to analysts' estimates, the social networking company is expected to post year over year earnings growth. Analysts are forecasting earnings of $0.52 a share on revenue of $4.37 billion.
Analysts say Facebook's video product and other businesses continue to get stronger and they're seeing fast growth in online advertising.
TheStreet's Scott Berman, Portfolio Analyst for Jim Cramer's Action Alerts PLUS, said that investors are going to be watching Facebook's engagement numbers, which include the company's daily and monthly active users.
"The next big thing is definitely going to be the big advertising growth that they've been seeing, largely due to mobile and video ads. I (also) think investors are really going to paying attention to Facebook's other apps, like Messenger, WhatsApp, Instagram and how the company is moving forward with the monetization of those" products, he added.
In addition to all the earnings reports, there will be several economic reports worth noting. Monday kicks off with the PMI manufacturing index and construction spending numbers. Monthly auto sales and factory orders will be released on Tuesday.
Midweek, we'll see the ADP employment report followed by productivity on Thursday. U.S. employment numbers are due out on Friday.
TheStreet's U-Jin Lee reports on Wall Street.