A string of severe hurricanes that swept across the south and southeastern portions of the U.S. and Puerto Rico toward the end of the third quarter could put a big dent in economic growth.
Investors will get the chance to see exactly how big that blow was when a preliminary reading on third-quarter GDP in the U.S. is released on Friday, Oct. 27.
"This was such a bizarre quarter because of those hurricanes," Ken Mahoney, president of Mahoney Asset Management, said in a call. "Most economists have seen that as an aberration and I think whatever the number is going to show for GDP, much like the unemployment report, could be an aberration with an asterisk next to it."
Economists surveyed by FactSet anticipate the U.S. economy to have grown 2.5% from July to September, slowing from 3.1% growth in the second quarter. This is just a preliminary number -- it will go through two revisions.
Elsewhere on the economic calendar: The Markit PMI manufacturing index for October will be released on Tuesday, Oct. 24; durable goods orders and new home sales for September will be issued on Wednesday, Oct. 25; international trade in goods and the pending home sales index for September are scheduled for Thursday, Oct. 26; and the final reading on consumer sentiment for October is expected on Friday.
The pace of earnings in the coming week accelerates again with 183 S&P 500 on the calendar reporting. Just under one-fifth of S&P 500 companies have already reported in what is turning out to be a better-than-expected third quarter. So far, just more than 70% of those that have reported have exceeded analysts' profit estimates, according to Thomson Reuters, while nearly 72% have bested sales consensus.
"The earnings story I think is the story that's holding up the market right now," saidMahoney, pointing to recent record gains for the three major indexes. "A lot of people are coming into this earnings season thinking let's sell the news and that hasn't happened."
For the quarter as a whole, analysts anticipate blended earnings growth of 4.2%, or 2.1% excluding energy, according to Thomson Reuters estimates. Revenue is expected to rise by 4.4%.
Tech and telecom earnings in the week ahead include Seagate Technology PLC (STX - Get Report) on Monday, Oct. 23; Advanced Micro Devices Inc. (AMD - Get Report) , AT&T Inc. (T - Get Report) and Texas Instruments Inc. (TXN - Get Report) on Tuesday; and Alphabet Inc. (GOOGL - Get Report) , Amazon.com Inc. (AMZN - Get Report) , Microsoft Corp. (MSFT - Get Report) , and Xerox Corp. (XRX - Get Report) on Thursday.
Consumer earnings include VF Corp. (VFC) , Hasbro Inc. (HAS - Get Report) , and Kimberly-Clark Corp. (KMB - Get Report) on Monday; Chipotle Mexican Grill Inc. (CMG - Get Report) , Fiat Chrysler Automobiles (FCAU - Get Report) , General Motors Co. (GM - Get Report) and McDonald's Corp. (MCD - Get Report) on Tuesday; Buffalo Wild Wings (BWLD) , Coca-Cola Co. (KO - Get Report) , Visa Inc. (V - Get Report) and Walgreens Boots Alliance Inc. (WBA - Get Report) on Wednesday; Anheuser-Busch InBev (BUD) , Ford Motor Co. (F - Get Report) and Mattel Inc. (MAT - Get Report) on Thursday; and Colgate-Palmolive Co. (CL - Get Report) on Friday.
In healthcare earnings, Biogen Inc. (BIIB - Get Report) and Eli Lilly & Co. (LLY - Get Report) will report on Tuesday; Amgen Inc. (AMGN - Get Report) and Anthem Inc. (ANTM - Get Report) on Wednesday; Bristol-Myers Squibb Co. (BMY - Get Report) , Gilead Sciences (GILD - Get Report) and Celgene Corp. (CELG - Get Report) on Thursday; and AbbVie Inc. (ABBV - Get Report) and Merck & Co. (MRK - Get Report) on Friday.
Oil and industrials earnings include Halliburton Co. (HAL - Get Report) on Monday; 3M Co. (MMM - Get Report) , Caterpillar Inc. (CAT - Get Report) , Lockheed Martin Corp. (LMT - Get Report) , Stanley Black & Decker Inc. (SWK - Get Report) and United Technologies Corp. (UTX - Get Report) on Tuesday; Boeing Co. (BA - Get Report) on Wednesday; ConocoPhillips (COP - Get Report) and Statoil ASA (STO) on Thursday; and Chevron Corp. (CVX - Get Report) and Exxon Mobil Corp. (XOM - Get Report) on Friday.
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