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Powell speaks, economic data, earnings


Here are the most important things to know about Tuesday before you hit the door.

1. Fed chair Powell speaks

We’ll hear from Federal Reserve Chairman Jerome Powell for the first time since key economic data was reported.

Last week, the odds of an October interest rate cut soared above 90% after U.S. manufacturing data missed estimates on Tuesday, coming in at its lowest level in a decade. But Friday’s jobs report, which showed unemployment at its lowest level in 50 years, somewhat hampered recession fears.

Traders are currently pricing in a 74% chance of a 25 basis point rate cut at the Fed’s October meeting, according to the CME FedWatch tool.

Federal Reserve Chairman Jerome Powell will deliver remarks at the National Association for Business Economics’ annual meeting in Denver, Colorado. Following the Chairman’s prepared remarks, there will be a moderated Q&A.

2. Key economic data

A slew of economic data comes in Tuesday. First up, we’ll get a read on China’s economy when Caixin PMI for September is reported. We’ll also get German industrial production data for the month of August, and the National Federation of Independent Business will release the results from its monthly optimism survey.

At 8:30 a.m. ET, U.S. producer prices for September will come in, followed by consumer prices on Thursday. The PPI reading can help determine the overall health of the economy since it provides insight into how much businesses are spending on raw goods and services.

3. Earnings reports

A number of consumer names are set to report earnings, including Domino’s Pizza before the bell, and Levi Strauss after the close.

For the third quarter, analysts are expecting the pizza maker to earn $2.07 on $823 million in revenue, according to estimates from FactSet. The stock is down 2% this year, underperforming the broader market’s 18% rise.

When it comes to Levi’s, analysts are predicting earnings of $0.28 per share, and $1.44 billion in revenue. While not the highest-profile IPO this year, the denim maker is one of the so-called unicorns that has managed to stay in the green since going public. The stock has gained roughly 15% since its March 21 debut.

Dow component Procter & Gamble will also hold its annual shareholder meeting in Cincinnati.

Major events (all times ET):

1:45 a.m. China Caixin Services PMI

1:45 a.m. China Caixin Composite PMI

6:00 a.m. NFIB small business optimism survey

8:30 a.m. U.S. PPI

1:35 p.m. Chicago Fed President Charles Evans

10:00 a.m. IMF Managing Director Kristalina Georgieva

2:30 p.m. Fed Chairman Jerome Powell

5:00 p.m. Minneapolis Fed President Neel Kashkari

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