Technology companies Microsoft and Meta will report their earnings today, but the release of U.S. GDP statistics will be of great interest to voters ahead of next week’s presidential election.
Microsoft: The Windows maker is expected to report historically high revenue and net profit in the first quarter, driven by strong demand from its cloud business. Investors will want to know how Microsoft is navigating the growing competition in the artificial intelligence space.
Meta: Facebook’s parent company is expected to report revenue and net profit each rising about 18% in the quarter ending in September. Investors will find the commentary on how Meta integrates artificial intelligence technology in advertising to be of interest.
Other companies: Hess, AbbVie, Kraft Heinz, GE Healthcare and Biogen all report earnings before the opening bell. Amgen, Booking Holdings, Starbucks, Coinbase and Robinhood are expected to report after the market closes.
US GDP: Economists expect economic growth to remain flat at 3% in the third quarter.
Other economic data: ADP will release its October US employment report, which will provide insight into the labor market ahead of Friday’s official government figures. Private employment is expected to rise by 114,000 people, down from 143,000 in September. The number of pending home sales in the United States is expected to increase by 1% in September from the previous month, according to economists compiled by LSEG.
US election: Former President Donald Trump will host a rally with football quarterback Brett Favre in Green Bay, Wisconsin. Vice President Kamala Harris will host campaign events in the battleground states of North Carolina, Pennsylvania and Wisconsin.
