TLDR
- JPMorgan Chase, Wells Fargo, Goldman Sachs, and major banks release third-quarter earnings starting Tuesday
- Government shutdown entering third week delays retail sales, jobless claims, housing starts, and inflation data
- Federal Reserve Chair Jerome Powell scheduled to speak Tuesday along with other Fed officials
- TSMC reports earnings Thursday after 40% revenue growth in first half of 2025
- September Consumer Price Index report rescheduled to October 24 due to shutdown
The third quarter earnings season kicks off this week with major financial institutions reporting results. JPMorgan Chase will start the bank earnings cycle on Tuesday. The world’s largest bank by market capitalization will be joined by Wells Fargo, Goldman Sachs, BlackRock, and Citigroup on the same day.
JPMorgan has exceeded revenue expectations in both quarters of 2025 so far. However, the bank’s most recent quarter showed declining sales and lower net interest income. CEO Jamie Dimon has warned investors about potential economic turbulence.
Bank of America and Morgan Stanley will release their quarterly reports on Wednesday. Charles Schwab, Bank of New York Mellon, and U.S. Bancorp follow on Thursday. American Express, Truist Financial, and State Street round out the bank earnings week on Friday.
Chip Manufacturers Report Results
Taiwan Semiconductor Manufacturing Company reports earnings on Thursday. TSMC is the world’s largest chip manufacturer and has seen strong demand for AI chips. The company posted 40% revenue growth in the first half of 2025.
Dutch chipmaking equipment maker ASML will report on Wednesday. The company recently expressed concerns about future growth due to ongoing tariff pressures. Both chip stocks have been volatile due to trade tensions between the US and China.
Economic Data Delayed by Shutdown
The federal government shutdown is now entering its third week. Multiple economic data releases face delays as government agencies remain closed. Thursday’s retail sales report and initial jobless claims figures may not be published on schedule.
Friday’s housing starts data could also be postponed. The Bureau of Labor Statistics confirmed it will delay the September Consumer Price Index report until October 24. The inflation data was originally scheduled for release on Wednesday.
The shutdown results from an unresolved federal budget dispute. Wholesale inflation data is also affected by the closure. Investors and policymakers lack access to critical economic information needed for decision-making.
Some economic reports will still be released this week. The National Federation of Independent Business small business optimism index publishes Tuesday. The homebuilder confidence survey from the National Association of Home Builders is scheduled for Thursday.
Federal Reserve Officials Speak
Federal Reserve Chair Jerome Powell delivers an economic update on Tuesday. Multiple Fed officials will speak throughout the week despite limited access to government economic data. Fed Governor Stephen Miran, Fed Vice Chair Michelle Bowman, and Fed Governor Christopher Waller all have scheduled appearances.
The Federal Reserve will publish its Beige Book economic report on Wednesday. This document summarizes current economic conditions across the 12 Federal Reserve districts. Fed officials face challenges assessing the economy without delayed government statistics.
Markets experienced volatility last Friday after President Trump announced additional tariffs on Chinese imports. The President said he would impose an extra 100% tariff on Chinese goods starting November 1. These tariffs add to the existing 30% rate already in place.
Crypto markets dropped sharply over the weekend with total market capitalization falling to $3.3 trillion on Saturday. Markets rebounded Monday morning with Bitcoin recovering toward $116,000 and Ethereum approaching $4,200. Stock market futures opened higher Monday on reports of potential US-China trade de-escalation.
Bond markets are closed Monday for Columbus Day while stock exchanges remain open for trading.
