Wall Street Week Ahead Fed Cuts Meet Earnings Season

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Find out what happening right now and get all the pieces of the puzzle on important data activity before the major news sources break the story and see what are the trends
 

•  02 Nov 2025
 

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After a strong October that saw the Dow up 2.7%, the S&P 500 climbing 3%, and the Nasdaq surging 5.7%, November opens with a critical week that could either validate the rally or expose its weak spots. The setup feels promising on the surface: inflation is cooling, the labor market is holding up, and progress on US-China trade talks has injected fresh optimism into markets. But beneath that encouraging backdrop sits a Federal Reserve that just delivered a quarter-point cut while making it clear that nothing about December is guaranteed.

Chair Jerome Powell message last week was deliberate and cautious. Yes, the Fed lowered rates to 3.75%-4.0% and ended quantitative tightening, but Powell emphasized that future moves remain entirely data-dependent. That statement alone was enough to dial back expectations for another cut before year-end, and it's a reminder that the Fed isn't handing out free passes just because the calendar flipped to a historically strong month for equities.

This week, the data calendar is packed with releases that will either support the Fed wait-and-see approach or force the market to recalibrate. Monday brings the S&P Global manufacturing PMI, expected to hold at 52.2, alongside the ISM manufacturing index projected near 49.1 and producer price readings around 61.9. Tuesday delivers the JOLTS job openings report, forecast at roughly 7.2 million positions. Wednesday is the big one: the ADP private payroll report should show tens of thousands of new jobs added, while ISM and S&P Global services PMIs are expected to stay above the 50 threshold that signals expansion. Friday wraps the week with the University of Michigan consumer sentiment survey and September consumer credit data.

Beyond the numbers, several Fed officials are scheduled to speak, including Philadelphia Fed President Anna Paulson and New York Fed President John Williams. Their comments could provide critical insight into how the central bank views the path ahead, especially regarding the timing and scope of additional rate cuts through 2026.

On the earnings side, this week is absolutely loaded. Monday kicks off with $PLTR reporting alongside $VRTX, $WMB and $SPG. Tuesday is arguably the busiest day of the week: $AMD, $SHOP, $UBER, $ANET, $AMGN, $ETN, $PFE, $SPOT, $RACE and $BP all deliver results. Wednesday features $TM, $NVO, $MCD, $APP, $QCOM, $ARM, $HOOD, and $DASH. Thursday brings $AZN, $COP, $ABNB and $VST to the table, while Friday closes out with $CEG, $KKR, $ENB and $DUK.

For traders and investors, this isn't just another earnings week. The companies reporting span every corner of the market: AI infrastructure, semiconductors, e-commerce, pharma giants chasing obesity drugs, energy, financials, and consumer names. The guidance these companies provide will shape expectations for the final two months of 2025 and set the tone for positioning into next year.

November has a reputation for being one of the stronger months historically, but that seasonal tailwind only works when the fundamentals cooperate. Right now, most of the immediate risk is off the table. Markets have digested the Fed move, earnings season has been solid so far, and the macro picture looks stable. But stability doesn't mean certainty, and the next batch of data could easily shift sentiment if the numbers come in weaker than expected or if Fed speakers signal more caution than the market wants to hear.

The real question isn't whether the rally continues this week. It's whether the foundation supporting it is strong enough to hold when the inevitable bumps show up. Keep your watchlist sharp, pay attention to how these earnings land, and watch how the bond market reacts to the employment and sentiment data. This week will tell us a lot about what kind of finish 2025 is setting up for.

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