The Week Ahead: Bank Earnings in Focus as Government Shutdown Delays Economic Data

TLDR

• JPMorgan Chase, Wells Fargo, Goldman Sachs, and other major banks report third-quarter earnings this week starting Tuesday
• Federal government shutdown entering third week will delay retail sales, jobless claims, and housing starts data releases
• TSMC and ASML chip manufacturers also scheduled to report quarterly results
• Federal Reserve Chair Jerome Powell and several Fed officials scheduled to speak despite limited economic data availability
• Consumer Price Index inflation report for September rescheduled for October 24 due to shutdown

The third quarter earnings season begins this week with reports from the nation’s largest banks. JPMorgan Chase will release results on Tuesday. Wells Fargo, Goldman Sachs, BlackRock, and Citigroup follow the same day.

JPMorgan has beaten revenue expectations in the first two quarters of 2025. Sales declined in the most recent quarter as net interest income fell short of estimates. CEO Jamie Dimon recently warned about economic turbulence ahead.

Bank of America and Morgan Stanley will report Wednesday. Charles Schwab, Bank of New York Mellon, and U.S. Bancorp are scheduled for Thursday. American Express, Truist Financial, and State Street close out the week on Friday.

The world’s largest chip manufacturer TSMC reports Thursday. The company grew revenue 40 percent in the first half of 2025 on strong AI chip sales. Dutch chipmaking equipment maker ASML will report Wednesday after raising concerns about future growth due to tariff pressures.

Shutdown Creates Data Blackout

The federal government shutdown is entering its third week. Several economic data releases face delays as a result. Thursday’s retail sales report and initial jobless claims data may not be released on schedule.

Friday’s housing starts update could also be delayed. The Bureau of Labor Statistics announced it will release the September Consumer Price Index report on October 24. The report was originally scheduled for Wednesday.

The shutdown stems from an ongoing federal budget dispute. Data on wholesale inflation is also affected. Housing starts and jobless claims information remains unavailable to investors and policymakers.

Some economic reports will still be published this week. A small business optimism survey releases Tuesday. The homebuilder confidence report is scheduled for Thursday.

Fed Officials to Speak

Federal Reserve Chair Jerome Powell will deliver an economic update on Tuesday. Several other Fed officials are also scheduled to speak throughout the week. Fed Governor Stephen Miran, Fed Vice Chair Michelle Bowman, and Fed Governor Christopher Waller all have remarks planned.

The Federal Reserve will release its Beige Book economic update on Wednesday. The report provides a summary of economic conditions across Fed districts. Officials face challenges analyzing economic conditions without access to delayed government data.

Oracle hosts a three-day AI World conference beginning Monday. Salesforce’s Dreamforce event starts Tuesday.

Markets experienced volatility Friday after President Trump announced higher tariffs on Chinese goods. Trump said he would impose an additional 100 percent tariff on goods from China starting November 1. This comes on top of existing 30 percent tariffs.

Crypto markets declined sharply over the weekend. Total crypto market capitalization fell to $3.3 trillion Saturday morning. Markets recovered Monday morning with Bitcoin moving back toward $116,000 and Ethereum approaching $4,200.

Stock market futures opened higher Monday as investors reacted to signs of US-China trade de-escalation over the weekend. Bond markets are closed Monday for Columbus Day while major stock exchanges remain open.

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