But the federal government shutdown means a quiet week for economic news.
The federal government is shut down, and second quarter earnings season is over – so it is going to be a fairly quiet week for markets.
The federal shut down means that all of the agencies that report key economic news will be closed. This week, there was not a lot on the docket to begin with, but any scheduled reports will be cancelled or delayed if the shutdown does not end this week.
The key reports this week include the trade deficit on Tuesday, initial jobless claims on Thursday and wholesale inventories on Thursday.
Markets will be relying, instead, on private sources of data, like the ADP jobs report, which showed negative private sector jobs growth in September. This week, the University of Michiganʻs Surveys of Consumers comes out on Friday, detailing where consumer confidence stands.
Also, the Federal Reserve releases the minutes from its September Federal Open Market Committee (FOMC) meeting on Wednesday. Investors often peruse the minutes for additional details on the discussions at the meeting to glean clues on the direction of monetary policy.
But the bigger story this week is the start of the third quarter earnings season.
Upcoming Earnings Calls for Q3
| Company | Ticker | Earnings Call Date |
|---|---|---|
| PepsiCo | PEP | October 9, 2025 |
| Delta Air Lines | DAL | October 9, 2025 |
| JPMorgan Chase | JPM | October 14, 2025 |
| Goldman Sachs | GS | October 14, 2025 |
| Bank of America | BAC | October 15, 2025 |
| Amazon | AMZN | October 30, 2025 (estimated) |
Q3 earnings season kicks off
While Q3 earnings season begins in earnest next week when major banks including JPMorgan Chase (NYSE:JPM), Goldman Sachs (NYSE:GS), Bank of America (NYSE:BAC) and others release earnings, it officially kicks off this week.
Specifically, two major companies report calendar third quarter earnings this week, Delta Air Lines (NYSE:DAL) and PepsiCo (NASDAQ:PEP).
Delta reports earnings on Thursday morning, and analysts expect earnings of $1.53 per share, which would be up 0.2% year over year. The consensus calls for revenue of $15.9 billion, which would be up 1.3% from the same quarter a year ago.
PepsiCo reports its results on Thursday after the market closes. Analysts anticipate a difficult quarter for the soft drink maker, calling for earnings of $2.26 per share, which would be down 2% year-over-year. However, revenue is anticipated to increase 3% to $23.9 billion.
There are a few other notable earnings this week, but all are for the period ended August 31. They include beer producer Constellation Brands (NYSE:STZ) on Monday, spice maker McCormick (NYSE:MKC) on Tuesday, Levi Strauss (NYSE:LEVI) on Thursday, and data center operator Applied Digital (NASDAQ:APLD) on Thursday.
