Markets remained under pressure Friday with the Nasdaq and S&P 500 down around 2%, and the DJIA dropping a little over 1%. With limited progress in trade talks with China, investors are now settling in for a protracted tariff war. Tariff impacts, combined with a slowing economy in China, have been the main story from companies reporting earnings thus far. And, little looks to change as the market tries to steady itself when earnings continue to pour in next week. Investors may be in for a bleak end to the year following Amazon’s (AMZN) guarded prediction for holiday sales. With Friday’s losses, the Nasdaq is now on pace for its worst month since October 2008.      

Technology remains in the earnings spotlight on Monday with tech companies KLA-Tencor (KLAC), Akamai Technologies (AKAM), and ON Semi (ON) all reporting. After the bounce in Intel (INTC) on Friday, investors are hoping the semiconductors can begin to put a bottom in place before year end. Akamai has had stellar earnings reports in 2018, and has boosted its stock buyback program to $750 million. Analysts would like an update on whether the buyback will be completed by the end of the year, and whether the recent stock price dip has the company accelerating the repurchase plan. Investors will be looking for ON Semi to continue last quarter’s earnings and revenue wins. The company grew earnings almost 28% year-over-year and increased revenue 9%. A repeat performance could go a long way to halting the stocks recent decline.   

Monday’s economic calendar includes personal income and spending and the Dallas Fed Manufacturing Survey. With healthy consumer spending reflected in the GDP number on Friday, both income and spending are expected to rise .3% in the report. The PCE price index is expected to rise a mere .1% month-over-month. Tuesday brings the release of the S&P Corelogic Case-Shiller HPI (Home Price Index), the State Street Investor Confidence Index, and consumer confidence. Analysts are monitoring the home price index closely as rising rates appear to be having an overly negative near term impact on home prices. The ADP employment report and MBA mortgage applications will both be released on Wednesday. Thursday is a busy day with the Challenger job cuts report, jobless claims, productivity and cost numbers, and both the PMI and ISM manufacturing indexes all being released. The first Friday in November will feature the employment situation, international trade, and factory orders.

Earnings continue to roll in Tuesday from Facebook (FB), Pfizer (PFE) and Mastercard (MA). Facebook will continue to address tampering concerns as the midterm election is now in sight. Halloween day investors are hoping for not so scary numbers from ADP (ADP), Express Scripts (ESRX), and General Motors (GM). Currently GM sits down almost 30% on the year. Ushering in November, on Thursday Apple (AAPL) rounds out the last of the FAANG stock earnings after the close. Apple will be joined by Starbucks (SBUX) and Kraft Heinz (KHC). The headline out of Apple call will likely focus on how tariffs are impacting the company. Closing out the week on Friday will be earnings from Alibaba (BABA), Exxon Mobil (XOM) and Chevron (CVX).  

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