Markets stumbled recovering some of their losses near the close Friday. The DJIA was off .77%, the S&P down .92%, and the Nasdaq fell 1.65%. The main driver Friday was a fear that falling oil prices, which have now touched bear market territory, are predicting a slowing world economy. Not only have oil prices fallen close to 20%, but the rapid decline from nearly 4 year highs set only last month has elevated concerns. It’s unclear at this point whether the decline is a demand or supply problem. U.S. production is at all time highs. Recent Baker Hughes rig count numbers showed a pop in rigs added last month to levels not seen since 2015. Given the record production levels, and more rigs coming online, it’s plausible recent price declines are more production than demand related. But, the price drop has introduced more uncertainty into an already shaky market. After a tumultuous October, investors are prone to act first and ask questions later headed into year end.

Monday investors will get earnings from UGI Corp. (UGI) and the Chinese automotive website owner Autohome (ATHM). UGI CEO announced last quarter that the company had been ordered to return tax savings to Pennsylvania customers putting a dent in what had been a windfall tax benefit. But, even with this setback the company announced it is still expecting record earnings in 2018. Autohome has been cut almost in half from highs set earlier this year. Investors will be looking closely at earnings this quarter to determine if the stock has fallen into value territory and may deserve a second look at these levels.

A government holiday on Monday means no economic numbers are scheduled for release, but markets will be open on Veterans Day. Tuesday investors will dissect small business optimism and Redbook retail numbers. The optimism index came in at 107.9 last month. The Index has been sloping upward since hitting a low of 92.6 in April of 2016. CPI, mortgage applications and Atlanta Fed numbers on business inflation will all be released Wednesday. The inflation expectations will be closely watched as one indicator of further Fed moves. Thursday’s calendar is loaded.  Jobless claims, the Empire State manufacturing survey, import export prices and business inventories will all be released Thursday morning. We’ll close the week with industrial production, the Kansas City Fed manufacturing index, and the Baker Hughes rig count numbers. If oil continues its decline the rig counts will take on greater importance headed into the weekend.

Tuesday Home Depot (HD) will release earnings. Following major hurricanes in the U.S., investors are anticipating a good quarter as rebuilding begins. Also reporting Tuesday are Tyson Foods (TSN) and Advance Auto Parts (AAP). Tech takes center stage Wednesday as Cisco (CSCO), NetEase (NTES) and NetApp (NTAP) all report. Walmart (WMT) and NVIDIA (NVDA) will headline earnings Thursday. Analysts are anticipating a continued blistering growth rate from the processing company as its cloud offerings continue to power growth in major players such as Amazon (AMZN) and Alphabet (GOOGL). Viacom (VIAB) and Helmerich & Payne (HP) complete the earnings calendar Friday morning.

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