The Week Ahead: October CPI and PPI Due as CoreWeave, Cisco and Applied Materials Report Earnings
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During the week of November 9–13 Eastern Time, market focus centers on the release of U.S. October CPI and PPI data, which will heavily influence Federal Reserve policy expectations for December and beyond. Additionally, key corporate earnings reports from CoreWeave, Cisco, Applied Materials, and Rocket Lab will provide critical insights into AI computing power demand, cloud infrastructure, semiconductor equipment, and commercial aerospace progress, while testing high-valuation tech stocks against potential inflation and financing pressures.
TradingKey - During the week of November 9–13 Eastern Time, the US October Consumer Price Index (CPI) and Producer Price Index (PPI) will be released in succession, with inflation data once again becoming a key focus for the US stock market.
At its October meeting, the Federal Reserve maintained the target range for the federal funds rate at 3.75% to 4.00%, with two members dissenting in favor of a 25-basis-point rate hike. The upcoming inflation data will influence market expectations regarding the policy direction for the December meeting and subsequent meetings.
On the earnings front, CoreWeave (CRWV), Cisco (CSCO), Rocket Lab (RKLB), and Applied Materials (AMAT), among others, will report earnings, with the market focusing on AI computing power demand, cloud infrastructure construction, AI networking business, and commercial aerospace progress.
Major Events Preview
U.S. October CPI and PPI: Inflation Pressures Face Another Test
The U.S. Bureau of Labor Statistics will release October CPI and real wage data on Tuesday (November 10) at 8:30 a.m., followed by October PPI on Friday (November 13) at 8:30 a.m.
CPI reflects price changes in shelter, food, energy, goods, and services, while core CPI excludes volatile food and energy prices.
If core CPI remains elevated or exceeds expectations, U.S. Treasury yields and the U.S. dollar could move higher, and high-valuation tech stocks may come under pressure. If gains in shelter and services prices slow, markets may reassess the Federal Reserve's interest rate trajectory for its December and subsequent meetings.
PPI measures the average change over time in selling prices received by domestic producers for their goods and services, serving to track production-side price pressures and cost fluctuations. However, an increase in PPI does not necessarily mean related costs will pass through directly or proportionally to CPI.
CoreWeave Earnings: Growth Pace and Financing Pressures in Focus
CoreWeave will report its third-quarter 2026 financial results on Tuesday (November 10) and hold an earnings conference call at 5:00 p.m. ET.
The market will focus on revenue growth, long-term contract execution, data center rollout schedules, and capital expenditures. As the company continues to procure GPUs and build out data centers, operating cash flow, interest expenses, and subsequent financing arrangements also warrant close attention.
Computing power procurement by major AI clients drives CoreWeave's revenue growth, but data center delivery schedules will dictate the pace at which contracted backlog converts into revenue, while financing costs impact cash flow and profitability. In addition, customer concentration and project delay risks cannot be overlooked.
Cisco and Applied Materials Earnings: AI Networking and Chip Equipment Demand Put to the Test
Cisco will report its fiscal 2027 first-quarter financial results on Thursday (November 12) and hold a conference call at 4:30 p.m. The market will focus on product orders, its AI networking business, and the performance of its security and observability segments, while monitoring progress on the integration of Splunk.
Applied Materials will report its fiscal 2026 fourth-quarter and full-year results after the market close on the same day and host a conference call at 4:30 p.m. Investors can watch for wafer fabrication equipment demand, advanced packaging businesses, and capital expenditure shifts among logic and memory chipmakers.
Operating in networking equipment and semiconductor equipment respectively, Cisco and Applied Materials reflect investment demand for AI infrastructure buildout and chip manufacturing. However, both companies are also subject to shifts in traditional enterprise IT spending, as well as the smartphone, PC, and non-AI chip markets.
Core Schedule for the Week
Monday (November 9)
Key Events: Rocket Lab Earnings, Take-Two Earnings, Trump Media & Technology Group Earnings
The U.S. Census Bureau will release wholesale sales and inventories data for September at 10:00 a.m. Changes in wholesale sales, inventories, and the inventory-to-sales ratio reflect wholesale-level demand and corporate inventory adjustments.
On the earnings front, Rocket Lab (RKLB) will report its third-quarter 2026 results after the market close and hold a conference call at 5:00 p.m. Investors can focus on the Electron launch business, Space Systems revenue, government contracts, as well as engine testing, infrastructure development, and the maiden launch timeline for the Neutron rocket.
Trump Media & Technology Group (DJT) and Take-Two Interactive (TTWO) will also report earnings after the market close. The market will focus on Trump Media's business performance and merger progress with TAE Technologies, as well as Take-Two's GTA VI release schedule and full-year net bookings guidance.
Tuesday (November 10)
Key Events: U.S. October CPI, CoreWeave Earnings
The U.S. will release October CPI and real earnings data at 8:30 a.m. Headline CPI, core CPI, along with shelter and services price components, will collectively shape market expectations regarding inflation trends and the Federal Reserve's policy direction.
CoreWeave will report third-quarter results after the market close. Revenue, data center deliveries, capital expenditures, cash flow, and financing arrangements will be the primary metrics to watch.
Wednesday (November 11)
Key Events: U.S. Veterans Day, Franco-Nevada Earnings
The U.S. observes Veterans Day, with federal government offices closed and commercial banks typically shut. U.S. stock markets will be open for normal trading, while the U.S. bond market will be closed in observance of SIFMA recommendations.
On the earnings front, Franco-Nevada (FNV) is scheduled to report third-quarter results after the U.S. market close. Investors can watch gold price trends, precious metals sales revenue, and the company's full-year outlook.
Thursday (November 12)
Key Events: Nebius Earnings, Cisco Earnings, Applied Materials Earnings, Cerebras Systems Earnings
Nebius (NBIS) will report third-quarter 2026 results before the market opens and hold a conference call at 8:00 a.m. ET. Investors can focus on AI cloud revenue, GPU computing capacity deployment, data center expansions, and capital expenditures.
Cisco (CSCO), Applied Materials (AMAT), and Cerebras Systems (CBRS) will report results after the market close. The market will respectively watch Cisco's product orders and AI networking business, Applied Materials' semiconductor equipment demand and forward guidance, and Cerebras' AI chip business growth and customer demand.
Friday (November 13)
Key Events: U.S. October PPI, Sumitomo Mitsui Financial Group Earnings, Mitsubishi UFJ Financial Group Earnings
The U.S. Bureau of Labor Statistics will release October PPI data at 8:30 a.m. The market will focus on headline PPI, core PPI excluding food and energy, and the final demand price measure excluding trade services to gauge production-side price pressures.
If the PPI comes in significantly higher than expected, markets may reassess price pressures across goods and services. However, the impact of rising producer prices on corporate profit margins will also depend on input costs, pricing power, and end demand.
On the earnings front, Sumitomo Mitsui Financial Group (SMFG) and Mitsubishi UFJ Financial Group (MUFG) are expected to report first-half fiscal 2027 results before the market opens. Investors can focus on net interest income, loan growth, net interest margins, and full-year earnings guidance to assess the impact of Japan's changing interest rate environment on bank performance.
This content was translated using AI and reviewed for clarity. It is for informational purposes only.
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