After one of the busiest weeks of the year, another jam-packed week awaits investors, with a rush of corporate earnings slated for the first week of November, as just over eight weeks remain in 2025.

Stocks finished last week on a high note, with earnings out of Amazon (AMZN) late Thursday lifting tech stocks into the weekend and capping off a more than 2.5% gain for the tech-heavy Nasdaq (^IXIC) last week. The S&P 500 (^GSPC) and Dow (^DJI) both rose a more modest 1%.

The Federal Reserve cut interest rates, as expected, and President Trump's meeting with his Chinese counterpart, Xi Jinping, in South Korea saw trade tensions further ease between the two nations.

In the week ahead, the AI trade will remain front and center for investors, with Palantir (PLTR), AMD (AMD), Supermicro (SMCI), and Constellation Energy (CEG) all set to report quarterly results. Dozens of other names in the S&P 500 are also expected to report.

On the economic data side, the ongoing government shutdown will likely delay the monthly jobs numbers for a second straight month, making Wednesday's monthly private payrolls figures from ADP the week's biggest labor market update.

Updates on activity in the manufacturing and services sectors from the Institute for Supply Management and S&P Global will be the week's other key highlights, along with a preliminary look at consumer sentiment in November from the University of Michigan due out Friday.Signage for a job fair is seen on Fifth Avenue after the release of the jobs report in New York City on Sept. 3, 2021. (Reuters/Andrew Kelly/File Photo)·Reuters / Reuters

'Far from it'

A quarter-point cut was widely expected at the October Fed meeting.

The "real fireworks," Bank of America analysts noted, came afterward, in Fed Chair Jay Powell's press conference, where he said that another cut in December is "not a foregone conclusion, far from it."

"The FOMC wasn't as dovish as markets had hoped last night when Jerome Powell poured cold water on those expecting another 25bps cut in December to be a done deal," Capital.com analyst Daniela Hathorn said. "The statement knocked some wind out of the risk-on mood in markets."

To make matters worse, the Fed officials continue to face a near-total lack of economic data on which to base their outlook.

BNP Paribas analysts "continue to expect ongoing rate cuts, including at the December meeting," while Bank of America analysts "remain comfortable with our view that the Fed will not cut rates again under Chair Powell." Though both banks agreed that the process is only getting more contentious.

Read more: How jobs, inflation, and the Fed are all related

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"This clearly will likely be a rowdy and disorderly process, with Powell having less control over the FOMC and regional Reserve Bank voters increasingly vocal in their disagreement," BNP analysts wrote.

Last week's decision also saw dissents on both sides, with Fed governor Stephen Miran calling for a 50 basis point cut, while Kansas City Fed president Jeff Schmid called for no movement. On Friday, Schmid was joined by at least three of his colleagues in questioning the need for a cut, and markets appear to be taking this dissent seriously — as of Friday afternoon, traders were pricing in just a 63% probability of another quarter-point cut at the Fed's December meeting. Those odds had been closer to 95% a week ago.

"By implication, that's also pushback against the prospect of a Fed that is set to aggressively and profoundly cut the Fed Funds target rate into 2026, as well, at least while he's around," Macquarie analysts wrote.

How much impact all of this will have on the stock market is hard to predict. As BofA analysts noted, November is traditionally a high-performing month for stocks: "Buy Halloween or Christmas Eve as it tends to pay for a NYE celebration," the analysts wrote.Federal Reserve Chair Jerome Powell speaks at a news conference after the Federal Open Market Committee meeting on Oct. 29 at the Federal Reserve Board Building in Washington, D.C. (AP Photo/Manuel Balce Ceneta)·ASSOCIATED PRESS

'We have a deal'

On Thursday, President Trump and the administration's trade negotiators emerged from long-awaited talks with Beijing and declared, "We have a deal," with terms covering everything from rare earth metals and soybeans to fentanyl and port fees.

"Zero to 10, with 10 being the best, I'd say the meeting was a 12," Trump said to a press gaggle on Air Force One shortly after the meeting.

Now, the question will be what sticks.

When Trump and Xi signed their original "Phase One" agreement in 2020, the two world leaders agreed that in return for Chinese purchases of $200 billion of American goods and services, the US would suspend some of its tariff rates.

Read more: 5 ways to tariff-proof your finances

Over the next year, China purchased just a bit over half of the value it had committed to purchasing, and the US kept many of its tariffs on Chinese goods in place. Two years later, the US had expanded a ban on investments in companies linked to the Chinese military, and the World Trade Organization authorized China to implement retaliatory tariffs on the US.

This time around, the deal between Washington and Beijing is once again wide-ranging and comes with several goals.

The US has promised to halve its fentanyl-related tariffs on China, lowering the overall tariff rate on China from 57% to 47%, while Beijing has committed to holding off on its rare earth export controls for at least a year, among other policies.

Trump also told reporters that China has agreed to buy 25 million tons of US soybeans annually over each of the next three years, a welcome development for a US agricultural industry that has been crippled by China's pause in soybean purchases.

Bank of America wrote in a recent note that the deal "reduces tail risks for both economies." But Macquarie analysts noted that several key topics, including TikTok and Taiwan, were left unaddressed.

"Several items were left out," Macquarie analysts wrote. "That means that the deal is not 'comprehensive,' but largely reestablishes the status quo from the early summer."

Market reactions to the deal framework, announced only shortly after the Federal Reserve's decision to cut rates, were largely mixed. One big question remains to be answered: Will Nvidia (NVDA) be allowed to sell its highest-quality Blackwell chips to Chinese customers? Trump said the issue wasn't discussed.

How this and other key questions get answered, and what parts of the framework announced Thursday really stick, will be key questions for investors going forward.President Trump and Chinese President Xi Jinping shake hands after their US-China summit meeting at Gimhae International Airport in Busan, South Korea, on Oct. 30. (AP Photo/Mark Schiefelbein)·ASSOCIATED PRESS

Economic and earnings calendar

Monday

Economic data: S&P global manufacturing PMI, October final reading (52.2 previously); ISM manufacturing, October, (49.2 expected, 49.1 previously); ISM prices paid, October (61.9 previously); ISM new orders, October (48.9 previously); ISM employment, October (45.3 previously); Construction spending, month-on-month, September; Wards total vehicle sales, October (15.5 million expected, 16.4 million previously)

Earnings calendar: Palantir (PLTR), Vertex Pharmaceuticals (VRTX), The Williams Companies (WMB), Simon Property Group (SPG), Realty Income Corporation (O), IDEXX Laboratories (IDXX), Ares Management (ARES), Diamondback Energy (FANG), PSEG (PEG), Ryanair (RYAAY), ON Semiconductor (ON), Loews Corporation (L), BWX Technologies (BWXT), Coterra Energy (CTRA), Lattice Semiconductor (LSCC), Hims & Hers (HIMS), Vornado Realty Trust (VNO)

Tuesday

Economic data: JOLTS job openings, September (7.2 million expected, 7.2 million previously)

Earnings calendar: AMD (AMD), Shopify (SHOP), Uber (UBER), Arista Networks (ANET), Amgen (AMGN), Eaton Corporation (ETN), Pfizer (PFE), Spotify (SPOT), BP (BP), Ferrari (RACE), Marriott International (MAR), Apollo Global Management (APO), Thomson Reuters (TRI), Zoetis (ZTS), Marathon Petroleum (MPC), Coupang (CPNG), Axon Enterprises (AXON), Aflac (AFL), Suncor Energy (SU), Exelon (EXC), Yum! Brands (YUM), Live Nation Entertainment (LYV), Supermicro Computer (SMCI), Archer-Daniels-Midland (ADM), Kinross Gold Corporation (KGC), Broadridge Financial Solutions (BR), Leidos (LDOS), Pinterest (PINS), TPG (TPG), Toast (TOST), Global Payments (GPN), Rivian (RIVN), Molson Coors (TAP)

Wednesday

Economic data: MBA mortgage applications, week ended October 31 (7.1% previously); ADP employment change, October (+27,000 expected, -32,000 previously); S&P Global US services PMI, October final reading (55 expected, 55.2 previously); S&P Global US composite PMI, October final reading (54.8 previously); ISM services index, October (50.7 expected, 50 previously); ISM services prices paid, October (69.4 previously); ISM services new orders, October (50.4 previously); ISM services employment, October (47.2 previously)

Earnings calendar: Toyota (TM), Novo Nordisk (NVO), McDonald's (MCD), AppLovin (APP), Qualcomm (QCOM), Arm Holdings (ARM), Robinhood (HOOD), DoorDash (DASH), Snap (SNAP), McKesson (MCK), Emerson Electric (EMR), Fortinet (FTNT), Sempra (SRE), Energy Transfer (ET), MetLife (MET), AllState (ALL), Cameco Corporation (CCJ), Fair Isaac (FICO), Humana (HUM), Targa Resources (TRGP), Fidelity (FIS), Iron Mountain (IRM), Atmos Energy (ATO), HubSpot (HUBS), Formula One Group (FWONK), Figma (FIG), Teva Pharmaceuticals (TEVA), IonQ (IONQ), Talen Energy (TLN), TKO Group (TKO), Performance Food Group (PFGC), Royal Gold (RGLD), Joby Aviation (JOBY), Duolingo (DUOL), Albemarle (ALB)

Thursday

Economic data: Challenger job cuts, year-on-year, October (-25.8% previously); Nonfarm productivity, third quarter preliminary reading (+4% expected, +3.3% previously); Unit labor costs, third quarter preliminary reading (+0.8% expected, +1% previously); Initial jobless claims, week ended Nov. 1 (225,000 expected)

Earnings calendar: AstraZeneca (AZN), ConocoPhillips (COP), Airbnb (ABNB), Monster Beverage (MNST), Vistra (VST), EOG Resources (EOG), Datadog (DDOG), Warner Bros. Discovery (WBD), Block (XYZ), Wheaton Precious Metals (WPM), Consolidated Edison (ED), Kenvue (KVUE), Expedia Group (EXPE), The Trade Desk (TTD), Tapestry (TPR), Affirm Holdings (AFRM), Ralph Lauren (RL), Evergy (EVRG), Alliant Energy Corporation (LNT), US Food (USFD), News Corp. (NWS), DraftKings (DKNG), Hyatt Hotels (H), Wynn Resorts (WYNN), MP Materials (MP), Texas Roadhouse (TXRH), Moderna (MRNA), Avidity Biosciences (RNA), Dropbox (DBX), Planet Fitness (PLNT), Soundhound AI (SOUN), H&R Block (HRB), Nexstar Media Group (NXST), NuScale Power (SMR), Opendoor Technologies (OPEN), Oscar Health (OSCR), Grindr (GRND), PENN Entertainment (PENN), Warby Parker (WRBY), Hanesbrands (HBI), USA Rare Earth (USAR), Ivanhoe Electric (IE), Under Armour (UAA), Lionsgate Studios (LION)

Friday

Economic data: October jobs report, expected to be delayed by US government shutdown; University of Michigan sentiment, November preliminary reading (53 expected, 53.6 previously); New York Federal Reserve 1-year inflation expectations, October (3.38% previously), Consumer credit, September ($11 billion expected, $0.36 billion previously)

Earnings calendar: Constellation Energy (CEG), KKR (KKR), Enbridge (ENB), Duke Energy (DUK), Brookfield Asset Management (BAM), Ubiquiti (UI), Honda Motor (HMC), TELUS Corporation (TU), MarketAxess Holdings (MKTX), Trump Media & Technology Group (DJT), Algonquin Power & Utilities (AQN), Diginex (DGNX), Six Flags Entertainment (FUN), Soho House (SHCO), Wendy's (WEN)StockStory aims to help individual investors beat the market.

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