AMD, Qualcomm and Arm Set to Report Earnings. Tesla Annual Shareholder Meeting Draws Market Attention【The week ahead】

TradingKey - U.S. stocks extended gains last week, with all three major indexes briefly hitting fresh record highs, though upward momentum showed signs of waning.

This week, investors turn to a wave of earnings from companies at the heart of the artificial intelligence push. Key chipmakers reporting include AMD, Qualcomm, Arm, and Onsemi. On the software side, Palantir and AppLovin are set to release results, while quantum computing firms D-Wave and IonQ will also report.

The Federal Reserve calendar heats up as several policymakers take the podium, including New York Fed President John Williams—the most closely watched speaker—alongside Susan Collins, Mary Daly, and Alberto Musalem.

Tesla’s annual shareholder meeting is also on tap, where shareholders will vote on Elon Musk’s compensation package and management may provide updates on the company’s next-generation Optimus robot.

Preview of major events

AMD, Qualcomm and Arm Set to Report Earnings: Can Tech Stocks Extend Gains?

U.S. stocks continue to rally amid a busy earnings season, with the S&P 500 posting its sixth consecutive monthly gain in October. However, investors remain cautious about the intensity of the artificial intelligence (AI) trade and the return on capital spending.

This week, more than 130 S&P 500 companies are set to report results, including semiconductor giants Advanced Micro Devices (AMD) and Qualcomm (QCOM). Markets will closely scrutinize corporate spending on AI expansion and the resulting returns. Additionally, with official economic data still scarce due to the recent government shutdown, investors are paying close attention to corporate personnel announcements—such as Amazon's (AMZN) reported job cuts—for signals on the health of the labor market.

Tesla to Hold Annual Shareholder Meeting, Vote on Three Key Proposals Including CEO Compensation

Tesla has announced its annual shareholder meeting will be held on November 6, during which shareholders will vote on three key proposals: CEO Elon Musk’s compensation package, an equity incentive plan, and board of directors elections.

Analysts are focusing on two main aspects. First is Musk’s compensation package. Tesla is proposing a new pay deal for Musk with a potential value of around $1 trillion—potentially the largest executive compensation package in U.S. corporate history. Second is the anticipated unveiling of the next-generation Optimus robot, or "Gen 3." Current expectations include enhanced mobility, improved dexterity, greater autonomy, and a design closer to a production-ready model.

U.S. Government Shutdown Continues; September Jobs Report Likely Delayed as ISM, ADP Data Draw Focus

With the U.S. federal government in a shutdown, the release of key economic data—including the trade balance report scheduled for Tuesday and the crucial nonfarm payrolls on Friday—is highly likely to be delayed. As a result, markets are turning their full attention to the two ISM surveys and the ADP employment report.

The market widely expects the October ISM manufacturing index to return above the 50 mark, signaling expansion for the first time since February 2025. This optimism is supported by regional Fed surveys from four of the five districts, all pointing to improving manufacturing conditions. On the services side, the ISM index is forecast to edge up to 50.4, indicating slight expansion. However, the ongoing government shutdown poses a significant risk that the reading could still fall back into contraction territory.

Selected Economic Data

Monday: U.S. October ISM Manufacturing PMI

Wednesday: U.S. October ADP Employment Change (in thousands)

Thursday: Bank of England Monetary Policy Announcement (November 6)

This week's featured events

Monday: U.S. President Donald Trump delivers speech

Tuesday: European Central Bank President Christine Lagarde speaks

Thursday: Tesla holds annual shareholder meeting

Corporate Earnings

Monday: Palantir (PLTR.N)

Tuesday: Shopify (SHOP.N), AMD (AMD.O)

Wednesday: Arm (ARM.O), Qualcomm (QCOM.O), Robinhood (HOOD.O)