Big Tech, Autos, and a Record Taiwan Backdrop

The heaviest earnings week of the season hits Thursday. MSFT reports Wednesday after the close. GOOGL follows on the same day. AMZN and INTC drop results on Thursday.

Today, CDNS posts numbers at 12:30 ET. Celestica reports after the US close.

Tuesday brings KO before the open. SPGI and CNC also report. HLT holds its earnings call Tuesday morning.

Wednesday adds APH, CMG, BIIB, and EBAY. Thursday rounds out the week with GILD and BMY.

In Europe, Mercedes-Benz reports Thursday. Dutch car registration data, which leads Mercedes revenue by 26 days with a strong fit, is running 6% below the same quarter last year across all three months. Volkswagen and Renault also report Thursday. Austrian car registrations, a moderate-fit leading indicator for both, are running 6% below the prior year for VW and 6% above for Renault.

No IPOs are scheduled in the next seven days based on current filings.

Taiwan's September export orders hit NT$3,622.3bn, the largest September reading since 1984. Export orders by product group reached $95,691m, also a record. That backdrop matters for semiconductor and tech hardware names in this earnings queue, particularly INTC, which faces structural pressure even as the cycle recovers.

On the index radar, Vaxcyte sits on a knife-edge ahead of the 30 October Russell rank date. At its current price, it sits 0.5% below the Russell 2000 exit line. A deletion would trigger an estimated $1.2bn of forced selling.