Goldman and CPI lead week with 3.6% inflation estimate

Goldman Sachs, Wells Fargo, BNY and Johnson & Johnson report this week as economists expect September CPI to rise 3.6% year on year on Wednesday, CNBC Investing Club said October 11.

The CNBC article said Federal Reserve expectations are the market link: CME FedWatch shows more than 80% odds of no October rate move after September’s first rate increase in three years.

Inflation and rates

The consumer price index, a broad gauge of prices paid by households, is due at 8:30 ET on Wednesday, October 14. Economists polled by FactSet expect core CPI, which excludes food and energy, to rise 2.4% year on year in September, matching August’s pace.

The Fed’s inflation target is 2%, according to the CNBC article. Producer price index data, which track price pressure faced by companies, arrive at 8:30 ET on Thursday, October 15, alongside initial jobless claims.

CNBC’s weekly schedule lists existing home sales at 10:00 ET on Tuesday, October 13, and retail sales at 8:30 ET on Friday, October 16. Industrial production and capacity utilization follow at 9:15 ET on Friday.

Bank earnings

Goldman reports before the opening bell on Tuesday, October 13, with analysts surveyed by LSEG expecting third-quarter earnings per share of $13.02 and revenue of $16.74 billion. Barclays analysts said in a preview note cited by CNBC: “Looking at the past 70 quarters of data, 2Q26 was the first time equities trading totaled more than FICC. We expect that trend to persist.”

FICC means fixed income, currencies and commodities, a major trading category for large investment banks. CNBC said Goldman’s call will be watched for equity-trading revenue, merger demand, IPO appetite and any succession-planning update.

Wells Fargo also reports before the bell on Tuesday. LSEG consensus is for earnings per share of $1.85 on revenue of $22.32 billion, with investors watching consumer banking, lending, deposits and net interest income, the spread between interest earned on assets and paid on funding.

BNY reports before the bell on Thursday, October 15. LSEG consensus is for earnings of $2.27 a share on revenue of $5.55 billion, while Seaport Global analysts cited by CNBC said they have “greater conviction on organic growth momentum.”

BNY is described in the article as the world’s largest custodian bank, a firm that safeguards and services financial assets for clients. CNBC said Seaport raised estimates, citing deposit growth, higher rates and potential issuer-services fees from Trump Accounts, tax-advantaged investment and savings accounts for children under 18.

Johnson & Johnson

Johnson & Johnson reports before the bell on Tuesday, October 13, with LSEG consensus at earnings of $2.53 a share on revenue of $25.25 billion. CNBC said the stock has fallen more than 6% since its all-time closing high above $278 on September 3.

The article said investors will focus on J&J’s Innovative Medicine segment, including early demand for Icotyde, its oral psoriasis drug launched this spring. CNBC said the company may not provide a precise Icotyde revenue figure, making patient starts, prescriptions and prescribing physicians relevant indicators.

The article also named Tremfya, used for psoriasis, ulcerative colitis and Crohn’s disease, and blood-cancer therapy Darzalex as growth drivers. In MedTech, CNBC said investors will look for updates on Abiomed sales, surgical robot Ottava and the planned divestiture of the orthopedics business.

CNBC said The Wall Street Journal reported last month that Apollo considered buying the orthopedics unit for roughly $20 billion. The article disclosed that Jim Cramer’s Charitable Trust is long Johnson & Johnson, BNY, Goldman Sachs and Wells Fargo.

What to watch

Tuesday, October 13 brings before-the-bell results from Goldman Sachs, Wells Fargo, Johnson & Johnson, UnitedHealth, JPMorgan Chase, Domino’s Pizza and Citigroup. Existing home sales are scheduled for 10:00 ET.

Wednesday, October 14 brings CPI at 8:30 ET and earnings from ASML, Bank of America, Morgan Stanley, BlackRock, Progressive, Fastenal and State Street. Thursday, October 15 brings PPI and jobless claims at 8:30 ET, plus BNY and Taiwan Semiconductor results before the bell.

Friday, October 16 brings retail sales at 8:30 ET and industrial production and capacity utilization at 9:15 ET. Johnson & Johnson has an investor day scheduled for December 8, CNBC said.