Publication Date: October 26, 2026

In this market calendar, we discuss the key macroeconomic developments and releases that could move the financial markets in the coming week.

A Look Back at the Past Week

Following last week’s higher-than-expected U.S. inflation figures, some calm returned to the financial markets this week. Interest rate expectations stabilized, and attention shifted to the U.S. quarterly earnings season. Technology stocks, in particular, initially benefited from the improved sentiment, although uncertainty about future interest rate policy remained.

Expectations for the Federal Reserve’s (Fed) interest rate decision on October 28 were also revised. Immediately after the inflation figures were released, investors still estimated the probability of an interest rate hike at over 40%. That probability has since decreased significantly. A recent Reuters poll shows that 94 out of 100 economists expect the Fed to leave interest rates unchanged next week. For December, however, all economists surveyed anticipate an interest rate hike.

The U.S. 10-year yield stabilized around 5.1%, well below last week’s peak of 5.36%. This provided some relief to the stock markets, particularly in the technology sector. Oil prices, on the other hand, remained high. A barrel of Brent crude was trading around $109 on Wednesday. As long as tensions in the Strait of Hormuz persist, oil prices will remain a major risk to inflation and, consequently, to future interest rate policy.

The U.S. quarterly earnings season presented a mixed picture. Meta Platforms exceeded revenue expectations, while the sharp rise in investments in artificial intelligence once again drew attention. Tesla managed to exceed profit expectations but disappointed investors with its cautious outlook. The results show that investors remain positive about growth but are taking an increasingly critical view of the scale and expected returns on investments.

Outlook for the coming week

The coming week will be entirely dominated by the interest rate policies of the Federal Reserve (Fed) and the European Central Bank (ECB). In addition, key U.S. economic data on economic growth and inflation will be released. This combination could determine the direction of bond yields, the dollar, and the stock markets. The central question is whether persistent inflationary pressures will lead to further interest rate hikes.

The Fed’s interest rate decision is scheduled for Wednesday at 7:00 p.m. Followingthe rate hike in September, the policy rate stands within a range of 3.75% to 4.00%. Investors expect rates to remain unchanged, so attention will focus primarily on the press conference at 7:30 p.m. A clear signal that another rate hike could follow in December could further push up U.S. bond yields and the dollar. Technology and growth stocks, in particular, could come under pressure as a result. A less hawkish tone, on the other hand, could provide relief for the financial markets.

On Thursday at 1:30 p.m., the first estimate of U.S. economic growth for the third quarter and the core PCE price index for September will be released. The latter is an important inflation measure for the Fed. In the second quarter, the U.S. economy grew by 2.2% on an annualized basis. For the third quarter, estimates range from about 2.5% to over 3%. Strong economic growth combined with higher-than-expected core inflation could reinforce expectations of another interest rate hike in December. If the figures come in lower, that could ease pressure on bond yields and provide room for a recovery in the stock markets.

The ECB will also announce its interest rate decision on Thursday. The deposit rate has stood at 2.50% since September, and the market expects it to remain unchanged for the time being. However, with inflation at 3.8% in the eurozone, price pressures remain a key concern. During the press conference at 2:45 p.m, investors will be paying particular attention to signals regarding a possible interest rate hike in December. A hawkish tone could support European bond yields and the euro, while growing concerns about economic growth could instead point to a longer pause in rate hikes.

In addition to macroeconomic releases, several key quarterly earnings reports are also on the agenda for next week. Microsoft and Alphabet will report their results on Wednesday, followed by Amazon on Thursday. Investors will be paying particular attention to the growth of their cloud businesses and the returns on their substantial investments in artificial intelligence. The results could therefore have a significant impact on sentiment within the technology and semiconductor sectors.

Finally, geopolitical tensions surrounding Iran and the Strait of Hormuz remain a key factor. A further rise in oil prices could increase inflationary pressure and, in turn, reinforce expectations of future interest rate hikes.

Please note: In the Netherlands, daylight saving time begins on the night of Saturday, October 24, to Sunday, October 25. In the United States, this does not take effect until November 1. As a result, U.S. stock markets will temporarily open and close one hour earlier for Dutch investors next week, from 2:30 p.m. to 9:00 p.m. U.S. macroeconomic data will also be released one hour earlier than usual. As a result, the most important releases will be at 1:30 p.m. instead of 2:30 p.m.

The stock market calendar for Week 44

Below is an overview of the most important macroeconomic releases and corporate earnings reports for the coming week. These figures may lead to increased volatility in the financial markets.

Monday, October 26, 2026:

Tuesday, October 27, 2026:

United States:

• 1:30 p.m.: September durable goods orders

• 3:00 p.m.: Conference Board Consumer Confidence Index for October

• 3:00 p.m.: New home sales for September

Wednesday, October 28, 2026:

United States:

• 7:00 p.m.: Federal Reserve interest rate decision
• 7:30 p.m.: Press conference with Fed Chair Jerome Powell
• 9:00 p.m.: Microsoft quarterly earnings
• 9:00 p.m.: Alphabet (Google) quarterly earnings

Thursday, October 29, 2026:

Europe:

• 7:00 a.m.: Shell quarterly results
• 2:15 p.m.: European Central Bank interest rate decision
• 2:45 p.m.: Press conference with ECB President Christine Lagarde
  
  

United States:

• 1:30 p.m.: Third-quarter gross domestic product (first estimate)
• 1:30 p.m.: September PCE inflation, including core inflation
• 1:30 p.m.: Weekly unemployment insurance claims
• 9:00 p.m.: Amazon quarterly earnings
  
  

Friday, October 30, 2026:

Europe:

• 11:00 a.m.: Eurozone third-quarter gross domestic product (preliminary)
  
  

United States:

• 1:30 p.m.: Third-quarter Labor Cost Index

Please note that publication dates and times are subject to change. For the most up-to-date information, always consult the official communication channels of the relevant institutions and government agencies.

Disclaimer: Investinginvolves risks. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips provided on this website are based on our analysts’ own insights and experiences. They are therefore intended for educational purposes only.