Harley-Davidson is a leading global manufacturer of heavyweight motorcycles across the custom, cruising, and touring segments, as well as related merchandise, parts, and accessories. In recent years, the firm has expanded into the adventure touring market with its Pan America model and into electric with the LiveWire brand. Its captive finance arm, Harley-Davidson Financial Services, provides wholesale financing to dealers and retail financing and insurance brokerage services to customers. Harley captured around 38% of the heavyweight domestic market in 2023.

Founded in 1903 and based in Milwaukee, Harley-Davidson became a public company in 1986. The company sells Harley-Davidson motorcycles, as well as motorcycle parts, accessories, general merchandise, and related services. Harley-Davidson Financial Services (HDFS) provides wholesale and retail financing and insurance to Harley-Davidson dealers and their retail customers in the United States, Canada and other international markets. The company's products are sold to retail customers through a network of independent dealers.

Monday Tee Up: Mag 7, Jobs, Inflation This week and next are perhaps the biggest two weeks of the year for Wall Street. This week, five of the Magnificent 7 companies report earnings and there is important data on jobs and inflation. Next week features the U.S. presidential election and a Federal Reserve rate decision. Last week, the Dow Jones Industrial Average was lower by 2.7%, the S&P 500 lost 1.0%, and the Nasdaq gained 0.2%. For the year, the Dow is higher by 12%, the S&P is up 22%, and the Nasdaq has popped 23%. The earnings calendar is packed this week. On Monday, Ford and V.F. Corp. report results. On Tuesday, Alphabet, Advanced Micro Devices, McDonald's, Pfizer, Visa, and Electronic Arts. On Wednesday, Microsoft, Meta Platforms, Starbucks, Booking Holdings, MGM Resorts, Eli Lilly, and Amgen. On Thursday, Apple, Amazon, Merck, Comcast, Uber, MasterCard, Altria, and Bristol-Myers Squibb. And on Friday, Exxon Mobil, Chevron, and Charter Communications. So far, 181 (36%) of the S&P 500 companies have reported. Earnings are coming in 4.4% higher than in the prior-year quarter. That follows a strong 13% rise in earnings for 2Q. Argus forecasts about 5%-7% growth in earnings this quarter. For full year, we forecast roughly a 7%-9% gain. For 3Q, we expect Information Technology, Communication Services, and Healthcare to be the sectors that shine. On the economic calendar, the October jobs report comes out on Friday. For September, Nonfarm Payrolls were a strong 254,000. Inflation indicator PCE is due on Thursday. PCE came in at 2.2% in August and Core PCE printed at 2.7%. Argus forecasts PCE at 2.1% for September and Core PCE at 2.6%. Elsewhere, Tuesday brings updates on Job Openings, Consumer Confidence, and the Case-Shiller Home Price Index. On Wednesday, the ADP private payrolls report and GDP hit the tape. On Thursday, Personal Income and Personal Spending are due out. And on Friday, Construction Spending, ISM Manufacturing, and Auto Sales will be released. Argus Chief Economist Chris Graja, CFA, is making his call of the week the October jobs report. For October, Chris sees that payrolls slipping to 60,000 -- but that needs some explaining. Chris says this indicator will be hard to read because of the two recent devastating hurricanes and the strike at Boeing. Chris sees the Unemployment Rate sticking at 4.1% for October, close to the Fed's longer-run projection of 4.2%. Chris says 'our analysis suggests that the U.S. job market is healthy. The wide array of indicators we follow point to a strong economy that is running at close to full employment.' Last week, mortgage rates jumped again and are now at 6.54% for the average 30-year fixed-rate mortgage. Gas prices fell three cents to $3.14 per gallon for the average price of regular gas. The Atlanta Fed GDPNow indicator is forecasting for 3Q and calls for expansion of 3.3%. Argus now forecasts 3Q GDP growth at 3.0% this quarter, up from our prior forecast of 1.6%.The Cleveland Fed CPINow indicator for October is at 2.0%. Looking ahead, the Federal Reserve comes out with its next decision on interest rates on November 7. The odds are 95% for a 25-basis-point cut, according to the CME FedWatch tool.

Harley-Davidson is a leading global manufacturer of heavyweight motorcycles across the custom, cruising, and touring segments, as well as related merchandise, parts, and accessories. In recent years, the firm has expanded into the adventure touring market with its Pan America model and into electric with the LiveWire brand. Its captive finance arm, Harley-Davidson Financial Services, provides wholesale financing to dealers and retail financing and insurance brokerage services to customers. Harley captured around 38% of the heavyweight domestic market in 2023.