Richard Drury/DigitalVision via Getty Images October’s first week turned out to be quite eventful for the markets, with Wall Street reacting sharply to escalating tensions in the Middle East and eventually calming down after nonfarm payrolls came in better than expected on Friday. Wall Street’s major averages rallied on Friday, with the S&P500 up 0.6%, after nonfarm payrolls roared back in September. The recovery followed a sharp downturn throughout the week due to a spike in oil prices triggered by rising Middle East tensions and geopolitical fears. Investors have been vigilant this week, weighing the prospect of a wider conflict in disrupting crude flows after President Biden said the US was discussing an Israeli attack on Iranian oil facilities. On top of geopolitical fears, weekly jobless claims released on Thursday showed claims by Americans for unemployment benefits increased by more than expected. Investors are keeping a close eye on data on the labor market as the Federal Reserve factored in a slowing labor market into its decision last month to deliver a big rate cut of 50 basis points. However, market volatility was balanced by a mostly green earnings scorecard this week. Seven S&P 500 companies reported quarterly earnings this week, primarily dominated by consumer giants like Nike (NYSE:NKE), Conagra Brands (NYSE:CAG), Constellation Brands (NYSE:STZ), and Carnival Corporation (NYSE:CCL). Out of the seven companies, four companies beat both revenue and EPS expectations, two missed just revenue estimates, while one, that is Conagra Brands (CAG) missed estimates on both the fronts. Nike (NKE) shares struggled for direction in after hours trading on Tuesday after better than expected Q1 profits were offset by a miss on total sales. NIKE (NKE) footwear sales fell 10%, apparel sales were down 9%, while equipment sales gained 15%. For the fiscal first quarter ended August 31, the sportswear giant earned a profit of $0.70 per share, 18 cents better than expected, on a 10.4% decline in revenue. Following a similar trend, beverage company Constellation Brands (STZ) also beat its profit expectations but missed revenue estimates, with management blaming the current macroeconomic backdrop weighing broadly on beverage alcohol. Meanwhile, food company, Conagra Brands (CAG) reported a disappointing Q1 results, underscoring the negative impact from manufacturing disruptions, cost inflation, and a challenging consumer environment. The company’s profit declined by 20% to $0.53 per share on a 4% decline in sales to $2.79B, both of which were below Wall Street’s expectations. However, companies like Carnival Corporation (CCL), McCormick and Company (NYSE:MKC), and Lamb Weston Holdings (NYSE:LW) calmed investors with positive earnings, beating both revenue and EPS estimates. For the upcoming week, a number of S&P 500 names are scheduled to report results, with PepsiCo (NASDAQ:PEP) expected to report on Tuesday. Thursday is expected to include Delta Air Lines (NYSE:DAL), and Domino’s Pizza (NYSE:DPZ). Bank earnings are expected to kickoff on Friday with companies like JPMorgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC), BlackRock (NYSE:BLK), and Bank of New York Mellon (NYSE:BK) expected to report.