Stock Market Sees Sixth Straight Week of Gains
The stock market has continued its upward trend, with the Dow Jones Industrial Average leading the way. The index rose by about 1% over the past week, with the S&P 500 and Nasdaq Composite following closely behind.
Tech Sector Boosted by Netflix Earnings
The tech sector received a significant boost from Netflix’s strong earnings report. The company’s shares rose sharply, contributing to the overall growth of the sector. Other major tech companies, including Apple and Tesla, are set to report their earnings in the coming weeks.
Market Rotation Continues
The market rotation out of megacap tech and into other areas of the market continued this week. Utilities, real estate, and financials were among the sectors that saw significant gains. Small caps also outpaced the major indexes, with the Russell 2000 finishing the week up around 2%.
Earnings Season Heats Up
Earnings season is in full swing, with many major companies set to report their quarterly results in the coming weeks. Investors will be closely watching these reports for signs of growth and stability. So far, 79% of S&P 500 companies have delivered a positive earnings surprise for Q3, which is above the overall five-year average.
Economic Data on Tap
In addition to earnings reports, investors will be monitoring a slew of economic data releases in the coming week. The final reading of consumer sentiment from the University of Michigan is due on Friday, and the Fed Beige Book will provide another pulse check on current economic conditions.
Tesla Earnings in Focus
Tesla is set to deliver its quarterly earnings report on Wednesday. Investors will be closely watching the company’s results, particularly after the recent unveiling of its new Cybercab. Wall Street analysts expect the company to deliver adjusted earnings per share of $0.60 on revenue of $25.42 billion.
Other Major Earnings Reports
Other major companies set to report their earnings in the coming week include Boeing, General Motors, American Airlines, and UPS. Investors will be closely watching these reports for signs of growth and stability.
Weekly Calendar
- Monday: Economic data – Leading Economic Index, September
- Tuesday: Earnings – SAP SE, Nucor Corporation, HBT Financial
- Wednesday: Economic data – MBA Mortgage Applications, week ending Oct. 18; Existing Home Sales, Sept.; Federal Reserve Beige Book
- Thursday: Earnings – Tesla, Boeing, AT&T, IBM
- Friday: Economic data – Durable Goods Orders, September preliminary; University of Michigan Consumer Sentiment, October final
Leave a Reply