Market Rebound Anticipated After Turbulent Week
Friday’s market opening is expected to bring a much-needed respite to investors, following a tumultuous week marked by steep losses. Futures on the Nasdaq 100 and S&P 500 indices are pointing to a strong start, with gains of 0.6% and 0.5%, respectively. Dow Jones Industrial Average futures are also up 0.5%.
Earnings Season Brings Mixed Results
The earnings season has been a rollercoaster ride, with some tech giants delivering impressive results while others have fallen short. Amazon’s upbeat earnings report has helped lift the gloom surrounding Big Tech, with shares surging over 6% in premarket trading. Intel’s earnings beat and optimistic outlook have also boosted investor sentiment. However, Apple’s lackluster results and outlook have left Wall Street underwhelmed.
Jobs Report Disappoints, But Markets Shrug It Off
The latest jobs report has revealed a mere 12,000 jobs added in October, significantly missing expectations. Despite this, markets are taking the news in stride, likely due to the government’s attribution of the disappointing numbers to recent hurricanes and strike activity.
Federal Reserve Meeting Looms
With the Fed meeting just around the corner, markets are pricing in a 98% chance of a quarter-point rate cut. This could have significant implications for bank accounts, CDs, loans, and credit cards.
Corporate News: Boeing Shares Rise, Oil Prices Spike
Boeing shares are on the rise after the union backed its latest offer to end a harmful factory workers’ strike. The deal would result in a 38% wage hike. Meanwhile, oil prices have surged almost 2% amid renewed fears of Mideast instability, following reports of Iran’s plans to strike Israel via militias in Iraq.
Economic Calendar: Key Indicators to Watch
Today’s economic calendar is packed with key indicators, including nonfarm payrolls, unemployment rate, average hourly and weekly earnings, labor force participation rate, S&P Global US Manufacturing PMI, ISM manufacturing, and ISM prices paid.
Earnings Season Continues: Notable Reports Today
Today’s earnings lineup features notable reports from Charter Communications, Dominion Energy, fuboTV, Chevron, Exxon Mobil, and Wayfair. Will these companies deliver the goods and help sustain the market’s momentum? Only time will tell.
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