Strong data reports could drive Treasury yields even higher. GDP growth for Q3 could be as high as 4.5% to 5.0%, thanks to strong consumption during the period. GDP is due out Thursday and PCE, along with Personal Income and Personal Spending, will be released Friday. The week ahead: The final full week of October features a host of potentially market-moving data, including the government's first estimate of Q3 Gross Domestic Product (GDP) and Personal Consumption Expenditure (PCE) prices, the Fed's favorite inflation monitor. This week features 158 S&P 500 earnings reports, making it one of the busiest of the season. "Earnings started fairly strong with financials but weakened over the course of last week," says Randy Frederick, managing director of trading and derivatives at the Schwab Center for Financial Research. That's below average but still reflects strength. We're still in the thick of earnings season, and 70% of the S&P 500 companies that reported last week beat analysts' expectations. The broader market is trading at nearly five-month lows, and October is on pace to be the third losing month in a row for the S&P 500 Index, a streak that hasn't happened since early 2020. Risk-off trading predominated last week, resulting in a four-session losing streak for the S&P 500 and Nasdaq that could stretch to five. The 10-year Treasury yield (TNX) pushed back above 5.0%, the highest levels since 2007, signaling that high rates and Federal Reserve policy will continue to be a market fixation even with a heavy slate of earnings ahead this week, including several big tech companies. (Monday market open) Wall Street's red October is poised to get redder as concern over elevated interest rates and geopolitical tensions continue to burden the stock market.įutures based on the S&P 500 ® Index (SPX) and the Nasdaq Composite (COMP) were down about 0.4% near the close of overnight trading after touching the lowest levels since early June. Wealth and Investment Management Solutions.Meet the experts behind Schwab's investing insights.Environmental, Social and Governance (ESG) Investing.Bond Funds, Bond ETFs, and Preferred Securities.ADRs, Foreign Ordinaries & Canadian Stocks.Environmental, Social and Governance (ESG) ETFs. Environmental, Social and Governance (ESG) Mutual Funds.Benefits and Considerations of Mutual Funds.
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