Earnings season is back!

Earnings season is back!

It’s that time of year again where all eyes are on major corporations across the US, releasing their latest earnings. So far, stocks have maintained a bullish bias with strong expectations that earnings will remain strong.

 

US equities moved higher for the most part with the Nasdaq composite gaining 0.8% while the S&P 500 closed 0.3% higher. The Dow Jones Industrial Average was not as lucky and ended the session with modest losses of 0.1%, to close at 35,258.61.

 

Some of the biggest names set to release earnings this week include Netflix, Johnson & Johnson, United Airlines, Procter & Gamble, Tesla, Verizon and IBM with others also in the lineup.

 

Last week saw strong earnings from major banks, further supporting the firmness of indices. The Dow Jones is only 1% away from its record highs while the Nasdaq stands at 2.5% and the S&P 500 at 1.3%. Analysts are seeing a quick move higher if this week remains promising.

 

Nonetheless, there has been some sentiment interrupters. US industrial production dropped during September following supply concerns while China’s GDP disappointed at 4.9% versus 5.2%. While GDP figures remain strong, some signs of a slowdown exist, according to traders.

 

Other concerns go back to the topics of inflation, labor data, and the future actions of the Fed. The latest jobs report came in at 194K versus a forecast of 500K, a relatively weak number despite a major improvement in the unemployment rate at 4.8%. It remains to be seen what the next FOMC will hold and how it will relate to the markets.

 

It’s worth noting that 41 S&P 500 components reported earnings so far with 80% of them topping EPS forecasts.

 

On a different note, cryptocurrencies are on the move again with Bitcoin pushing above $60,000 and altcoins also taking some spotlight. Ethereum is in focus as well as it approaches $4,000.

 

With CFI, you can trade thousands of CFDs on Stocks, Forex, Commodities, Indices, and ETFs from one single platform. If you are new to the financial markets, you can start with a risk-free demo account and for the more seasoned traders, opening a real account is a straightforward process that requires very little time. CFI offers its clients many services and features including free daily webinars, dedicated account managers, daily technical reports, and highly competitive conditions that include fast execution and spreads from zero pips.

 

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The content published above has been prepared by CFI for informational purposes only and should not be considered as investment advice.  Any view expressed does not constitute a personal recommendation or solicitation to buy or sell.  The information provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it, and is not held out as independent investment research and may have been acted upon by persons connected with CFI.  Market data is derived from independent sources believed to be reliable, however CFI makes no guarantee of its accuracy or completeness, and accepts no responsibility for any consequence of its use by recipients. 

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