The rally in U.S. stocks is wobbling as it confronts a stretch of potentially market-shaking events, starting next week with corporate results from tech titans and the closely watched employment report, while the U.S. election is also nearing.
“People will be on pins and needles for most of next week,” said Peter Tuz, president of Chase Investment Counsel Corp. “The market is expensive ... Any time you have an elevated market the potential for a bigger downdraft exists if something disappointing happens.” “I see a handful of companies that deservedly have very high multiples but if that reason for being deserved falters then there’s a lot of room below for those stocks to fall,” said Bryant VanCronkhite, senior portfolio manager at Allspring Global Investments.
Next week is the busiest week of the third-quarter reporting season overall, with well over 150 S&P 500 companies set to post results.
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