Equities initially went south on Friday during Powell’s speech, but the S&P 500 closed up 0.67% on the day and 0.82% on the week.
The S&P 500 opened the week up 0.5% in conjunction with the Dow Jones Industrial Average, while the NASDAQ Composite gained 0.75% initially.It is uncanny that the market is advancing on Monday morning now that expectations for another rate rise in November have now taken the majority. Belief in a higher terminal rate should have a negative effect on the index, since it would increase the cost of capital and reduce valuation multiples.
. Wall Street expects Salesforce to report $1.90 in adjusted earnings per share on revenue of $8.53 billion. Crowdstrike is expected to report $0.56 in adjusted EPS on revenue of $724.5 million., is expected to earn $10.43 in adjusted EPS on $8.86 billion in revenue. Most analysts have revised profits higher in the last few months.
The S&P 500 index remains in a short-term downtrend as the 9-day moving average is trending below its 21-day counterpart. A break above the 21-day average will see day traders pounce and send the index back toward 4,500.Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.