The S&P 500 and Nasdaq Composite are coming off their fourth straight winning session, adding to their strong week-to-date performances. The broad market index is up 3.6% this week, while the Nasdaq has popped 5.3%. The Dow has advanced 2.3%.
Wall Street is now looking ahead toward the Federal Reserve's policy meeting on Sept. 17-18, where the central bank is largely anticipated to lower interest rates by 25 basis points. Currently, the Fed's target rate is sitting at 5.25% to 5.5%."At the end of the day, the U.S. consumer and the economy continue to do well, profits continue to print above expectations," Dan Greenhaus, chief strategist at Solus Alternative Asset Management, told CNBC on Thursday.
Bank of America analyst Curtis Nagle said in a note to clients that there are "more share gains ahead as RH fires on all cylinders" and hiked the price target on RH to $359 per share from $310.early Friday after rejecting a new labor contract. The work stoppage will impact production of most aircrafts, including the 737 Max.
Adobe posted earnings per share of $4.65, excluding items, on revenue of $5.41 billion for the quarterly period. Analysts polled by LSEG, meanwhile, had called for adjusted earnings of $4.53 on revenue of $5.37 billion.Still, in total, the company raked in $5.18 billion in subscription revenue during the third quarter, which is up 11% year over year, and also saw growth in its biggest line of business, Digital Media.
The company also issued a heady forecast for the 2029 fiscal year, for which it anticipates $104 billion in revenue and 20% year-over-year earnings growth.S&P 500 futures slipped less than 0.1%.
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