The S&P 500 ended modestly lower, while a host of interest rate sensitive momentum stocks, many of which are slated to post third quarter-results this week, buoyed the tech-laded Nasdaq Composite Index to a higher close."The story continues to be about interest rates, and to some extent switching from 'higher for longer' to 'how much higher for how much longer?'" said Oliver Pursche, senior vice president at Wealthspire Advisors in New York.
These include megacap momentum drivers, including Microsoft Corp, Alphabet Inc, Meta Platforms Inc and Amazon.com, along with heavy-hitting industrials such as General Motors Co, Ford Motor Co and Boeing Co. Analysts see aggregate S&P 500 earnings for the July-September period growing 1.2% year-on-year, slightly below the 1.6% growth projected at the start of the month, according to LSEG.
Geopolitical turmoil is also on the radar, with market participants looking for potential signs the Israel-Hamas conflict could broaden or escalate.
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