At the start of the new trading week, major technology stocks are falling, also driving the U.S. equity futures lower, as the lost as much as 2.4% last week. The index is now testing the key near-term support in the range of 4180-4200. A break of this zone would mark a major bearish development that could take the S&P 500 below 4000 in the coming months.
“The bears won the week on a variety of fronts, including geopolitics , rates , the trajectory of underlying growth , and earnings ,” analysts at Vital Knowledge said on Friday.As of Q3 2023, with 17% of S&P 500 companies having reported actual results, 73% of them have exceeded their earnings per share expectations, and 66% have surpassed revenue expectations, according to FactSet. The S&P 500 is currently experiencing a blended YoY earnings decline of -0.4%.
RBC’s analysts: “October can be a tough month for stocks, but more often than not tends to see the S&P 500 rise. Unfortunately, as of mid October of 2023, US equities are still in a spooky place.”
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