Financial markets are bracing for what could be a momentous week, with a Federal Reserve meeting, U.S. employment data and earnings from technology heavyweight Apple Inc possibly setting the course for stocks and bonds the rest of the year. October has lived up to its reputation for volatility, as a surge in Treasury yields and geopolitical uncertainty pressured stocks. The S&P 500 index is down 3.5% for the month, adding to losses that have left it over 10% off its late-July high.
"Stocks will start to recover when the market believes that bond yields have peaked," said Sam Stovall, chief investment strategist at CFRA Research. With U.S. Gross Domestic Product growth at a sizzling 4.9% in the third quarter, signs that the labor market remains too hot, or the Fed sees the need for further tightening to control inflation, could fuel further volatility.
Investors are also awaiting Apple's results on Thursday, during an earnings season with disappointments from some growth and technology giants, including Tesla and Google. The tech-heavy Nasdaq 100 index is down 11% from its high, though still up nearly 30% on the year.A stock market rebound would follow seasonal trends, said Stovall, of CFRA Research. Since 1945, the S&P 500 has advanced by an average of 1.5% in November, making it the year's third-best performing month, he said.
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Reuters - 🏆 2. / 97 Read more »
Source: Investingcom - 🏆 450. / 53 Read more »