NEW YORK -The rally in U.S. stocks is wobbling as it confronts a stretch of potentially market-shaking events, starting next week with corporate results from tech titans and the closely watched employment report, while the U.S. election is also nearing.Still, equities remain at elevated valuations, which could make stocks vulnerable should any of the near-term market events fall short of expectations.
Five of the"Magnificent Seven" group of megacap companies that have played a major role in driving the market over the past couple of years are set to report quarterly results next week: Google parent Alphabet , the first of the Magnificent Seven to report results, saw its shares surge on Thursday after CEO Elon Musk said he expects vehicle sales to grow 20% to 30% next year.
Economists expect the employment report to show that the economy created 140,000 jobs in October, according to Reuters data. The report could be"messy" in the wake of two significant storms, but the wages data will be important to watch, said Nanette Abuhoff Jacobson, global investment strategist at Hartford Funds.
The run of market-sensitive events continues the following week, with Election Day on Nov. 5 and the Fed's next monetary policy decision on Nov. 7, which could put investors increasingly on edge in the coming days.
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