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Wall Street Rallies as Earnings Season Boosts Investor Confidence

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Finance News

Wall Street,Rally,Earnings Season

Wall Street rallies as earnings season shows positive results, boosting investor confidence. Interest rate sensitive megacap stocks lead the way.

NEW YORK, Oct 30 - Wall Street rallied on Monday, kicking off what promises to be a hectic week that includes a heavy earnings docket, economic data and the Federal Reserve's two-day monetary policy meeting.

Analysts now expect, on aggregate, annual third quarter S&P 500 earnings growth of 4.3%, a marked improvement over the 1.6% year-on-year growth seen at the beginning of October. Investors will scrutinize the accompanying statement and Fed Chair Jerome Powell's subsequent Q&A session for clues regarding the central bank's path forward with rates.

Geopolitical strife arising from the Israel-Hamas conflict as well as a surge in Treasury yields have weighed on stocks in recent weeks, dragging the benchmark S&P 500 down about 10% from its intraday high in July. Onsemi tumbled 21.8% after the chipmaker forecast weak fourth-quarter revenue on slowing demand for electric vehicles.

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