The ADP jobs report, ISM PMI surveys and other AI-related tech earnings will be in focus this week. Palantir is expected to report strong earnings and guidance, making it an attractive stock to buy. Pfizer’s expected fall in profits and sales suggests a more cautious approach.
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Stocks on Wall Street finished higher on Friday, with major indexes posting strong weekly and monthly gains as investors overcame fears of a government shutdown and renewed trade war tensions.
Source: Investing.com
The benchmark S&P 500 rose 0.7% for the week and about 2% in October. The technology-heavy Nasdaq Composite index rose 2.2% for the week and 4.2% for the month of October as a whole, capping a 7-month winning streak, the longest since early 2018.
Meanwhile, the 30-stock Dow Jones Industrial Average rose 0.8% for the week and 1.7% for the month. The Dow recorded its sixth consecutive positive month for the first time since 2018.
More volatility could be expected in the coming days as investors assess the outlook for the economy, inflation, interest rates and corporate profits amid a prolonged U.S. government shutdown.
The federal shutdown appears poised to cancel another monthly jobs report from the Bureau of Labor Statistics, normally due Friday. So Wednesday’s release of ADP’s October jobs report takes on added significance. In addition, the ISM PMI indexes of the manufacturing and services sector will also be closely monitored.
Source: Investing.com
On Friday, traders were pricing in a 60% chance of a rate cut in December, up from 98% a week ago, following hawkish comments from various Fed officials, including Chairman Jerome Powell.
Elsewhere, the busy earnings season continues with expected reports from several notable companies such as Advanced Micro Devices (NASDAQ: PLTR), Robinhood, Super Micro Computer, Qualcomm, ARM Holdings, Shopify, McDonald’s (NYSE: PFE), Novo Nordisk, Uber, DoorDash, Airbnb, AppLovin and DraftKings.
Additionally, Tesla is hosting a crucial annual shareholder meeting on…
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