Last week, the S&P 500 finished down (0.96%), while the tech-heavy NASDAQ gained 0.16%. Ten-year treasury yields climbed, closing at 4.25%, driving borrowing rates on 30-year fixed mortgages up to 7.21%.
Through Friday, 37% of companies in the S&P 500 reported third-quarter earnings, with 75% beating estimates, in line with the 10-year average for this metric. Profits are broadening beyond the largest companies and analysts expect earning gains across all 11 S&P 500 sectors for 2025, which are typically bullish signs for stocks.
The markets have a significant amount of data to digest this week. Almost 34%, or 169 companies in the S&P 500, report earnings. Economic releases this week include JOLTS, 3Q GPD, Personal Consumption Expenditures(PCE), and Non-farm payrolls.
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David Bennett