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We have another big week in store for the major market indices, when the stocks formerly known as FANG (or at least some of them) report earnings results: Alphabet (GOOGL - Free Report) on Tuesday, Meta (META - Free Report) Wednesday and both Apple (AAPL) and Amazon (AMZN - Free Report) Thursday. In economic data, home prices, durable goods sales, Q3 GDP and a new September PCE report all await us.
Today, we start a little slowly, however: after the open we S&P PMI Manufacturing and Services results for October, expected to tick in different directions: Manufacturing is expected to come down 20 basis points (bps) to 51.8, while Services is anticipated to move equally the opposite direction to 49.7. For earnings, though the major Wall Street banks have all reported, Discover Financial Services (DFS - Free Report) is expected to report Q3 earnings after today’s close.
Pre-markets are up again, after a third-straight up-week on the Dow (the first such streak since last year). The blue-chip index is currently +184 points, while the S&P 500 and Nasdaq are registering gains of +16 and +10 points, respectively. Investors are once again trying the game the Fed’s pullback of its current string of 75-bps rate hikes: assuming the November result is already baked in the cake, there is now speculation the Fed will only hike 50 bps or fewer in the Fed’s December meeting.
Not all stocks are doing great this morning, however: many of the biggest Chinese stocks are down — Pinduoduo (PDD - Free Report) is -17% at this hour, while Alibaba (BABA - Free Report) is -11%. There are no news reports out of China speculating this sell-off has to do with President Xi securing his third term in office (making him the most substantial Chinese leader since Mao Zedong); perhaps these two things happening the same day is a coincidence.
Finally, this morning we see an announcement that Chancellor of the Exchequer Rishi Sunak will become the next Prime Minister of the UK, replacing fellow Tory conservative Liz Truss after a record-shattering 44 days in office. Sunak, who had also served as PM Boris Johnson’s Treasury chief, would be the first-ever Hindu prime minister of the UK. As with Truss before him, Sunak will have historically large problems regarding Britain’s economy and lots of criticism awaiting his decisions. Questions or comments about this article and/or its author? Click here>>
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Big Week: Ex-FANG Stocks to Report Q3 Earnings
Monday, October 24, 2022
We have another big week in store for the major market indices, when the stocks formerly known as FANG (or at least some of them) report earnings results: Alphabet (GOOGL - Free Report) on Tuesday, Meta (META - Free Report) Wednesday and both Apple (AAPL) and Amazon (AMZN - Free Report) Thursday. In economic data, home prices, durable goods sales, Q3 GDP and a new September PCE report all await us.
Today, we start a little slowly, however: after the open we S&P PMI Manufacturing and Services results for October, expected to tick in different directions: Manufacturing is expected to come down 20 basis points (bps) to 51.8, while Services is anticipated to move equally the opposite direction to 49.7. For earnings, though the major Wall Street banks have all reported, Discover Financial Services (DFS - Free Report) is expected to report Q3 earnings after today’s close.
Pre-markets are up again, after a third-straight up-week on the Dow (the first such streak since last year). The blue-chip index is currently +184 points, while the S&P 500 and Nasdaq are registering gains of +16 and +10 points, respectively. Investors are once again trying the game the Fed’s pullback of its current string of 75-bps rate hikes: assuming the November result is already baked in the cake, there is now speculation the Fed will only hike 50 bps or fewer in the Fed’s December meeting.
Not all stocks are doing great this morning, however: many of the biggest Chinese stocks are down — Pinduoduo (PDD - Free Report) is -17% at this hour, while Alibaba (BABA - Free Report) is -11%. There are no news reports out of China speculating this sell-off has to do with President Xi securing his third term in office (making him the most substantial Chinese leader since Mao Zedong); perhaps these two things happening the same day is a coincidence.
Finally, this morning we see an announcement that Chancellor of the Exchequer Rishi Sunak will become the next Prime Minister of the UK, replacing fellow Tory conservative Liz Truss after a record-shattering 44 days in office. Sunak, who had also served as PM Boris Johnson’s Treasury chief, would be the first-ever Hindu prime minister of the UK. As with Truss before him, Sunak will have historically large problems regarding Britain’s economy and lots of criticism awaiting his decisions.
Questions or comments about this article and/or its author? Click here>>