Market Watch: Earnings Season and Economic Indicators Create Buzz
Stock Market Trends Show Mixed Signals
The stock market is experiencing exciting fluctuations. The Dow and S&P 500 indexes have slightly retreated from record closure highs earlier this month. However, the Nasdaq continues its impressive seven-week winning streak, pushing towards July’s peak. Currently, the Dow is up 168 points, the S&P has risen by 30 points, and the Nasdaq is showing an increase of 149 points.
As we approach the General Election in just over a week, investors are eager for direction in the markets. This week is also pivotal for jobs data, with JOLTS statistics for last month released on Tuesday, ADP private-sector payroll numbers coming out on Wednesday, and the government’s non-farm payrolls set for Friday.
Q3 Earnings Reports Take Center Stage
This week marks a crucial point in Q3 earnings season. Although the day starts slowly, after the market closes, reports from Ford (F) and VF Corp. (VFC) will be released. Notably, we can expect most of the major reports from the “Magnificent Seven,” including Alphabet (GOOGL), Meta (META), Microsoft (MSFT), Amazon (AMZN), and Apple (AAPL), later this week.
Additionally, earnings for JetBlue (JBLU), McDonald’s (MCD), Pfizer (PFE), Royal Caribbean (RCL), and AMD (AMD) will be revealed on Tuesday alone.
Economic Reports Also Make Headlines
In conjunction with earnings, Personal Consumption Expenditures (PCE) data for October will be released on Thursday. This figure is important for the Fed as it indicates inflation trends, and is expected to show a decline to +2.1% year-over-year inflation on the headline metric and +2.6% on the core measure. The Q3 GDP figures will be published the day before, on Wednesday morning. Weekly Jobless Claims are also scheduled for release on Thursday ahead of market hours.
Additionally, we will receive new Trade Balance numbers along with Pending Home Sales for September, which are expected to be released mid-week. Reports on Construction Spending alongside S&P PMI and ISM Manufacturing will also contribute to market insights.
ON Semiconductor Surprises with Solid Q3 Results
Today, ON Semiconductor (ON), based in Arizona, posted earnings that surpassed analyst expectations, reporting earnings of 99 cents per share, which was 2 cents higher than the Zacks consensus. Revenue reached $1.76 billion, also slightly above forecasts. Despite these strong results, guidance for the next quarter matched earlier expectations, leading to a sell-off of shares, which dropped by 4% after initially climbing 2% in pre-market trading. Year-to-date, the stock has decreased by 12%.
Explore Zacks’ Investment Opportunities
We’re not kidding. Several years ago, Zacks introduced an offer for members to access their picks for just $1 for 30 days, no obligation for further spending. Thousands embraced this opportunity, while others hesitated, thinking there must be a catch. The intent is clear: to familiarize investors with our portfolio services such as Surprise Trader, Stocks Under $10, Technology Innovators, which collectively closed 228 positions with double- and triple-digit gains in 2023 alone.
Want the latest recommendations from Zacks Investment Research? Today, download 5 Stocks Set to Double. Click here for this free report:
Amazon.com, Inc. (AMZN): Free Stock Analysis Report
Ford Motor Company (F): Free Stock Analysis Report
Apple Inc. (AAPL): Free Stock Analysis Report
Advanced Micro Devices, Inc. (AMD): Free Stock Analysis Report
Microsoft Corporation (MSFT): Free Stock Analysis Report
Automatic Data Processing, Inc. (ADP): Free Stock Analysis Report
Pfizer Inc. (PFE): Free Stock Analysis Report
JetBlue Airways Corporation (JBLU): Free Stock Analysis Report
Royal Caribbean Cruises Ltd. (RCL): Free Stock Analysis Report
McDonald’s Corporation (MCD): Free Stock Analysis Report
V.F. Corporation (VFC): Free Stock Analysis Report
Alphabet Inc. (GOOGL): Free Stock Analysis Report
ON Semiconductor Corporation (ON): Free Stock Analysis Report
Meta Platforms, Inc. (META): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
