This Week
The Nasdaq-100® is seeing a 49% year-over-year earnings growth for Q3, despite a 2% decline this week driven by mixed signals in the artificial intelligence (AI) market. The Federal Reserve kept interest rates unchanged, though there is a 75% likelihood of a rate hike in December. Meanwhile, Q3 real GDP grew by 3.4% annually, largely fueled by consumer spending and AI capital expenditure, while headline PCE inflation increased to 3.6% year-over-year due to energy prices.
U.S. oil prices have risen over $100 per barrel amid geopolitical tensions, particularly concerning Iran. The ongoing safe-haven demand has contributed to a decrease in 10-year Treasury yields, falling over 5 basis points to below 4.95%.
Next Week
Key events to watch next week include:
- Monday: ISM & S&P Manufacturing PMIs (October), Apple earnings (Q3)
- Tuesday: JOLTS Job Openings (September), AMD earnings (Q3)
- Wednesday: ISM & S&P Services PMIs (October)
- Thursday: Productivity (Q3), Jobless Claims (week ending Oct. 24)
- Friday: Nonfarm Jobs (October)
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