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On Monday, the S&P 500 Index fell by -0.92%, the Dow Jones by -1.18%, and the Nasdaq 100 by -0.83%, as markets braced for significant economic reports later in the week, including delayed U.S. economic data and Nvidia’s earnings on Wednesday. Notably, the Nov Empire manufacturing index rose unexpectedly to a one-year high of 18.7.
This week, key economic reports include the ADP weekly employment report and various industrial statistics. The Fed is seen as having a 41% chance of a 25 basis point rate cut during its next meeting in December, following comments from Fed Governor Christopher Waller advocating for rate reductions due to labor market conditions.
In the corporate sector, Q3 earnings are trending positively, with 82% of reporting companies exceeding forecasts, leading to a 14.6% increase in earnings year-over-year. Meanwhile, Alphabet’s stock rose over 3% after Berkshire Hathaway disclosed a $4.9 billion stake, contrasting with losses in major tech stocks, including Nvidia and Apple.
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