Dow Jones, Nasdaq, S&P 500 weekly preview: Fed sparks a massive rally
Stocks surged aggressively last week as investor bets rose that rates have peaked in the aftermath of the FOMC’s decision to leave rates unchanged. Moreover, the labor market data cooled, signaling the Fed is done hiking.
On the economic data front, the Michigan confidence survey for November is out later this week. Fed Chair Jerome Powell will be speaking twice this week. Other Fed officials are on the speaker calendar too.According to FactSet’s data, 82% of S&P 500 companies have reported a positive EPS surprise and 62% of S&P 500 companies have reported a positive revenue surprise.
For Q3, the blended earnings growth rate for the S&P 500 is 3.7%. As of September 30, analysts were looking for a Q3 earnings decline of 0.3% on an annual basis.Analysts at Oppenheimer: “The S&P 500 reversed its breakdown at 4,200 last week. This indicates bears lacked conviction attempting to sell the market on a signal to do so. evidence of downside fatigue coupled with bull market pessimism leads us see the turn as a resumption of the S&P’s uptrend.
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