Dow Jones, Nasdaq, S&P 500 weekly preview: Testing key support ahead of Big Tech earnings
At the start of the new trading week, major technology stocks are falling, also driving the U.S. equity futures lower, as the lost as much as 2.4% last week. The index is now testing the key near-term support in the range of 4180-4200. A break of this zone would mark a major bearish development that could take the S&P 500 below 4000 in the coming months.
“The bears won the week on a variety of fronts, including geopolitics , rates , the trajectory of underlying growth , and earnings ,” analysts at Vital Knowledge said on Friday.As of Q3 2023, with 17% of S&P 500 companies having reported actual results, 73% of them have exceeded their earnings per share expectations, and 66% have surpassed revenue expectations, according to FactSet. The S&P 500 is currently experiencing a blended YoY earnings decline of -0.4%.
RBC’s analysts: “October can be a tough month for stocks, but more often than not tends to see the S&P 500 rise. Unfortunately, as of mid October of 2023, US equities are still in a spooky place.”
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