31FX – A few months after the ongoing trade war saga between the US and China, October marks the start of the 3rd Quarter Earnings season from the biggest publicly trading players in the US Markets.
After a chaotic start to the month because of the trade tensions, the US benchmarks S&P 500 is set to make its best after 6 weeks, the Dow trying to get back on track after record highs, while the Nasdaq is eyeing its biggest percentage gain in seven weeks.
Out of the S&P 500 companies that have reported their earnings so far, more than 80% beat profit expectations.
“We’ve had some misses … mostly due to trade war concerns, but overall, it looks like we’re headed for a fairly good earnings season”Peter Cardillo
– chief market economist at Spartan Capital Securities in New York
US Indices such as the S&P and Dow were opening flat almost every week, as sentiments are mixed for the upcoming reports of Amazon, affecting even the strong results in what has so far been an upbeat 3rd Quarter earnings season.
Amazon saw a downfall in their shares after they released a what to be expected below estimated earnings, pointing fingers to a very strict competition with new market players.
The giant missed expectations and reported revenue that topped forecasts. The firm reported earnings per share of $1.45 on revenue of $19.98B
However, Boeing dropped 1.2% after Indonesian authorities looking into the Lion Air crash said the world’s largest plane maker failed to see the risks on its 737 MAX jet that has been hassling the company continuously.
The Technological Sector player jumped 7.2% and was on course for its best day since January 2018 after issuing an upbeat forecast, helping lift the US Benchmarks for the past few weeks.
Intel has traded at $54.9900 at its highest and $51.0300 at its lowest during the past seven days.
The next round of earnings report next week includes the big players:
Alphabet Inc (Google)
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