S&P 500 at record as focus shifts to earnings – Oil down [Video]
|The S&P 500 hit its 46th record high of the year on Monday, Nvidia erased all the summer weakness and flirted with ATH levels as well after the company CEO Jensen Huang said that the next generation Blackwell chip – which suffered some delay – is now ‘in full production’ and that the demand for it ‘is insane’. Around 6% of the S&P500 companies revealed their earnings and nearly 80% reported a positive EPS surprise according to FactSet. And positive vibes could continue as we dive deeper into the earnings season. If nothing, analysts cut their earnings expectations for the Q3 gradually to around 4% growth, whereas this expectation was near 8% in summer. Yet the companies themselves have a guidance for about 16% growth in earnings.
Today, Goldman, Bank of America and Citigroup will go to the earnings confessional, tomorrow Morgan Stanley, again tomorrow ASML, then on Thursday we will focus on TSM and Netflix results. Voila. Fasten your seat belt.
In FX and commodities, the US dollar extends gains on softening dovish Federal Reserve (Fed) expectations and oil is down on fading China optimism, OPEC’s lower demand growth forecast and Netanyahu’s willingness to target Iran’s military rather than its oil facilities.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.