Stocks Trade Mixed Ahead of Data and Earnings
Stocks in the US got off to a mixed start as the last week of October commenced with little fan fair. Market participants not only needs to absorb new earnings results from benchmark technology giants Apple and Facebook during the week, but a plethora of economic data will likely drive the direction of the broader indexes. Stocks closed mixed with the S&P 500 closing higher notching up a new all-time high, while the Nasdaq 100 and Dow Industrials closed in the red.
After the closing bell on Monday Apple (NASDAQ:AAPL) released its fiscal 4th quarter earnings. The technology giant showed an increase in revenue and earnings both which beat expectations.
Data in the US was mixed with IP performing better than expected while pending home sales slipped. U.S. industrial production recorded its largest increase in seven months in September. Industrial output rose 0.6 percent last month after increasing 0.4 percent in August, according to the Federal Reserve. Economists had expected industrial output would rise 0.4 percent. For the third quarter, production at the nation’s factories rose at an annual rate of 2.3 percent, accelerating from the second-quarter’s 1.1 percent pace. Pending home sales on the other hand declined 5.2% compared to the 1% decline expected by economists.
There is a plethora of backlogged economic data which will be released during the week which will help drive market volume. On Tuesday investors will need to absorb September the September producer price index along with retail sales which are expected to come in flat, which the ex-autos number increasing by 0.4%. On Wednesday investors will see September CPI ahead of the FOMC decision that afternoon. The official US jobs report will not be released on the first of the month but instead the October report will be seen the following Friday, November 8.
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