(As of 7:10 am PST)
It’s back to business as usual on Wall St. With the threat of default and a reopening of
the US government in the rearview mirror investors are turning to earnings and
economic data for direction from these multi-year highs. It’s all earnings today with some big names
reporting. General Electric beat
estimates ahead of the bell with shares moving higher by 2%. Morgan Stanley swung to a Q3 profit beating
estimates. Yesterday, Google surprised
investors with a 36% year-over-year earnings increase which resulted in shares
soaring 10% in after hours. Also, a high
flyer today are shares of Chipotle which reported revenues better than
expected. It’s been awhile since we have seen
reliable economic data as the government shutdown delayed several reports. Next week should be chock-full of reports
with Tuesday’s important non-farm payrolls report kicking things off. There appears to be some positive momentum
right now with earnings coming in better than expected and the shutdown pushing
talks of a Fed taper further out into next year. There’s a lot of data yet to sift through but
sentiment has improved since earlier in the week as investors game plan for the
final two months of the year.
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