(As of 7:15 am PST)
It’s a data rich week with economic reports, Fed
meetings, and big name earnings all on tap.
US stocks wobbled at the start but are inching towards positive
territory as investors looked ahead to Apple’s earning report after the bell
today. Economic data released in early
trade showed industrial production rising better than expected in September,
while pending home sales in September fell to the lowest level in nine
months. Investor focus today is on
Apple as the tech giant gets set to report earnings after the bell. Since the company’s last report in July,
shares have rallied 25% as new products have been introduced and rumors of a
share buyback have propelled shares higher.
Investors will be looking for guidance for the December quarter as the
key driver of trade this week. Markets
have a lot to digest on the economic front as well this week. Reports on retail sales, auto sales, jobless
claims, and the Chicago PMI will give investors plenty of information to trade
on. Not to mention a Fed meeting this
week should affirm investor sentiment that a taper will likely not be seen
until 2014. There are a lot of positive
drivers for the market this week, but also a cautious tone as market indexes
reach or exceed all time record highs.
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