Quick Recap of Thursday’s Session:
Stocks finished slightly higher on Thursday, snapping the S&P 500’s five day skid. Major indices started the day in positive territory following a better than expected GDP report from the U.K., some decent economic data out of China, and improvements in Weekly Jobless Claims and Durable Goods Orders here in the U.S. Despite the positive data, it only took a matter of minutes before the bears entered, driving the S&P 500 down 15 points to its intraday low at 11:50am EST. Rumors of Fitch cutting the U.S. credit rating was partially to blame for the selling, though the ratings agency later affirmed it would not consider a downgrade until after the elections. Stocks stabilized in the afternoon and rallied into the close, though finished well off of their intraday highs, which occurred in the second minute of trading.
- After the closing bell, there are a couple high profile earnings announcements:
- Amazon.com (AMZN), which missed on all fronts (read here) .
- Apple Inc (AAPL) reported Q4 EPS of $8.67 vs. $8.83, but beat on revenue $35.97B vs $35.88B. The company also guided lower on EPS and revenues, though we’ve yet to see how its price is affected as shares are still halted after hours.
S&P 500 +0.30%, NASDAQ +0.15%, DJIA +0.20%, Midcaps +0.17%.
Looking Ahead to Friday:
- Overnight we get Gfk Consumer Climate from Germany and Business Confidence from Italy.
- Before the bell here in the U.S. is Q3 GDP (advance).
- Also before the bell are a couple of high profile earnings announcements in Goodyear Tire (GT) and Merck (MRK).
- Shortly after the open we get Michigan Consumer Sentiment at 9:55am EST.
- Friday’s session will likely be dictated by how the market digests AAPL and AMZN’s earnings, as well as how the Q3 GDP figure turns out. We should have a good idea of how Friday will look before the opening bell.
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