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This week 4 of the “Magnificent 7” (Microsoft, Amazon, Alphabet and Meta reported) reported their earnings and their results really didn’t matter. The markets were intent on moving to the downside spurred on by higher yields, concerns about global growth, concerns about the Fed, and concerns about Israeli/Hamas war. The wall of worry is high.
S&P500 & NAS100 PRICE FORECAST: SPX Faces a Host of Challenges as Recovery Hopes are Dashed by Rising US Yields and Poor Tech Earnings. Google Parent Alphabet Fell as Much as 8.7% as it Missed Expectations for its Cloud Business as Microsoft Gained 2.3% as it Beat Estimates. Meta and IBM Reporting After Market Close.
It has been a negative week for the major US stock indices, as rates moving higher, geopolitical tension, and dysfunction in Washington. That dynamic does not seem to be going away anytime soon. However next week we get a slew of corporate earnings with something for everyone. A total of 4 of the “Magnificent 7”
SP 500 & NAS100 PRICE FORECAST: Choppy Price Action and Indecision Returns as US Earnings Continues. Geopolitical Uncertainties and Robust US Data Give Market Participants a Headache as Evidenced by Retail Trader Sentiment. Rangebound trade for both the SPX and the Nasdaq 100 Cannot be Ruled Out for the Rest of the Week. To Learn
UK Average Earnings Moderate Slightly in August The UK’s Office for National Statistics released earnings data for the month of August, revealing lower than anticipated numbers. Three-month average earnings, a data point closely watched by the Bank of England as it can contribute to elevated prices and a wage price spiral, eased more than anticipated
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Share: Nike beat earnings consensus for FQ1 results. The quarter ending in August witnessed better pricing power. Nike earned $0.94 per share on revenue of $12.94 billion. NKE stock has conquered the 21-day SMA, signaling a new uptrend. August PCE data shows core inflation slowing its growth trajectory. Nike (NKE) stock has surged