|
|
By Alex
Eule | Monday, October 12 Earnings
at Last. After weeks of
speculation about a stimulus bill and the coming election,
investors will finally get some hard news in the coming days. Earnings season
has never felt so necessary. Tomorrow
morning, JPMorgan Chase and Citigroup kick off a reporting season that
will again be dominated by Covid-19 and recession-related issues. Wall Street
is forecasting a 22% decline in year-over-year S&P
500 earnings for the third quarter. My colleague
Carleton English notes that's still an improvement
from last quarter, when earnings tumbled 32%. The
second-quarter, you might remember, ended up easily surpassing
expectations. Stocks rose 7% in the month that followed JPMorgan's report
last quarter. Now,
investors may be looking for a repeat performance. Major stock indexes
rallied today, with the S&P 500 up 1.6% and the tech-heavy Nasdaq
Composite up 2.6%. The S&P and Nasdaq are
now just just 1.3% and 1.5% off their respective September
records. Tech stocks
were led by Apple, which
finished the day up 6.4%, one of the 10 best days the stock has had in
the last five years. Here too, investors, are looking forward to big news,
with Apple finally set to introduce its new iPhone during a virtual event
tomorrow at 1 p.m. Eastern time. The launch
could usher in a new era of 5G communications. The iPhone won't be the first
5G-capable device, but it will instantly become the most popular one, with
Wall Street expecting a big boost in resulting device sales. There's plenty
of reason to still be skeptical about 5G -- the networks are still in their
infancy, and the use cases don't yet exist. The need for faster mobile speeds also
feels reduced with many Americans still stuck at home. But none of that will
reduce the hype for Apple's latest phone. Here are all the
details on what to expect from Apple tomorrow. |
|
|
DJIA: +0.88% to 28,837.52 The Hot
Stock: Apple +6.4% Best Sector:
Technology +2.7% |
No comments:
Post a Comment