Stoxx 600 Index Close to Erasing This Year’s Gains Under Earnings Season Pressure – Markets in 1 Minute

Wall Street begins mixed split between Fed and ‘earnings season’

Wall Street started the last session of the week on a mixed note, after the latest macroeconomic data did not change the prospects of a new pause in the cycle of rising interest rates, during the North American Federal Reserve meeting scheduled in New York. next week. At the same time, the session is affected by the results season.

The “core” consumer spending index, considered a “key gauge” by the Fed regarding inflation, rose 0.3% in September, in line with Dow Jones estimates, reported by CNBC.

The Dow Jones Industrial Average fell 0.17% to 32,728.17 points, while the S&P 500 rose 0.19% to 4,145.06 points.

After falling below 4,200 points this week – an important technical level for the market – the global index is at risk of falling by 5% compared to the current level (4,137.23 points), according to Bank of America, quoted by Bloomberg.

The decline may end at the 200-day moving average of 3941 points, which is the barrier that statistics show is a long-term support point, except for what happened in the “dot-com” crisis in 2000, during the financial crisis in 2000. In 2008 and 2009, and during the pandemic in 2000. 2020.

The Nasdaq technology index fell 0.19% to 12,700.47 points.

In addition to monetary policy, “earnings season” also focuses investor attention. Currently, more than two-thirds of companies in the S&P 500 are trading below the 200-day moving average, a sign that securities are under pressure due to weak results delivered by many companies, according to a Bloomberg Intelligence analysis.

Amazon shares rose 1.63% after results were higher than analysts’ estimates.

Tesla adds 1.34%, after increasing the price of the Model Y in China, which had been reduced in the summer. Intel stock rose 10.87%, driven by Q4 guidance.

On the other hand, Ford shares fell by 7.84%, after the quarterly results were lower than experts’ expectations.

JPMorgan shares fell by 0.10%, affected by the announcement that CEO Jamie Dimon will sell more than 10% of the total shares he owns in the bank, after he announced an increase in profits. This is the first time that the director has carried out a transaction of this kind since he assumed leadership of the financial institution 18 years ago.