The S&P 500 index slipped 1% last week for its first weekly decline since early September as investors dissected companies’ quarterly earnings. The market benchmark is still up 0.8% this month and 22% in 2024.
Several companies have surpassed analysts’ mean estimates for earnings this reporting season. Megacaps including Coca-Cola (KO) and Tesla (TSLA) released better-than-expected earnings reports this week, while Union Pacific (UNP) missed on both earnings and revenue.
By sector, materials and health care had the largest percentage declines last week, falling 4% and 3%, respectively. Industrials shed 2.8% and financials lost 2.1%. Utilities, real estate and consumer staples were also in the red.
Still, two sectors managed to eke out weekly gains: consumer discretionary rose 0.9% and technology edged up 0.2%.
This week’s earnings calendar features Google parent Alphabet (GOOG, GOOGL), Visa (V), Pfizer (PFE), Microsoft (MSFT), Meta Platforms (META), Apple (AAPL), Amazon.com (AMZN), among others.
In economic data, all eyes will be on October employment data, with ADP’s private-sector report expected on Wednesday and the Labor Department’s monthly nonfarm payrolls and unemployment rate due on Friday. Other highlights will include the release of Q3 gross domestic product on Tuesday and October personal consumption expenditures on Thursday.
Get instructions on how to enable our Flash News Briefing skill to your Amazon devices:
Bautis Financial LLC is a registered investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.