Wall Street cautious, with the Dow Jones and the S&P 500 traveling to new records and the Nasdaq awaiting the balance sheets of some of the main Big Techs, arriving in the coming days.
The Dow Jones is not very moved, with a variation equal to + 0.02% at 35,684 points; the S&P 500 is also in plaster, with a drop of just -0.3% to 4,542 points, while the Nasdaq is + 0.05% at around 15,098.
The quarterly reports of Facebook, Alphabet, Microsoft, Amazon and Apple are scheduled. The week will also be marked by results from blue chips such as Caterpillar, Coca-Cola, Boeing and McDonald’s.
The US stock market confirms the bullish phase of October: the Dow Jones gained more than 1% last week, closing last Friday at a new all-time high; the S&P 500 advanced 1.7% on a weekly basis, returning its third consecutive positive week and also closing last Friday at record levels.
The three main US equity indices are preparing to end the month on a high note: the Dow Jones and the S&P 500 have risen since the beginning of October by more than 5%, while the Nasdaq Composite is up by 4.4%. .
The energy sector was the object of the buy, with a jump in the relative sub-index up by 11% in the month; industrials, property market stocks and financials also performed very well, all up since the beginning of October by at least + 7%.
It should be noted that, according to the calculations by Refinitiv, of the 117 companies listed on the S&P 500 that have reported the financial statements so far, 84% have released better than expected numbers. Overall, S&P companies are expected to have seen average profit growth of + 35% in the third quarter of the year.
Among the stocks, Tesla always in the spotlight after the stock closed at a new record close in trading last Friday. Among other things, according to analysts at Morgan Stanley, the rally is not over, so much so that forecasts are for another jump equal to + 30%, towards a target price revised upwards from $ 900 to $ 1,200. But there are other reasons that are assisting the title of the electric car giant founded and managed by Elon Musk.
Tesla has raised the prices of its Model X and Model S cars, according to the company’s website. In addition, it appears that car rental giant Hertz has ordered 10,000 Tesla vehicles. The stock jumped by about 4.6%.
Focus also on PayPal, which announced on its website that “it is not pursuing a Pinterest acquisition at the moment”. Pinterest’s stock had flown last week, in the wake of rumors reported by Bloomberg that PayPal could have bought the social media group. PayPal’s quotes jump 5%, while Pinterest sinks nearly 14%.