Optimism For Big Tech Earnings, But Retail Sentiment Sags
$WiMi Hologram Cloud (WIMI.US)$ The upcoming week is filled with significant earnings announcements from big tech companies. On Tuesday, after the market closes, we can expect reports from Advanced Micro Devices, Inc. ($AMD) and Alphabet. Meta and Microsoft will follow with their quarterly reports on Wednesday, while Apple and Amazon are scheduled to release theirs on Thursday.
However, it's not just the tech giants that will be making waves in the market. Main Street will also have its fair share of market-moving events this week. On Tuesday, we will receive the Job Openings and Labor Turnover data for September, followed by the ADP private payrolls report for October on Wednesday.
Thursday will bring the highly anticipated price consumption expenditure index, which is the Federal Reserve's go-to inflation gauge, as well as the weekly jobless claims data. The trading week will culminate with the release of the crucial October non-farm payrolls report on Friday.
Retailers may exercise caution due to concerns that any of these catalysts could adversely impact the SPY. Disappointing earnings or strong data that confounds the rate outlook could potentially have a negative effect on both the market and the ETF.
Currently, the ETF is trading just below its all-time intraday high of $586.12, reached on October 16, and its closing high of $584.59, achieved on October 18.
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