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- There’s speculation we could see a potential trade war truce with China.
- Markets expect the Federal Reserve to cut interest rates this week after cooler-than-expected inflation numbers.
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Live Updates
Updates will appear here as they are published.
Markets are pushing aggressively higher again.
At the moment, futures are exploding. Dow futures are up 254 points. S&P 500 futures are up 60 points. The NASDAQ is up 333 points. All on news of a potential trade war truce with China.
“I think we have a very successful framework for the leaders to discuss on Thursday,” said Treasury Secretary Scott Bessent from the ASEAN Summit in Kuala Lumpur, as quoted by CNBC.
“This framework potentially includes a delay of China’s rare earths restrictions that caused the latest trade flare-up, a spiking of Trump’s threatened 100% tariffs on China that were to start Nov. 1, and a resumption of Chinese purchases of soybeans. The agreement may include a resolution of the TikTok dispute with the U.S., getting a deal for the U.S. version of the social video app,” they added.
In addition, markets expect the Federal Reserve to cut interest rates this week after cooler-than-expected inflation numbers. Plus, we have quite a few Magnificent 7 stocks posting earnings this week, including Alphabet (NASDAQ: GOOG), Amazon (NASDAQ: AMZN), Apple (NASDAQ: AAPL), Meta (NASDAQ: META), and Microsoft (NASDAQ: MSFT).
Magnificent 7 Stocks Reporting Earnings this Week
On Wednesday, after the bell, Meta Platforms is expected to report revenue growth of about 20%. Last quarter, META posted a 10% jump in revenue and increased its forecast.
Alphabet will report earnings after the bell on Wednesday. Analysts expected GOOG to have grown earnings by 8%. Last quarter, GOOG beat earnings and raised its spending forecast.
Microsoft will post earnings on Wednesday after the bell. Analysts expect to see double-digit earnings and revenue growth in the report. Helping, analysts at Guggenheim just upgraded MSFT to a buy rating with a price target of $586 per share.
The firm “pointed to Azure, Microsoft’s cloud computing platform, as an obvious artificial intelligence beneficiary. He specifically applauded the recurring nature of its consumption model — which he believes acts similarly to a subscription service — as a revenue growth driver going forward,” as also noted by CNBC.
Amazon will post earnings after the bell on Thursday. Analysts expect to see nearly 10% earnings growth from the company. Last quarter, AMZN posted a poor outlook after posting stronger-than-expected earnings results.
And Apple will report after the bell on Thursday. Analysts expect Apple to post 7% growth in earnings and revenue. Last quarter, Apple posted its strongest revenue growth since 2021.