Good evening. The S&P 500 ended the week up 0.2%, with the price slowing down as the price tries to make new all-time highs. CPI numbers will be closely watched this week, as we head into the last earnings season of the year as well. Here are the top stocks to watch this week and what’s moving the markets.

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Top Stocks & Setups To Watch This Week

• $SHOP
Break above 84.05 🎯 87.03 & 89.12
• $AMD
Break above 171.90 🎯 177.55 & 184.03
• $OXY
Break above 56.45 🎯 57.77 & 58.98
• $MSFT
Break above 420.82 🎯 428.48 & 435.32
• $GOOGL
Break below 160.69 🎯 158.06 & 155.21
• $TSLA
Break below 240.68 🎯 232.13 & 223.53

KV’s S&P 500 Levels

Weekly Market Recap

Labor Market

U.S. labor market data for September surprised to the upside, with 254,000 jobs added, surpassing expectations. The unemployment rate dropped from 4.2% to 4.1%, and previous figures were revised higher. The labor market is normalizing post-pandemic as job openings decrease and labor supply increases. This could influence Fed rate cuts, with markets now expecting smaller cuts, reflecting the Fed's cautious stance on inflation.

Port Strike

The East Coast port strike, which impacted 36 ports, was resolved after just three days, with workers securing a wage hike. The strike's swift resolution mitigated potential inflationary and economic damage. Meanwhile, geopolitical tensions in the Middle East briefly raised oil prices and safe-haven assets, but the market has since stabilized. While oil prices remain elevated, disruptions in global energy supply appear manageable for now.

Election Volatility

As the U.S. election approaches, markets may experience volatility, but historically, they tend to recover after Election Day. With the strong jobs report and the resolution of the port strike, the market has started overcoming concerns. Fundamentals remain solid, with the Fed easing rates, inflation moderating, and the economy on track for a soft landing. Volatility may present opportunities for investors to rebalance and diversify portfolios.

Coming Up…

Important economic releases this week include CPI inflation data and a read on consumer sentiment. On the earnings front, DAL, JPM, and WFC are expected to report this week.

Key Headlines We’ve Been Reading

This is what’s caught our eye over the past 7 days.

• CVS to lay off 2,900 employees amid reports of strategic review.
• South African CEO confidence surges 7% in Q3, index reveals
• EU votes to impose new tariffs on Chinese electric vehicles.
• Barack Obama to kick off battleground state blitz for Harris next week in Pennsylvania.
• Michael Dell sells $1.2B worth of Dell stock, reducing its stake amid the company's recent S&P 500 inclusion and AI expansion.

Trading Rule Of The Week

That was it for this week!

Stay safe,
KV 👋

Week #41 | October 6, 2024

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