Good evening. The S&P 500 ended the week down -1.0%, with the market giving up almost the exact gains from the previous week We’re now also going into one of the busiest weeks of the earnings season. 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

• $MS
Break below 115.43 🎯 112.22 & 110.55
• $HD
Break below 396.87 🎯 391.96 & 387.01
• $NKE
Break above 80.10 🎯 81.42 & 83.06
• $PLTR
Break above 44.39 🎯 45 & 46.50
• $META
Break below 567.78 🎯 554.19 & 544.20
• $AMZN
Break above 191.16 🎯 194.80 & 197.85

KV’s S&P 500 Levels

Weekly Market Recap

Yields Driven Higher

Rising Treasury yields have interrupted the stock market’s recent gains as strong economic data, like robust job growth and retail sales, push rates higher. Expectations are shifting towards a more gradual Fed rate-cutting cycle, with economic resilience challenging recession fears and keeping yields elevated.

Rate Cuts

Despite higher yields, a soft-landing scenario remains likely, where the Fed continues to ease rates gradually. Economic growth is expected to slow without triggering a recession, and inflation should ease towards the Fed’s 2% target by 2025, while a divided Congress limits new fiscal initiatives that could further drive yields.

Opportunities Amid Volatility

While rising yields could lead to short-term volatility, favorable fundamentals support continued market strength. Investors are encouraged to seize any market pullbacks as buying opportunities, while fixed-income investors might consider locking in higher yields by extending bond durations as cash rates decline alongside Fed policy easing.

Coming Up…

Important economic releases this week include PCE inflation data and the nonfarm payrolls report for October. On the earnings front, AMZN, AMD, SOFI, MSFT, AAPL, META, GOOGL, INTC, PYPL, SNAP, COIN, UBER, MCD, HOOD, PFE, V, PTON, ROKU, and CVX are expected to report this week.

Key Headlines We’ve Been Reading

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

• Why is smart money betting against renewable energy?
• Russia hacked entire Georgia between 2017-2020.
• Bitcoin bets surge: Traders eye $80,000 high by November despite US election uncertainty.
• How Elon Musk has become a powerful figure in US politics.
• English Premier League faces unprecedented regulation if UK government bill gets go-ahead.

Trading Rule Of The Week

That was it for this week!

Stay safe,
KV 👋

Week #44 | October 27, 2024

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