Good evening. The S&P 500 ended the week down -1.4%, after disappointing earning results from a few major tech stocks. 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
• $AAPL
Break above 225.91 🎯 229.83 & 233.47
• $DIS
Break above 97.54 🎯 99.08 & 100.27
• $MU
Break below 98.94 🎯 95.77 & 92.58
• $PLTR
Break above 43.32 🎯 44.80 & 45.75
• $UBER
Break above 74.99 🎯 77.69 & 79.43

KV’s S&P 500 Levels

Weekly Market Recap

Earnings Mixed

Earnings growth for the S&P 500 has been on track, with third-quarter results modestly exceeding cautious forecasts. Tech giants like Google, Microsoft, and Meta beat expectations, but concerns around AI spending and mixed guidance led to stock volatility. Despite this, earnings growth remains a primary market driver, with 2024 projected at 9% and further gains in 2025, aided by a favorable interest-rate environment and steady inflation, supporting continued returns in both tech and non-tech sectors.

Labor Market Softening

The latest U.S. labor report revealed slower-than-expected job growth, impacted by strikes and hurricanes, though the labor market remains healthy with an unemployment rate of 4.1%. Signs of cooling, such as lower job openings, align with a moderated post-pandemic job market. This labor softening suggests the Fed will stay on its rate-cutting path, likely easing rates by 0.25% in upcoming meetings, which could relieve wage pressures and support controlled inflation, aiding market stability.

Fed Cuts

As the Fed’s rate cuts continue, favorable conditions remain for financial markets, especially in a cooling yet resilient labor market. With U.S. elections and further Fed meetings approaching, market volatility is expected, but history shows election-related dips often provide buying opportunities. For long-term investors, large- and mid-cap U.S. stocks, and diversified sectors, remain appealing. Extending bond duration gradually could also benefit portfolios as rates decline, supporting both equity and fixed-income gains in a stable economic environment.

Coming Up…

Important events this week include the U.S. presidential election and the FOMC meeting. On the earnings front, PLTR, SMCI, AMC, QCOM, DKNG, SQ, RIVN, MRNA, BRK.B, AFRM, PINS, ABNB, and GOLD are expected to report this week.

Key Headlines We’ve Been Reading

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

• An Indian pharma company is sending Nvidia chips to Russia at war.
• U.S. efforts to contain Xi’s push for tech supremacy are faltering.
• Elon Musk wants to cut $2 trillion in US spending. Can he do it?
• VW workers brace for fallout from years of dereliction.
• Taiwan’s economy expands more than expected in third quarter.

Trading Rule Of The Week

That was it for this week!

Stay safe,
KV 👋

Week #45 | November 03, 2024

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