Investors are closely watching the stock market as third-quarter earnings season continues to unfold, with more than 100 S&P 500 companies set to report results this week. The market saw a slight pullback on Monday, with the Dow Jones Industrial Average declining by nearly 350 points while the Nasdaq 100 rose slightly.
According to data from Bank of America, about 80% of the S&P 500 companies that have reported so far have beaten profit estimates by 5%, and 60% have beaten revenue estimates. This positive trend has left investors feeling optimistic about the overall health of the market.
One standout performer during Monday’s trading session was Nvidia, which reached record levels and closed at $143.71, up more than 4%. Analysts have been bullish on the stock, citing strong demand for its new Blackwell chips. Bank of America recently raised its price target for Nvidia, highlighting a “generational opportunity” for the company.
Looking ahead, it’s a relatively quiet week for economic data, but investors can expect to hear from six central bank officials throughout the week. On the commodities front, West Texas Intermediate crude oil rose 1.88% to $69.98 a barrel, while gold increased by 0.16% to $2,734.50 an ounce. The 10-year Treasury yield jumped 11 basis points to 4.188%, and Bitcoin was down 1.78% to $67,790.
Overall, it’s an exciting and dynamic time in the market as earnings season progresses and new opportunities emerge for investors. Stay tuned for more updates and insights from Extreme Investor Network to make informed and strategic investment decisions.