Friday’s big stock stories: What’s likely to move the market in the next trading session
Investors are focused on reported earnings, retail sales, and economic growth indicators as the week comes to a close. Several major companies, including McDonald’s, Coca-Cola, and UPS, reported quarterly earnings that missed estimates, weighed on the market, while others like Apple and Microsoft exceeded expectations. The Nasdaq composite slipped 1.6% while the Dow Jones Industrial Average slumped 2.1% as the yield on the benchmark 10-year U.S. Treasury note fell to 1.75%. In the news, a surge in September’s retail sales data is seen as a positive indicator, bringing some respite to investors. Experts forecast that the market will likely be more volatile as the Federal Reserve continues to dictate rate hikes, eroding the value of the dollar and weakening the U.S. economy. Closing in on the end of the week, traders should look out for key data releases, including a report on the rate of inflation and jobless claims, to shape market direction Monday.
