What Happened Last Week

The S&P 500 Index gained 0.85 percent. The Nasdaq gained 0.80 percent. The Dow Jones Industrial Average gained 0.96 percent.^1,2

Stocks Continue Up

Stocks bolted out of the gate as the week began. The S&P 500 and the Dow Industrials hit record highs, with the Dow crossing 43,000 for the first time.³ Midweek, news of stronger than-expected retail sales report contributed to overall market momentum. Retail sales rose a seasonally adjusted 0.4 percent in September, topping economists forecasts.⁴ As the week wrapped up, the technology sector helped fuel a rally that pushed the S&P and Nasdaq to another record high.

It was the sixth straight week of gains for the S&P 500, Nasdaq, and Dow Industrials.⁵

Corporate Reports Were Generally Positive

While there were many market forces pushing each other around last week, corporate earnings reports drove much of the action. Some of the most extensive financial stocks surprised on the upside, supporting a narrative that the economy remains strong. At the same time, a corporate report from one of the world’s largest chip manufacturing contractors revealed continued strong global demand for AI microchips.

However, increasing investor anxiety was a constant undertow in trading as the November elections drew nearer.⁶

Economic Data To Watch:

Monday:Fed Officials Lori Logan, Neel Kashkari, and Jeffrey Schmid speak.

Tuesday: Fed Official Patrick Harker speaks.

Wednesday:Existing Home Sales. Beige Book. Fed Officials Michelle Bowman and Thomas Barkin speak.

Thursday:New Home Sales. Weekly Jobless Claims. Fed Official Beth Hammack speaks.

Friday:Durable Goods. Consumer Sentiment.

^{Source: Investors Business Daily - Econoday economic calendar; October 18, 2024
The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision.}

Upcoming Earnings Reports:

Tuesday:GE Aerospace (GE), Philip Morris International Inc. (PM), Verizon Communications Inc. (VZ), Texas Instruments Incorporated (TXN), RTX Corporation (RTX), Lockheed Martin Corporation (LMT), Fiserv, Inc. (FI)

Wednesday:Tesla, Inc. (TSLA), The CocaCola Company (KO), T-Mobile US, Inc. (TMUS), Thermo Fisher Scientific Inc. (TMO), International Business Machines Corporation (IBM), ServiceNow, Inc. (NOW), AT&T Inc. (T), Boston Scientific Corporation (BSX), The Boeing Company (BA)

Thursday:Amazon.com, Inc. (AMZN), S&P Global Inc. (SPGI), Union Pacific Corporation (UNP), United Parcel Service, Inc. (UPS)

^{Source: Zacks, October 18, 2024
Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.}

Footnotes and Sources

^{1. The Wall Street Journal, October 18, 2024}

^{2. Investing.com, October 18, 2024}

^{3. CNBC.com, October 15, 2024}

^{4. The Wall Street Journal, October 17, 2024}

^{5. The Wall Street Journal, October 18, 2024}

^{6. The Wall Street Journal, October 18, 2024}

^{Source: YCharts.com, October 19, 2024. Weekly performance is measured from Monday, October 14, to Friday, October 18. TR = total return for the index, which includes any dividends as well as any other cash distributions during the period. Treasury note yield is expressed in basis points.}