Following the update from China’s top negotiator regarding the U.S – China trade talks over the weekend, the outlook for the S&P 500 index has been positive so far on Monday, October 21st, 2019. The market opened at 2,996.48 level. Three hours into the trading session, the market continues to remain above the opening level. After making a daily high of 3,005, the index is currently trading at 3,003.47 level. While SPX challenged the crucial 3,000 level multiple times in the last week, the breakout was highlighted as unsustainable. Analysis of the charts today, however, can be construed as a stronger effort for SPX to break out of the 3,000 level resistance. The stronger resistance located at around 3,020 level remains untouched so far.
25% Of SPX Companies To Announce Performance Reviews This Week
According to financial analysts, the current weak can be expected to be an interesting one for the investors. As much as a quarter of the S&P 500 listed businesses are being anticipated to release their performance reports later this week. As per FactSet data, more than 14% of the businesses have already announced their reports with 81% of them having beaten the forecast by a reasonable margin. Simply put, while things are surely optimistic in the S&P valley, this week is likely to give a stronger indication of the market intention.
The previous forecast for S&P 500 index expects the year-over-year earnings to fall by around 4%. Once the data for listed companies is revealed this week, investors will be able to get a better feel of how did the third quarter go for businesses.
Halliburton Reported Slightly Lower Revenue Than Expected
Halliburton was listed as the major stock of interest for today. While the report highlights a slight drop in revenue, earnings were announced to be in line with the forecast. The response in share prices, therefore, was observed to be weaker than expected with a gain of 6.3% for the day. Other than Halliburton, Coty Inc. has come forward as the star performer for the day rallying as high as 11.9% so far. The U.S based multinational beauty company has gained 72.6% (year-to-date).
The worst performer for today so far has been AmerisourceBergen Corp that has declined by 4.7%. In terms of year-to-date performance, however, the company has gained 14.9%. While Boeing is yet to reveal the results later this week, the corporation has already gained 4.4% today. Before the market opens tomorrow, October 22nd, 2019, Biogen, McDonald’s, and United Technologies are expected to announce the results and be the market movers for tomorrow.