Thanks to the recurrent reassurances from Trump administration that the U.S – China trade negotiations are proceeding better than expected, the S&P 500 index is having the time of its life. The breakout above the previously highlighted crucial resistance located at 3,000 level has been marked sustainable, as per the stock market analysts. The market opened at 3,010.73 on Tuesday, October 22nd, 2019. After making a daily low of 3,008.50 and a high of 3,013.68, the index is currently trading at 3,012.06. A thorough analysis of the chart represents that the market is quickly approaching its all-time high of 3,025 level. Regarded as a strong resistance, a daily close above this level will establish a strong bullish trend in the market for the long term.
Further Upward Movement Can Be Expected In The Upcoming Months
The financial experts have also brought attention to the fact that the S&P 500 index has managed to achieve such massive gains just ahead of the earnings season from November to April; hinting at further potential for upward movement in the months to come.
In the business-level news, McDonald’s and The Travelers Companies have released their earnings report earlier this morning. Having missed the target, the report manifested itself as falling share prices. Facebook is under scrutiny by as many as 47 attorney generals for potentially risking the consumer data that is keeping the stock under pressure as evident from the daily chart.
Biogen has made an announcement this morning that it will soon be reviving an Alzheimer’s drug that can easily be regarded as the best option available in the market. Following the news, the stock was reported to be trading 30% higher. On the other hand, the rising tariffs have hit Hasbro share prices hard with the stock falling steeply to as low as 15% on 22nd October 2019.
Positive Outlook For Multiple Businesses Fueling The S&P 500 Index
Among the other noteworthy market movers for today are Procter & Gamble, and United Technologies. Following their quarterly performance reviews that turn out to be positive, the stocks for both the businesses were reported to be trading higher (3.17% and 2.18% respectively).
Lockheed, UPS, and JetBlue have also declared their earnings report this morning. As per the analysts, the businesses have beaten the forecast by a remarkable margin that has found them a place in the gainers for today. Snap, and Chipotle remain to be the companies that are expected to reveal their data later in the day.
While the figure for existing home sales (U.S) turned red (5.38M Vs. the forecasted 5.45M), the impact on the S&P 500 index thus far has been minimal.