US indices remain inconsistent edging toward the negative as the Nasdaq, Dow and S&P declined following the mixed NFP data that was released last week Friday. The conclusion might very well be that the risk-off approach might be on the cards in the lead up to this week’s FOMC meeting minutes that are due to be released Wednesday night.
Given that we’re entering earning season indecision is to be expected as investors wait to see how companies performed the previous quarter.
- Hello Group Inc. (MOMO) was up 5.85%
- Lyft Inc (LYFT) was down 3.81%
- Wynn Resorts (WYNN) was up 3.39%
- Coinbase Global (COIN) was up 3.37%
Stocks to watch:
The bank is set to announce earnings for the previous quarter during the pre-market tomorrow (13 October), with the second quarterly report beating expectations for revenue and earnings. If the bank does exceed the consensus expectations, there may be a more significant upside.
The financial sector has had a strong 2021 as the whole sector is up over 31% to date, only lagging the energy sector on a performance basis. It is a crucial week for the financial sector as the rest of the major banks are due to release earnings on Friday.
Last week the share price rallied to make new all-time high levels as it breached the $171 mark, with the strong retracement that we received there might be two scenarios panning out, a retracement back down to previous support of $162 or teste the rising trend line before recovering. Given that earnings are set for release on Wednesday, the former might be more likely than the latter.