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FPG United States Stock Market Report October 28, 2024

FPG United States Stock

U.S. stock futures rose, and tech giants’ earnings reports and economic data attracted much attention

U.S. stock futures rose on Monday as investors focused on the busiest week of the third-quarter earnings season, with big tech companies including Apple, Microsoft, Meta Platforms, Amazon and Alphabet set to report earnings this week. At the same time, investors are also awaiting key United States economic data, such as preliminary GDP, PCE price index and PMI report, which could have a significant impact on the direction of the market.

Market drivers

1.⁠ ⁠Geopolitical risk mitigation: Market sentiment improved after Israel’s retaliatory airstrikes averted attacks on crude oil and nuclear facilities on Saturday, with geopolitical risks easing slightly, providing support to equities.
2.⁠ ⁠Weaker yen: A weaker yen further fueled stock market rallies as Japan’s election over the weekend with a hanging parliament complicates Japan’s plan to raise interest rates.
3.⁠ ⁠Earnings Season and Economic Data: This week is full of earnings and economic data, and investors will focus on the performance of tech giants as well as the performance of economic indicators to assess the potential impact of the Fed’s future policy path.

Last week in review

⁠ ⁠Dow Jones: Down 2.68% last week, under pressure for weeks.
•⁠ ⁠S&P 500: -0.96% weak.
•⁠ ⁠Nasdaq Composite: edged up 0.16%, supported by some technology stocks.

Future focus

•⁠ ⁠Big Tech Company Earnings: This week’s earnings report could determine the short-term direction of the stock market, and investors will be watching closely how these companies respond to the macro environment of high inflation and a slowing economy.
•⁠ ⁠Macroeconomic data: Upcoming releases of GDP growth, core PCE and PMI will provide investors with the latest clues on inflation and economic activity.
•⁠ ⁠United States Presidential Election: With only one week to go until the November 5 election, political uncertainty could exacerbate market volatility.

Market sentiment and direction

The current market sentiment is slightly optimistic and cautious, and the market is expected to continue to fluctuate upwards in the short term amid the temporary easing of geopolitical risks and strong expectations for technology stocks. However, with the release of earnings reports and economic data, the market is likely to be volatile.

20,221 points of resistance above the first line and 20,500 points of resistance above the second line,
The lower first line support is 20,069 points, and the lower second line support is 19,631 points.

Risk Disclaimer: This report is for informational purposes only and does not constitute financial advice. All investments involve risk and past performance is no guarantee of future results. Please consult your financial advisor for personalized investment advice.

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