Wall Street Retreat As Bears Roam The Streets 🐻

Thanks to Tiger for awarding the weekly top predictions for SPY. Congrats for surviving another week of volatility in the stock market, characterized by mounting fears of a wider Middle East conflict and a more cautious fourth-quarter earnings outlook announced by U.S. corporations.

Let’s get ready for more news from the Fed Chair at the FOMC to determine the market movement into November 🙏

The S&P 500 (SP500) retreated 2.53% for the week to close at 4,117.37 points, posting losses in four out of five sessions. The benchmark gauge's slide pushed it into correction territory, with Friday's closing price marking a more-than-10% drop from the S&P's 52-week closing high of 4,588.96 points notched on July 31. That comes just two days after the Nasdaq Composite (COMP.IND) also entered correction territory.

The latest economic data revealed a stronger-than-expected growth in the third quarter and inflation in line with expectations in September, solidifying forecasts of unchanged interest rates at the upcoming Federal Open Market Committee Meeting this week.

Major US Companies Beat Earnings Estimates, But Warn of Q4 Slowdown: Major U.S. corporations surpassed earnings expectations in the third quarter, with the exception of major oil companies. Nevertheless, there were notable warnings that the forthcoming quarters may not be as optimistic as anticipated, particularly from Meta Platforms Inc. (NASDAQ:META).

Amazon Roars In The AI Race, While Google Faces Cloud Challenges: Amazon.com, Inc. (NASDAQ:AMZN) emerged as the top performer for the week among tech titans, rising 1.9%, propelled by stellar third-quarter results. Analysts lauded Amazon’s performance and its growing commitment to artificial intelligence investments.

Conversely, Alphabet Inc. (NASDAQ:GOOGL), the parent company of Google, had one of its toughest weeks of 2023, tumbling 10%. Alphabet exceeded profit and revenue expectations for the third quarter, but disappointing performance in the cloud business took a toll.

Buy call

Buy put

Sell covered call

Buy put

The spotlight will be on the two-day Federal Reserve Open Market Committee meeting, culminating in the interest rate decision to be revealed Wednesday. While the markets have already fully factored in an interest rate hold, there will be heightened attention on Chair Jerome Powell‘s comments during the press conference. Wednesday will also include the release of the ISM Manufacturing Purchasing Managers’ Index, and Friday will bring the eagerly awaited October jobs report, along with the ISM Services Purchasing Managers’ Index.

Upcoming Earnings To Watch: 

On Monday, McDonald’s Corp. (NYSE:MCD) will take the spotlight among mega-cap companies. Tuesday will feature earnings from Pfizer Inc. (NYSE:PFE), Advanced Micro Devices Inc. (NASDAQ:AMD), Amgen Inc. (NASDAQ:AMGN), and Caterpillar Inc. (NYSE:CAT).

Wednesday's lineup includes Qualcomm Inc. (NASDAQ:QCOM), Mondelez International Inc. (NASDAQ:MDLZ), CVS Health Corp. (NYSE:CVS), and Airbnb Inc. (NASDAQ:ABNB).

Thursday will bring the highly awaited Apple Inc. (NASDAQ:AAPL) quarterly report, along with Eli Lilly and Company (NYSE:LLY), ConocoPhillips (NYSE:COP), S&P Global Inc. (NYSE:SPGI), Starbucks Corporation (NASDAQ:SBUX) and Booking Holdings Inc. (NASDAQ:BKNG).

Weekly options trade summary 

Please click Like 👍, Comment 💬 & Repost 🔄 this article found at the bottom of your screen. Follow me for the latest news, trading ideas & strategies to ride the market daily with profits! 🤑

@CaptainTiger @MillionaireTiger @TigerStars @Daily_Discussion @Andreana @Aqa @koolgal @KylerLee