To The Moon

In my other post (see below), I have shared that there is a possibility that the S&P 500 index will rise for remaining 2023.

• S&P 500 Index rises in Nov & Dec? — click to read, help to “Re-post” ok. Thanks.

Helping to push the market along are:

• Official reports on the state of US economy & market.

• FOMC latest meeting.

On Wed, 01 Nov 2023 when market ended at 4:00pm:

• $DJIA(.DJI)$ : +0.67% (+221.71 to 33,274.58).

• S&P 500: +1.05% (+44.06 to 4,237.86).

• $NASDAQ(.IXIC)$ : +1.64% (+210.23 to 13,061.47). Will Nasdaq be able to recover to 15,000 level?

• On Wed, 01 Nov 2023 — ADP private payroll data showed pay growth slowed to its lowest level in 2 years.

• October 2023 non-farm payroll showed 113,000 jobs were added, lower than Wall Street's estimates of 150,000.

• Pay growth for job changers decreased to 8.4% (in October), the smallest yearly increase since July 2021.

• "No single industry dominated hiring in October”, said ADP chief economist, Nela Richardson.

• In all, October's numbers paint a well-rounded jobs picture.

• Although the labour market has slowed, it's still enough to support strong consumer spending."

• I am certain by now, everyone is aware that the Fed has decided to keep interest rate status quo (5.25%-5.50%).

• This was the second consecutive meeting that FOMC has chosen to hold, following a string of 11 rate hikes, including 4 in 2023.

• The Fed has also upgraded its assessment of US economy to “strong” in Q3 2023 from “solid” in September.

• Mr Powell has qualified that future rate hikes would be contingent on [a] the impact of previous rate hikes on the economy, [b] lag effects and [c] economic developments.

• In terms of US economy, Mr Powell noted that the current economic activity is "not indicative of a recession in the near term."

• And just like that, all bets on future rate hikes shifted after the 2pm press conference.

• The CME FedWatch Tool, have priced in a 73% probability that the Fed will hold rates steady through its January 2023 meeting.

Looking at the US market chart (see above), the 3 composite indexes began to take off around 3pm; after analysts have performed preliminary digestion of Mr Powell’s speech.

The million-dollar question on most investors’ mind now is whether $Apple(AAPL)$ quarterly earnings will be able to give US market a final push on Fri, 03 Nov 2023?

Apple Inc will release its results after the market closes on Thu, 02 Nov 2023.

Wall Street’s analysts’ expectations: (see below)

For a more in-depth analysis & comparison of Apple and its historical results, refer to my post (see below):

• APPLE will dip after Q4 results on 02 Nov 2023? — click to read, help to “Re-post” ok. Thanks.

• US market needs to continue to capitalize on yesterday’s upwards momentum.

• Given the 24 hours after the FOMC meeting, analysts have sufficient time to dissect and digest everything Mr Powell has said during the 2pm press conference.

• If all goes according to my other post (S&P 500 Index rises in Nov & Dec? - click to read, help to “Re-post”), US market should continue to bubble upwards.

• Do you think US market will continue to bubble up today?

• Do you think Apple Inc will help to boost US market upwards momentum?

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