Tuesday's gains also put the S&P 500 up 5.3% for the week and on track for its biggest two-day rally since March 2020."After falling more than 9% in September and extending its year-to-date decline to nearly 25% as of Friday's close, we think the S&P 500 was looking oversold," said Mark Haefele, chief investment officer at UBS Global Wealth Management.Stocks extended their advance following job openings data pointing to a weakening in the labor market, leading some traders to bet the Fed could back off its aggressive tightening campaign sooner than expected.
stocks weren't the only ones surging Tuesday.The Stoxx 600 index, which tracks a broad swath of European stocks, popped 3.1% on the day — marking its biggest one-day gain since March.Tesla may be hitting a peak, even as the broader market rallies, according to Strategas Technical and Macro Research.Verrone said Tesla's underperformance compared to the S&P 500 is "in step with what the trend has been all year." The stock is down about 27.6% so far in 2022.The S&P 500 is up more than 5% in the first two sessions of October, putting the broader market index on pace for its biggest two-day rally since 2020.
What's more, just four stocks in the S&P 500 are lower this week."I've been sort of warming to this idea in the last two to three weeks that the consensus view that we get a bottom and then recovery in 2023 might be wrong," Parker said Tuesday on CNBC's Squawk on the Street.Tuesday's market rally is so broad that just three stocks are in the red in late morning trading, and none of those are down even 1% for the session."They are going to cause unbelievable calamites if they keep up their action, and not just here, all over the globe," the chairman and CEO of Starwood Capital Group said on CNBC's "Squawk Box" Tuesday.Cruise operators and airlines helped propel the S&P 500 as the index extended its rally on Tuesday.
The rally follows news that the cruise operator is ending Covid testing, masking and vaccination requirements, effective Tuesday.
Quits, or those who left their jobs voluntarily, rose by 100,000 for the month to 4.16 million.Stocks jumped to start the day Tuesday as Wall Street aimed to build on a sharp rally seen in the previous session.The Dow Jones Industrial Average rose 405 points, or 1.4%."History strongly suggests that [Monday's] 2.6 pct S&P rally is neither healthy nor a sign that the index has troughed," Data Trek Research co-founder Nicholas Colas wrote in his daily market note Monday.In fact, Colas pointed out, the index posted average gains of 6.4% the day after the 2002, 2009 and 2020 bear market troughs.Shares of Credit Suisse rose 4% in Tuesday premarket trading after falling as much as 10% the prior day.Shares of electric vehicle maker Rivian jumped nearly 9% in premarket trading Tuesday after the company announced on Monday that it had produced more than 7,000 vehicles in the third quarter.
dollar index has steadily climbed this year, from below 98 to above 111 as of Tuesday.With a historically weak month now firmly in the rearview mirror, what is the outlook for stocks as we enter into the fourth quarter of the yearFourth quarter earnings forecasts companies give when reporting third quarter results will be far more important to the market's future direction than the actual third quarter numbers themselves, S&P Global believes"October brings earnings, with Q3 estimates already declining 7%, and the whisper numbers a bit more than that," Howard Silverblatt, senior index analyst wrote over the weekendThird quarter earnings for the S&P 500 are projected by analysts to grow 6.1% compared with the same quarter a year ago, and almost 18% over the second quarter of 2022, S&P Global said
"Historically, the index posts gains 57.4% of the time, with an average gain of 4.18% for the up months, a 4.67% average decrease for the down months and an overall average decrease of 0.46%," he wrote
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