Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. “This is where we feel more worried, and next earnings season is going to be really critical.”Īlexandra Semenova is a reporter for Yahoo Finance.Your CNN account Log in to your CNN account “The focus will be on earnings because we’re going from a moderation shock, with higher interest rates, to a growth shock,” Luca Paolini, chief strategist at Pictet Asset Management, told Yahoo Finance Live in a recent interview. Every time the S&P 500 has dropped 7% or more in September, stocks have done well in October, Carson Group’s Ryan Detrick noted.Ī high-stakes earnings season likely to be wrought by slashed forecasts and worsening fundamentals tied to inflation and rising interest rates, however, makes this time different. Still, the figure came in below Wall Street expectations, which ranged from 358,000 to 371,000 vehicles.Īs Wall Street turned the page, some strategists looked ahead to October, which has been deemed a “bear-market killer” based on historically strong returns, especially in midterm election years. Tesla ( TSLA) plunged 8.6% Monday after the electric vehicle giant reported Sunday that it delivered 343,830 cars in the third quarter, a fresh record that came even as the company grappled with the shutdown of its China factory. Over the weekend, the global investment bank’s CEO issued a memo attempting to calm major investors about the institution’s financial health – an effort that backfired and instead raised questions about the bank's stability.Ĭredit Suisse also said last week that it was exploring potential sales of assets and certain business units as part of a strategic plan set to be revealed at the end of the month. On the corporate front, shares of Credit Suisse ( CS) pared losses from an earlier drop, closing up 2.3%. West Texas Intermediate (WTI) crude oil surged and settled above $83 per barrel.Īlso, in the U.K., sterling edged higher after Prime Minister Liz Truss U-turned on a tax-cut plan that had spurred market tumult and an intervention from the Bank of England last week.
Sizable moves in energy markets kicked off the week, with oil prices swinging higher as reports surfaced that OPEC+ is considering a big production cut of more than one billion barrels per day.
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