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The Dow and the S&P 500 hit all-time highs Thursday as US stocks hit a six-week win streak.
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Strong third-quarter earnings from Netflix and Intuitive Surgical led to massive 10%+ stock gains.
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Upcoming earnings reports and economic data releases will be closely watched by investors next week.
US stocks jumped to record highs on Friday and the S&P 500, Nasdaq 100, and Dow Jones Industrial Average notched a six-week win streak as investors digested solid third-quarter earnings results.
The Dow and the S&P 500 both closed at all-time highs.
Shares of Netflix and Intuitive Surgical soared more than 10% to record highs after their third-quarter earnings bested analyst’s profit and revenue estimates.
With 13% of S&P 500 companies having already reported third-quarter earnings, 82% are beating profit estimates by a median of 6%, while 67% are beating revenue estimates by a median of 2%, according to data from Fundstrat.
The blended earnings growth rate for the S&P 500 is 3.4% based on the companies that have already reported, according to data from FactSet. If this growth rate holds through earnings season, it would represent the 5th straight quarter of year-over-year earnings growth.
Earnings season will be in full swing next week, with investors awaiting results from more than 80 S&P 500 companies, including Coca-Cola, Texas Instruments, Tesla, and UPS, among others.
Next week, on the economic data front, investors will monitor the release of September’s US leading economic indicators index, data on existing home sales, and consumer sentiment.
Here’s where US indexes stood at the 4:00 p.m. closing bell on Friday:
Here’s what else happened today:
In commodities, bonds, and crypto:
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West Texas Intermediate crude oil was down 1.67% to $68.92 a barrel. Brent crude, the international benchmark, was lower by 1.56% to $73.29 a barrel.
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Gold was higher by 0.98% to $2,734.10 an ounce.
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The 10-year Treasury yield was lower by 2 basis points at 4.077%.
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Bitcoin was higher by 1.81% to $68,627.
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