1 Stock to Buy, 1 Stock to Sell This Week: McDonald’s, AMD
Stocks on Wall Street closed mostly lower on Friday to cap off another losing week as investors digested the latest round of corporate earnings results while continuing to focus on the Federal Reserve’s outlook for interest rates.
For the week, the blue-chip Dow Jones Industrial Average declined 2.1%, while the benchmark S&P 500 and the tech-heavy Nasdaq Composite tumbled 2.5% and 2.6% respectively.
The recent selloff in the ‘Magnificent 7’ group of mega-cap tech stocks pushed both the S&P and the Nasdaq into correction territory, having both closed more than 10% below their highs in July.
The blockbuster week ahead is expected to be action-packed with several key market-moving events as the calendar flips to November, including the Fed’s latest policy decision, as well as a flurry of heavyweight economic data and earnings reports.
The U.S. central bank is almost certain to keep its Fed funds rate in a range of 5.25%-5.50% at the conclusion of its two-day policy meeting on Wednesday, November 1.
Fed Chair Jerome Powell’s comments on the future direction of monetary policy will be in focus as investors ramp up bets that the Fed is all done raising rates.
Elsewhere, on the economic calendar, most important will be Friday’s U.S. employment report for October, which is forecast to show the economy added 182,000 positions, slowing from jobs growth of 336,000 in September. The unemployment rate is seen holding steady at 3.8%.
Meanwhile, the Q3 corporate earnings season continues in earnest with reports expected from high-profile companies, such as Apple (NASDAQ:AAPL), Qualcomm (NASDAQ:QCOM), PayPal (NASDAQ:PYPL), Block (NYSE:SQ), Shopify (NYSE:SHOP), Coinbase (NASDAQ:COIN), DraftKings (NASDAQ:DKNG), Palantir (NYSE:PLTR),
Read more on investing.com
