Wall Street Week Ahead: Stocks rally faces gauntlet of tech earnings, jobs data, election
U.S. stocks is wobbling as it confronts a stretch of potentially market-shaking events, starting next week with corporate results from tech titans and the closely watched employment report, while the U.S. election is also nearing.
The benchmark S&P 500 is up about 22% on the year, but has edged back from record-high levels in recent days.
Still, equities remain at elevated valuations, which could make stocks vulnerable should any of the near-term market events fall short of expectations.
The S&P 500's price-to-earnings ratio, based on earnings estimates for the next 12 months, is at 21.8, near its highest level in over three years, according to LSEG Datastream.
«People will be on pins and needles for most of next week,» said Peter Tuz, president of Chase Investment Counsel Corp. «The market is expensive… Any time you have an elevated market the potential for a bigger downdraft exists if something disappointing happens.»
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