Wall Street closes higher ahead of earnings season and inflation data

Summarised from 2 outlets · Updated 11 Oct, 21:24 · Archive

All three major US stock indexes advanced, with third-quarter earnings season and inflation data due next week.

Wall Street closed higher on the day, with all three major US stock indexes logging weekly gains, though the small-cap Russell 2000 ended lower than the previous Friday's close. Crude prices rose 0.4 per cent after President Donald Trump said the US would not launch attacks on Iran before the midterm elections and described talks between Washington and Tehran as 'productive'. Benchmark Treasury yields edged higher but remained below Wednesday's 24-year high.

Third-quarter earnings season begins in earnest next week, with major US banks Wells Fargo, Goldman Sachs, Citigroup, JPMorgan Chase, Bank of America and Morgan Stanley scheduled to release results. Analysts estimate S&P 500 annual earnings growth of 30.6 per cent for the July-September period, with energy and technology posting the largest year-on-year growth at 123 per cent and 66.5 per cent respectively.

Investors are also awaiting inflation data next week, which could shed light on the Federal Reserve's next policy decision. Sentiment remains mixed, with analyst Ross Mayfield of Baird describing the market as a 'back-and-forth' situation where 'conflicting headlines coming out of the White House and parties in the Middle East' mean 'there's just no edge there'. Consumer sentiment has soured this month, according to the University of Michigan, with near-term expectations falling to an all-time low.

How it is being reported

• Wall Street posts strong gains ahead of inflation dataThe US stock market has finished its record-setting week with strong gains.The West Australian · 11 Oct, 21:02
• Wall Street posts strong gains ahead of inflation dataThe US stock market has finished its record-setting week with strong gains.Perth Now · 11 Oct, 21:02

In this story: Wall Street · Federal Reserve · JPMorgan Chase · Goldman Sachs · Wells Fargo · Bank of America · Morgan Stanley · Citigroup

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