It's Halloween, but if investors can help it, they're trying to eke out a gain to put a spooky week of trading in the books. There were over 1,000 earnings reports, a surprise scare from the Fed about what awaits in the December meetings, and concepts of a trade plan from China.
Thankfully, it looks like it's angling that way after strong earnings from Apple and Amazon helped to redeem the megacap trade in after hours Thursday. In fact, Amazon (+10.4%) seems to be almost single-handedly pulling the market across the line today after its strong earnings, joined by Netflix (+3.7%), which just announced a 10-for-1 stock split.
Friday Reading:.
The excitement contrasts with Microsoft (-1.66%) and Meta (-1.79%), which are still paying for so-so earnings today. However, today, the Nasdaq (+0.66%) and S&P 500 (+0.23%) are jumping, while the small cap-focused Russell 2000 (+0.41%) is also soldiering back. The Dow (-0.04%) is nearly flat on the day. Maybe the winning megacaps will pull this one across the line.
At the same time, the government shutdown has now been going on for a month. And without quick change, funding for SNAP benefits will run out tomorrow. Soon thereafter, WIC benefits will expire as well, leaving many of America's less-fortunate without food or benefits to start November. At this rate, the current shutdown will break the record for the longest one in just a few short days, underscoring the uniqueness and severity of the situation. Despite that, it remains rather below the radar of the market, despite the possible impacts on consumer brands ahead.
-- Noah Weidner, Markets Reporter
