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Stocks Trade Above Key Technical Level as Outlook Improves

  • The e-mini S&P rose alongside global stocks Friday, with the index topping a key technical level in the process. The index now looks to close north of the 50-dma for the first time since mid-September in a further sign that the near-term outlook could be improving. Alltime highs are the next target should markets gain above 4472.50, with earnings season now key.
  • Reports Friday included Goldman Sachs, who traded firmer by over 2% on their solid report. The bank beat expectations on investment banking activity and FICC trading, underpinning a solid beat for EPS and revenue metrics. This equated to a solid point gain for the Dow Jones, leading blue chips to outperform tech indices and the S&P500.
  • Europe was similarly positive, with the EuroStoxx50 adding 0.8% alongside German, Spanish and Italian names.
  • Focus for the coming week turns to earnings season continues, with focus shifting from financials to the healthcare and consumer discretionary sectors. Large cap names include Tesla, Verizon Communications, Proctor & Gamble and Netflix.
MNI London Bureau | +44 203-865-3809 |

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