Market Recap 10/07/15:
U.S. stocks rose on Wednesday, with the S&P 500 advancing to a three-week high in its sixth positive session of the past seven trading days. Despite those gains, the benchmark index remains negative for the year as concerns over global growth levels continue to plague markets. Some of the early reads in the nascent third-quarter earnings season have suggested that slowing growth from abroad would weigh on domestic corporate profits; Yum Brands (YUM) plummeted almost 20 percent after the fast food chain operator cut its full-year profit forecast, citing the impact of China. As earnings continue to be reported, the market will likely remain volatile and headline driven, with a greater divergence in performance within sectors.
U.S. stocks fell on Thursday as investors held off on making big bets ahead of commentary from the Federal Reserve, which will be released after the market opens. This afternoon, the Federal Open Market Committee will post the minutes from its September meeting. Investors will scour the minutes for any clues as to when the Fed will raise interest rates. Given the weak September payroll report, many investors are expecting the first change in rates will come next year, though the Fed has indicated it wants to raise rates in 2015. Investors are also paying close attention to the third-quarter earnings season; Alcoa (AA) is scheduled to report after the market closes. The former Dow component is unofficially seen as setting the early tone for the season. Make sure you don’t miss this week’s Money Matters with Gary Goldberg, which airs Sundays at 11 on WOR710. Visit our website www.ggfs.com for more details.