Daily Market Update
with JJ Kinahan

5 min read

Defensive Unit Still on Field as New Week Begins, Host of Earnings Looms

(Monday Market Open) The first full week of earnings gets underway today with the investors perhaps still wiping their collective brow from all the ups and (mostly) downs of the last few sessions. Stocks fell 4% last week in the worst plunge since February, and major indices start the week back near July levels.

It may be a new week, but the market apparently hasn’t shed all the negative sentiment that characterized last week’s action. Weakness in Asia and Europe overnight appeared to help set the tone on Wall Street, where stocks fell in pre-market trading. Retail sales data for September out this morning didn’t appear particularly helpful, rising just 0.1% when Wall Street analysts had been expecting 0.6%, on average. It was the second straight month of tepid retail sales growth and might cause some concern about the state of consumer demand.

In earnings, banks remain in the spotlight, with Bank of America (BAC) reporting today and Goldman Sachs (GS) and Morgan Stanley (MS) tomorrow (see more below). 

Bank of America earnings of 66 cents a share beat the third-party consensus estimate of 62 cents, while revenue of $22.777 billion pulled in just above the

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Daily Market Update

Previous Daily Market Update articles

After Turbulent Week, Friday Rally Helps Market Recover Some Ground October 12, 2018 6:00 PM   |  

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After Wednesday Wash-Out, Comeback Could Brew As Yields, Inflation Ease October 11, 2018 9:20 AM   |  

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