Earnings look solid so far, but stocks plunged on news of weaker growth in China.
 | FRI, OCT 18, 2019 | | | | DOW | | NAME | LAST | CHG | %CHG | | MSFT | 137.41 | -2.28 | -1.63% | | JNJ | 127.70 | -8.47 | -6.22% | | AAPL | 236.41 | +1.13 | +0.48% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | BAC | 30.36 | +0.10 | +0.33% | | AMD | 30.97 | -0.17 | -0.55% | | F | 9.30 | +0.19 | +2.04% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AMD | 30.97 | -0.17 | -0.55% | | MSFT | 137.41 | -2.28 | -1.63% | | MU | 43.47 | -2.03 | -4.46% | |
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For stock market investors, the world is not so bad, after all. Recession fears have eased, trade war rhetoric has become more courtly, the U.K. is nearing a Brexit deal with the E.U., the Federal Reserve is still expected to cut interest rates soon, and by many measures, the U.S. economy is still holding strong. A report from the Labor Department showed five states hit all-time lows in unemployment, CNBC's Jeff Cox writes. The national unemployment has fallen only a little over the past 12 months, from 3.7% to 3.5%, which is the lowest since December 1969. But how low can it go?  Also not so bad are corporate earnings, at least so far. Through Friday, more than 14% of S&P 500 companies have reported earnings and 81% of them posted earnings that beat analyst expectations.
Granted, expectations were lower given CEO warnings about the trade war and the slowing global economy, but so far, so good. Nevertheless, stocks fell on Friday, weighed down by troubles at Boeing and Johnson & Johnson, as well as a report of slowing growth in China.
Next week, we'll get earnings reports from 120 S&P 500 companies, including industrials Caterpillar and Boeing, and consumer-facing Amazon, McDonald's and Chipotle Mexican Grill.
For all its worries the market is still hovering about 1% below its record highs. The next bout of positive news could easily put it in record territory. Navigating the world of financial products such as credit cards can be confusing. That's why we launched CNBC Select where we simplify the process by crunching the numbers, reviewing dozens of offers and providing you with all the information you need in one place. Click here to learn more. |
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