The Week In Review


The major averages closed lower after opening mixed, ending a volatile week as third quarter earnings came flooding in. The Dow Jones Industrial Average fell 366 points after opening virtually unchanged this morning. The S&P 500 fell 19 points while the Nasdaq rose 47 points. The Nasdaq which is in correction territory is getting a lift from Amazon.

Amazon rose 6% after the e-commerce giant beat expectations for revenue and earnings in the third quarter. Another tech stock, Intel rose 9% following earnings and upbeat forecast last night.   

A number of stocks from diverse industries actually rose following earnings. Retailers Decker Outdoors, Stanley Black and Decker and Chipotle rose over 6%. Credit Card company Capital One jumped 9% on earnings.  

To the downside, Ford fell 12% after the company missed third-quarter earnings expectations and pulled its guidance for the year, citing the UAW strike.

Drug stock, ABBV fell 4% on earnings as Humira sales sunk. Oil stocks Exxon Mobil and Chevron dropped 2% and 6% following earnings.

On the economic front, Core PCE rose 0.3% in last month and 3.7% year over year, matching estimates from economists polled by Dow Jones. Consumer spending increased 0.7%, however, surpassing estimates of 0.5%. PCE is the Federal Reserve's preferred inflation gauge.

All three major averages fell sharply on the week. The Dow fell 2%, the S&P 500 fell 2.6% while the Nasdaq declined 2.8%.

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