Nasdaq, S&P 500, Dow rise toward a 5th straight day of gains to cap a rocky month

Reuters reported:

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Earnings for S&P 500 companies in the third quarter were largely solid. By almost all reports, the 13.4% earnings growth rate so far is likely to continue.

Although most earnings surprises (83%) were to the upside, investors were less enthusiastic about earnings growth and more punitive about earnings disappointments, as evidenced by reactions in individual stock names.

As of Nov. 21, S&P 500 companies reporting earnings in the third quarter saw their stock prices rise an average of 0.4% during the four-day period in which their earnings were due to be released, according to FactSet’s John Butters. This is below the five-year average increase of 0.9 percent.

The reaction to companies missing earnings estimates has been disproportionately negative.

Companies that reported earnings below expectations saw their stocks decline by an average of 5% over the same period (from two days before to two days after the earnings release). This is well below the five-year average decline of 2.6 percent.

Concerns about the AI ​​bubble, a slowdown in consumer spending, and the Federal Reserve’s rate cuts continued throughout the season. And sky-high expectations have set a high bar for some names like Nvidia (NVDA).

Read live coverage of corporate earnings.

Yahoo Finance’s Emma Ockerman reports:

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CME Group said all of its markets were back up and trading after the data center cooling issue caused widespread outage lasting several hours.

Dow Jones Industrial Average (YM=F), S&P 500 (ES=F), and Nasdaq 100 (NQ=F) futures were steady when trading resumed. Dow and S&P 500 futures rose 0.1%, while Nasdaq futures gained 0.3%.

WTI crude oil futures (CL=F) rose 0.3%; Brent futures (BZ=F) rose 0.1%.

CME reopened its foreign exchange platform EBS around 7 a.m., but trading in its remaining markets, including U.S. Treasuries and crude futures, was affected until approximately 8:30 a.m. ET. CME attributed the outage to a cooling system failure at a data center near Chicago.

Yahoo Finance’s Allie Canal writes:

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CME (CME) began gradually resuming operations early Friday after halting futures and options trading for several hours due to a technical glitch.

Foreign exchange platform EBS opened for trading at around 7 a.m., according to an announcement on its website. CME website. There was no indication when other markets paused by the outage could expect to restart.

“BrokerTec US Actives and BrokerTec EU are now open. Our other markets are currently suspended due to a cooling issue in the CyrusOne data centers,” the statement said.

Markets in the US and around the world were affected by the CME futures close; US Treasury and WTI crude futures were among those affected as bond and commodity platforms went dark.

According to CME, the root of the outage was a cooling issue in CyrusOne data centers.

Bloomberg reported:

Gold (GC=F) continued to rise for the fourth month as the expectation of a new interest rate cut in the USA increased.

Futures and options trading on the Chicago Mercantile Exchange halted for several hours due to a data center malfunction that affected liquidity in precious metals markets and led to choppy sessions with wider-than-usual bid-ask spreads.

Gold bullion was around $4,160 per ounce on Friday and is up more than 2% for the week. A series of comments from Federal Reserve officials and the release of delayed economic data have supported the thesis of lower borrowing costs, which generally benefits gold because it pays no interest. Swap investors are pricing the probability of a quarter-point rate cut in December at over 80%.

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Bloomberg reported:

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Bloomberg reported:

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