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“The time to hesitate is through. No time to wallow in the mire.” – The Doors

Morning stock market summary

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Stocks are looking to close out a strong week on a positive note this morning as S&P 500 and Nasdaq futures are indicated higher.  Earnings have been the driver of the strength, and this morning we’re seeing positive reactions to reports from the likes of Apple and Amazon on the tech/growth side to Chevron and Exxon on the energy side.

We’re pretty much done with earnings for the week, but a number of economic reports are on the calendar.  Employment Cost Index, Personal Income, and Personal Spending were all just released, and every one of them exceeded forecasts by 0.1 percentage points.  PCE Deflator numbers were also just released and were exceptionally high relative to history but generally in line with or slightly higher than expectations. The initial reaction from the markets has been weakness in equity prices and higher yields in the Treasury market. Outside of these reports, the only others on the calendar are Chicago PMI and Michigan Confidence which will both be released after the opening bell.

Today’s Morning Lineup discusses earnings news out of Europe and the Americas, a detailed look at economic data from around the world, and much more.

With all that’s gone on this week and how lousy a year it has been for the equity market, it’s surprising that the S&P 500 heads into the final trading day of the week with a gain of nearly 3%.  The performance of the four mega-cap stocks (Alphabet,, Apple, and Microsoft) this week has been equally as impressive.  The table below lists every earnings season since 2015 that all four stocks reported earnings in the same week.  Before this week, in each of the eight prior earnings seasons where all four stocks reported in the same week, there was never an earnings season when they all reacted positively the day after their reports, and the S&P 500 was only higher in that week two times.

That trend changed this week.  GOOG and MSFT already reported and both rallied more than 5%.  AAPL and AMZN, meanwhile, reported after the close Thursday, and both stocks traded higher after hours.  Along with the gains in all four stocks, the S&P 500 is already up 2.8% on the week through Thursday’s close and indicated higher in the pre-market.  As nervous as bulls were heading into the week with all the major events (earnings, FOMC meeting, Q2 GDP report) on the calendar, as often ends up being in the case with these types of situations, the bark turned out to be a lot worse than the bite.

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