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Stocks Up As Earnings Season Kicks Into Gear

Stocks closed higher yesterday to start the week off on a solid note.

Optimism on trade and a strong start to earnings season continues to push stocks higher.

As you know, stocks typically go up during earnings season, so there's plenty of excitement in the market right now.

Over the next four days, we'll get another 769 companies reporting earnings. And by week's end, more than 40% of the S&P companies will have reported as well.

Earnings season will keep on chugging along next week too with another 680 companies set to report.

But the focus will shift to interest rates come Wednesday, October 30th. That's when the FOMC announces whether they'll cut interest rates for the 3rd time this year.

The upcoming meeting/potential rate cut isn't the slam dunk that September's rate cut was where it was near unanimously expected.

But I think the market will do well regardless. If there is a rate cut, who can argue that lower rates (additional stimulus) isn't beneficial to the economy and stocks. But if there isn't a rate cut, one could easily deduce that the Fed felt the economy was strong enough, and that another cut wasn't needed at this time. And a strong economy is bullish news.

Whether we get a rate cut next week or not, let's also not forget that there's another FOMC meeting in December when the Fed will get to address rates all over again.

In the meantime, earnings are the main focus.

And so far, earnings season appears to be beating expectations.

See you tomorrow,

Kevin Matras

Executive Vice President, Zacks Investment Research


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