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Good morning. Today starts with GDP and the PCE inflation gauge at 8:30 AM ET, as the market digests big moves in Microsoft and Alphabet, and ends with Amazon and Intel earnings after the close.
The Market Gauge
Stocks rose for a third straight day on Wednesday. The S&P 500 gained 0.28% to 7,743.98, the Nasdaq added 0.27% to 26,549.85, and the Dow rose 97.53 points, or 0.19%, to 52,475.10. The Federal Reserve held its key rate steady at 3.75% to 4%, as expected, but two voting members disagreed, and Fed Chair Kevin Warsh's comments kept another hike on the table. Chip and AI stocks were strong after upbeat results from SK Hynix and a long-term growth forecast from Oracle. The 10-year Treasury yield rose about 5 basis points to roughly 5.05%, and oil climbed 2.9% to $102.78 a barrel.
After the close, the picture split. Microsoft rose modestly in extended trading after beating forecasts, with its Azure cloud business up 48%. Alphabet fell nearly 10% late after its profit and revenue missed estimates. Software names ServiceNow and Fortinet dropped more than 15% and 25%. IBD says the market uptrend continues: the S&P 500 is a little above its 50-day line and not far from its high, while the Nasdaq still needs to get back above its 50-day. With more big earnings tonight and the midterm elections less than a week away, IBD's advice is to buy in small steps, avoid piling into one sector, and be ready to step back if new positions falter.
Beginner note: Moves in after-hours trading happen on much lighter volume than the regular session. A stock that is down 10% at 8 PM can open lower, higher or about the same the next morning. Treat late moves as a first reaction, and judge the stock by how it trades and closes during regular hours.
On today's calendar
GDP, first estimate (8:30 AM ET): The government's first look at how fast the U.S. economy grew in the third quarter. GDP, or gross domestic product, is the total value of everything the country produced.
Personal income and PCE prices (8:30 AM ET): September spending, income and the PCE price index, which is the inflation gauge the Fed watches most closely. A hot number would add to the case for a December rate hike.
Weekly jobless claims (8:30 AM ET): How many people filed for unemployment benefits last week. Low numbers mean employers are holding on to workers.
Earnings before the open: Eli Lilly (call at 10:00 AM ET), Merck, Bristol Myers Squibb, Caterpillar and Mastercard report early, per IBD. Lilly is a market leader, so its reaction can move the drug group.
Amazon and Intel (after the close): Amazon's call is at 5:00 PM ET, per its investor site, and Intel's is also at 5:00 PM ET. Sandisk reports tonight too. IBD warns that today's direction could reverse once these results hit.
On the radar: Labcorp
$LH ( ▼ 0.47% ) Labcorp runs one of the largest medical testing networks in the U.S., processing blood work and other lab tests for doctors and hospitals, and running drug trials for pharmaceutical companies. On Wednesday it jumped 8.78% to close at 360.25 after earnings, on volume of about 1.8 million shares, roughly 153% above its average of about 711,000. IBD says the stock blasted past a flat base buy point of 341.80 and hit an all-time high of 371 during the day. Third-quarter profit rose 14% to $4.78 a share on a 7% sales gain to $3.81 billion, the sixth straight quarter of double-digit profit growth. The close left Labcorp about 5.4% above its buy point, just beyond the usual 5% buy zone, which ends near 358.89.
Why it's worth watching: Labcorp is a clean example of a strong breakout you may have missed. Big volume and solid earnings are what you want to see, but buying more than 5% past the entry raises the odds that a normal pullback shakes you out at a loss. The patient move is to keep it on a watchlist and wait for a pullback toward the 341.80 area or a new base to form. Its earnings are already out, so there is no report coming up soon to add risk.
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ONE FOR THE ROAD
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Educational content only. Not financial advice. Past performance does not predict future results. Read the full financial disclosure.
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