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Good morning. Housing data opens the day, two defense giants report before the bell, and Netflix and SpaceX close it out with earnings after 4:00 PM ET.
The Market Gauge
Stocks bounced Monday after Friday's tech sell-off. The S&P 500 rose 0.41% to 7,690.73, the Nasdaq gained 1.11% to 26,430.89, and the Dow slipped 0.07% to 51,966.03. Chip stocks led the rebound, with Nvidia up 1.4% and AMD up 1.7%, and Amazon jumped 5% after Morgan Stanley named it a top pick. Consumer discretionary was the best sector, up 2.7%. Oil kept climbing, with crude settling at $103.66 a barrel, and the 10-year Treasury yield rose to about 5.13%.
IBD's read was cautious. The Nasdaq ran into its 50-day moving average and closed well off its high, and the S&P 500 could not hold above its own 50-day line. Volume fell on both major exchanges compared with Friday, which IBD flagged as a negative on an up day. The Russell 2000 of small caps added 0.3% but is still below its 200-day line.
Beginner note: A moving average that used to act as a floor often becomes a ceiling once an index falls through it. When a bounce stalls right at that line on lighter volume, it tells you buyers have not yet shown real conviction.
On today's calendar
Housing starts and building permits (8:30 AM ET). How many new homes builders began in September, and how many permits they pulled for future ones. With the 10-year yield above 5%, mortgage rates are high, so this shows how much that is slowing construction.
Pending home sales (10:00 AM ET). Contracts signed on existing homes that have not closed yet. It is an early look at where home sales are heading in the next month or two.
RTX and Northrop Grumman earnings (before the open). Two of the largest U.S. defense and aerospace companies report before the bell, with calls at 8:30 AM ET (RTX) and 9:30 AM ET (Northrop). Their orders and backlog are a read on defense spending.
Netflix and SpaceX earnings (after the close). Netflix posts results around 4:01 PM ET with a live video interview at 4:45 PM ET. SpaceX holds its webcast at 4:30 PM ET. Big after-hours reports like these can move the whole market the next morning. Meta and Tesla follow on Wednesday after the close.
On the radar: Abercrombie & Fitch
$ANF ( ▲ 1.16% ) Abercrombie & Fitch sells clothing, accessories and personal care products under its own brands in stores and online across the Americas, Europe and Asia. It was one of Monday's standouts, rising 5.71% to close at 162.01 (from 153.26). The day's high of 162.69 is a new 52-week high. IBD noted it cleared an alternate entry at 155.22, with a buy zone that tops out at 162.98, so the stock closed about 4.4% above that entry and less than 1% below the top of the zone. It holds IBD's highest possible Composite Rating of 99 and sits on the IBD Leaderboard watchlist. Volume came in at about 1.58 million shares, roughly 2% above its 50-day average of 1.54 million.
Why it's worth watching: IBD pointed out that this breakout came from a short consolidation that never had time to become a full base, and that adds risk. Two more things to notice: the stock closed near the top of its buy zone, and breakout volume was only about average, not the 40% or more above average that marks strong institutional demand. Analysts also expect earnings growth to drop from 31% this year to about 1% in 2027. A strong stock can still be a poor entry if you have to chase it.
How useful was today's Before the Bell?
ONE FOR THE ROAD
When a stock closes right at the top of its buy zone, do you buy, wait for a pullback, or pass, and why?
Educational content only. Not financial advice. Past performance does not predict future results. Read the full financial disclosure.
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