Eyes on next week's tech results after recent selloff
SPY•Investors are watching next week's reports from CoreWeave, Applied Materials and Cisco after a sharp tech-led selloff. Third-quarter S&P 500 earnings growth is estimated at 33.4%, up from 30.6% at the start of October.
1. Tech results ahead
Investors may focus on results from CoreWeave, Applied Materials and Cisco Systems due next week, after Thursday's sharp tech-led selloff and concerns about increased AI regulation. Nvidia is scheduled to report quarterly results on November 17.
2. Earnings estimate rises
Third-quarter earnings growth for S&P 500 companies is estimated at 33.4% year over year, based on results from 435 companies, up from 30.6% at the start of October. Strategists said worries about the AI trade followed the midterm elections and concerns about data centers. The Nasdaq had its biggest daily percentage drop in 19 months on Thursday, confirming it was in a correction.
