Wall Street set for weekly gains with earnings, inflation data on tap
SPY•All three major U.S. stock indexes rose Friday and were poised for weekly gains, as investors looked ahead to third-quarter earnings and inflation data next week. The Dow gained 0.83%, the S&P 500 0.58% and the Nasdaq 0.56%.
1. Indexes rise modestly
U.S. stocks gained ground Friday, though the indexes pared earlier advances as crude prices reversed an earlier dip and Treasury yields climbed. The Dow rose 424.32 points to 51,655.96, the S&P 500 gained 44.96 points to 7,810.23, and the Nasdaq added 152.26 points to 27,345.60. All three were poised to end the week higher, while the Russell 2000 was on course to finish below last Friday’s close.
2. Earnings and inflation ahead
Investors turned their attention to next week, when third-quarter earnings season begins in earnest and inflation data could shed light on the Federal Reserve’s next policy decision. Wells Fargo, Goldman Sachs, Citigroup, JPMorgan Chase, Bank of America and Morgan Stanley are scheduled to report. Analysts estimate aggregate S&P 500 earnings growth of 30.6% for the July-September quarter, with energy and technology growth estimated at 123% and 66.5%, respectively.
3. Company shares diverge
SpaceX struck a deal to acquire a nationwide low-band spectrum portfolio, and T-Mobile, AT&T and Verizon fell between 9.6% and 12.9%. Humana rose 12.2% after U.S. government data showed 95% of its Medicare Advantage members were in plans rated four stars or higher for 2027. Apple fell 1.5% after a media report that it had told some suppliers to cut production of components for its iPhone 18 Pro models, while Delta Air Lines dropped 1.2% after cutting its annual profit forecast by nearly a quarter at the midpoint.
