Will the 9-Day Rally Continue?
After jumping by more than 2% yesterday stock futures are looking to extend the rally on Friday morning, despite some disappointing earnings reports. The day ahead is pretty light with only an update on consumer confidence scheduled for release. Traders will determine if profit-taking will head to center stage now, or whether the nine-day rally is the start of a bigger climb.
The S&P 500 has climbed 11% in the past two weeks as a host of better-than-expected Q2 earnings reports buoyed sentiment. From the low point in early March, the benchmark index has now jumped 44%.
The morning so far has been mixed: Microsoft reported Q2 earnings of $0.34 per share, slightly below expectations of $0.36. Meanwhile, American Express said its quarterly earnings were $0.27 per share, slightly above the media forecast of $0.24. Earnings from Amazon came in with no surprises at $0.37 per share.
Only One Data Point to End the Week:
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