Market review – As we reported earlier in the week, several companies released Q3 earnings during the week. JPMorgan Chase, Goldman Sachs, and Morgan Stanley posted stronger earnings than expected, according to Investing.com.
Wall Street closed mixed on Friday as the Dow and S&P rose while the Nasdaq composite declined. Dow Jones Industrial Average ended the week a positive note on Friday, gaining for the first time in four trading sessions. The Dow closed 112 points higher, or about 0.39%, at 28,606.31 on Friday.
The S&P 500 slightly rose by 0.01%, settling at 3,483.81.
The Nasdaq Composite lost 0.39% to close at 11,671.56 As some big tech companies closed down like Tesla (-2.05%), Apple (-1.40%), Amazon (-1.98%), Facebook (-0.30%) on Friday.
The Dow, S&P 500, and the Nasdaq continued the weekly gains with the Dow closing the week at 0.01% gain while the S&P 500 rose by 0.2%, to claim their third straight weekly gains.
Similarly, the Nasdaq rose for the fourth week in a row with a 0.8% gain.
Oil prices were down on Friday with Brent futures closing 0.81% down at $42.81 per barrel. Brent traded as high as $43.20 per barrel during the intraday trading.
The Western Texas Intermediate (WTI) lost 0.44% to close at $ 40.78 per barrel. While the Western Canadian Select (WCS) declined by 0.60% to close at $29.58 per barrel.
Natural Gas dipped by 3.14% to close at $2.688
on the other hand the Nigerian Bonny Light rose by 1.13% to close at $41.96 per barrel.
The week ahead
Several mega-companies are expected to release earning report. These include Netflix Q3 results (Tuesday), Reskitt Banckiser Q3 results Tuesday), Tesla Q3 results (Wednesday), Unilever Q3 results (Thursday), Microsoft Q1 result (Thursday), Baclays Q3 result (Friday), Amazon Q3 result (Friday).
Other companies like IBM, Lockheed Martin, Intel are also expected to release Q3 earnings in the coming week.
The week after will see high-profile companies such as Apple, Facebook, and Google all release their quarterly results, according to Investing.com.
By; Ifunanya Ikueze