NEW YORK, Oct 24 (Reuters) – E be like stock market don land for sugar, as cooler inflation report and better earnings scatter fears for ground. This week, S&P 500 and Nasdaq na big winners, wey rise by 2% and 2.3% respectively. Dem don reach record highs wey make some people dey dance.
On Friday, S&P 500 peak above 6,800 for the first time, before e comot small-small. Everybody come dey jubilate as stock don close on top record-high level. Thanks to the Consumer Price Index (CPI) wey wey drop mild for September, after e no release am for ten days. E show say inflation just rise by 0.3% month-over-month and 3% year-over-year, no be as dem bin expect am. This news na like breeze wey cool down hot soup, and e don open door for Federal Reserve to fit chop interest rates down again next week.
Even as government shutdown dey stretch, this CPI report na only official economic gist wey don fit show face. Last week, Senate come close door for session until Monday, no talk of politics fit change market today. President Donald Trump come knock down trade talks with Canada too. But, no be dem matter carry market go up; na better earnings reports and improved inflation data carry the day.
Roughly 30% of companies in S&P 500 don drop their earnings reports and it dey sweet ground as 87% of dem don beat expectations. Companies like Danaher, Capital One, GE Vernova, Honeywell, and Dover come give investors strong show this week. Danaher for instance, show beta beta earnings, wey pepper dem people wey dey watch dem stocks.
Dey say na who sabi when to buy, so Club still dey look Danaher like old bet wey still fit pay. Capital One sef don gloss past expectations, make Jim Cramer call am his favorite stock, even if e don don jump high. Strong credit performance na wetin dey support dem now, so investors dey cross fingers.
GE Vernova dey shine too, but e get one kwik kwik matter as e share drop despite good earnings. Honeywell sef show better results while dey prepare for Solstice Advanced Materials spinoff wey dey come at the end of the month. E no too bad, as Honeywell stock don climb around 6.5% this week! Even Dover wey dey lag for market dey pick up as e post better-than-expected profits too.
Next week go carry more reporting as major players like Amazon, Apple, and Microsoft don dey prepare for their earnings, and we dey expect better gists. This one go sure remix market mood, especially as most analysts dey expect strong finish for year. But no be only positive gists dey here – Texas Roadhouse, wey dey suffer because beef prices dey chop dem margins, don see downgrade.
This market hold am steady as some stocks dey bounce back. From Comfort Systems wey dey rise high to AMB and IBM wey dey rock like stars, every market swing ensure say investors dey watch every movement closely. Whatever wey happen, one thing wey dey certain na say market go continue dance this jig as long as the good news dey flow.
Do you have a news tip for NNN? Please email us at editor@nnn.ng
