“The Nasdaq 100 index, dominated by U.S. technology stocks, may set a record high next week, helped by good earnings from Apple Inc expected on Tuesday,” Rodrigo Campos reports for Reuters. “Factors this coming week that may provide further support for U.S. stocks include a Federal Reserve policy meeting, which is not expected to raise interest rates yet, a report on U.S. third-quarter economic growth, and earnings from Apple. The Nasdaq 100 index, including Apple, is just 1.5 percent below its year high and 4.0 percent from its record high back in March 2000.”
“Apple shares did not post record or multi-year highs this week, even though it rose 7.2 percent, the largest weekly gain in a year. On Tuesday, though, Apple is expected to report $51.1 billion in revenue, a 21.3 percent increase compared to the same quarter of last year. Earnings are seen at $1.879 per share,” Campos reports. “Options market action shows traders expect Apple shares to move roughly 5.0 percent by the end of next week. The average move for the stock the day after its report in the last eight quarters was 4.4 percent, up or down. ‘Will an above-estimates from Apple and raised guidance help? Sure it will. But we could still get there without that happening,’ said Michael James, managing director of equities trading at Wedbush Securities, of the possibility of the Nasdaq 100 hitting a record.”
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MacDailyNews Take: One thing’s for sure: Anything can happen, and probably will.