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Afternoon Note

Difficult Sledding

By Charles Payne, CEO & Principal Analyst
10/31/2024 1:52 PM

It's been difficult sledding all morning with would-be sellers not taking the bait. At least not for the moment.

It's not going to get a lot of press but that sharp decline in the Chicago Business Barometer is notable. 

The blip that is too bright on everyone's radar is the spike in core PCE prices. 

It’s looking more unlikely the Fed will cut; although, the Street still sees 25 basis points (bps) next month. Meanwhile, bond yields keep edging higher.

Amazon (AMZN) and Apple (AAPL) conclude this week’s Magnificent Seven earnings reporting after the close today.

Historically, Apple (AAPL) earnings reaction has been mixed with weak EPS surprise.

The Street will keep an eye on consumer spending trends when Amazon.com (AMZN) reports. Historically, the financial release has moved the stock as much as 15.6% in one week.


 

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