*WALL STREET SURGES TO CLOSE SHARPLY HIGHER AS STOCKS RALLY TO END THE WEEK - $DIA $SPY $QQQ 🇺🇸 🇺🇸
) and other companies outside the tech and tech-adjacent megacap group have brightened aggregate earnings estimates for the quarter.earnings growth of 4.1%, up from 2.5% on Thursday, according to Refinitiv data.
"We’ve seen some high-profile misses from significant large-cap names," Detrick said."But under the surface many of the smaller and midsize companies have been quite impressive with their earnings results." On the economics front, the Commerce and Labor Departments released data that showed robust consumer spending and easing wage growth, respectively.
Financial markets have now priced in an 84.5% likelihood of a fifth consecutive 75 basis point interest rate hike at the conclusion of the Fed's Nov. 1-2 policy meeting, and a 51.4% chance the central bank will decelerate to 50 basis points in December, according to CME's FedWatch tool. "The door is cracked open on the possibility that we might see a more dovish Fed come December’s policy meeting, whereas a month ago that door was locked and slammed shut," Detrick added.
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