JPMorgan's $8,000 gold path runs through you

MARKET SIGNAL REPORT
POWERED BY STOCKSTOTRADE

FRI OCT 23 RECAP · OFFICIAL CLOSE · SPY −0.52% QQQ −0.01% DIA −1.24% IWM −0.33%

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KEY TAKES

Oil did the damage. Brent sat near $116 and WTI held above $103 after Houthi attacks in Saudi Arabia. XLE rose 2.6%, and the Dow fell 1.24%.
A Bloomberg report that SpaceX wants cell sites for a U.S. wireless carrier hit the carriers and lifted the tower owners. TMUS fell 7.7% and T fell 8.0%. CCI rose 9.1% and AMT rose 4.1%.
Nvidia insiders sold $1.8 billion and bought nothing. Three overlooked AI stocks may be where it's going (From Oxford Club)

THE CLOSE

SPY closed 759.97 (−0.52%), QQQ 704.40 (−0.01%), DIA 521.37 (−1.24%) and IWM 275.75 (−0.33%). Oil set the tone. Airlines fell, UAL −4.0% and DAL −3.1%, and financials (XLF) fell 1.3%. Chips steadied, SOXX +0.5% and MU +2.5%. The S&P and Nasdaq posted a second straight weekly loss. The Dow rose on the week.

Did the 3 PM read hold? Yes. AXP closed $313.22 (−3.7%), under the $325 line, and RHI held +21.7% at $45.87.

TOMORROW'S SETUP

Next session is Monday, Oct 26.

Before the open. Verizon (VZ) reports, call 8:30 AM ET, consensus EPS $1.27 vs $1.21 a year ago.

1:00 PM ET. Treasury 2-year note auction.

After the close. Cadence Design (CDNS, call 5:00 PM ET), Nucor (NUE), Celestica (CLS) and Amkor (AMKR).

This week. Fed decision Wed Oct 28 at 2:00 PM ET. Microsoft and Alphabet report Wednesday after the close. Q3 GDP plus personal income and spending print Thu Oct 29 at 8:30 AM ET.

ONE TO WATCH TOMORROW

VZ closed $44.66 (−1.2%). It reports before Monday's open, call at 8:30 AM ET. It is the first carrier to report after the SpaceX wireless report, and it fell far less than TMUS and T. The tell: if VZ holds $44.66 after the call, Friday was one headline. If it breaks lower, the market is pricing a fourth carrier.

SHH. THIS IS A CLUB.

You get the recap because you open and click. Go quiet and your chair goes to someone who reads. See you tomorrow morning.

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Signal over noise. Evening recap of Friday's official close. Monday starts with Verizon before the open.

JPMorgan's $8,000 gold path runs through you

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