On Pace for a Three-Month High

The stock market is up again this morning. The S&P 500 is on place for its highest close in more than three months. There’s still a long way to go to get back to the high-water mark from January. So far this morning, the S&P 500 has been as high as 4,186.62. It hasn’t been this high since May 5.

Thanks to the strong jobs report, Wall Street is leaning towards a 0.75% rate increase from the Fed next month, followed by 0.25% increases in November and December. Traders still expect an initial rate cut by the middle of next year. The Fed meets again on September 21.

We’re heading towards the close of earnings season but there are still several reports left to go. The S&P 500 is currently on pace for earnings growth of 9.63%. Some of the popular meme stocks are back again. Shares of Bed Bath & Beyond (BBBY) are up more than 40% this morning. For Q2, profits from the energy sector are on pace to quadruple last year’s.

Trex (TREX) is due to report after the close. Wall Street expects earnings of 67 cents per share.

Posted by on August 8th, 2022 at 11:07 am


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