Dow Jones Price Outlook: Earnings Season Arrives with Big Banks

Dow Jones Price Outlook: Earnings Season Arrives with Big Banks

Oct 12, 2020 (MENAFN via COMTEX) —

(MENAFN – DailyFX) Dow Jones Forecast:

The Dow Jones lurched higher to start the week as tech stocks charged Now the market will have to negotiate the beginning of earnings season as the biggest banks are set to report this week What is Earnings Season & What to Look for in Earnings Reports? Dow Jones Price Outlook: Earnings Season Arrives With Big Banks

Stocks gapped higher at the open and never looked back to start the week with technology components leading the charge. Price action saw the Dow climb to its highest point since September 3, effectively eradicating a potential rising wedge formation. That said, stocks seemed to lack a direct catalyst behind the most recent leg higher, a potentially worrisome consideration ahead of a week filled with stock-specific insight slated for release.

Advertisement Dow Jones Price Chart: 1 – Hour Time Frame (September 2020 – October 2020)

That being said, the Dow Jones will have to negotiate a string of upcoming earnings which will begin with some of the country’s largest financial institutions. Two major Dow components, United Healthcare Group and Goldman Sachs, will report Tuesday morning alongside Bank of America, Wells Fargo and PNC Bank. They will be followed by United Airlines and Alcoa after the close. Morgan Stanley will follow on Thursday morning while next week will see hundreds of companies report each day.

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While recent price action might suggest stocks have become detached from their fundamentals, the coming earnings season will provide an opportunity for traders and investors to gain insight into key themes. The pace of covid-recovery, the US-China trade war and

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