"This article will be updated throughout the day, so check back often for more daily updates. October ended with a 2.3% gain for the Vanguard S&P 500 ETF ( NYSEMKT: VOO). As the first trading day of November dawns, the ETF is up 0.3% premarket. What's driving the stock market's gains? Earnings season, for the most part. Roughly 60% of the 500 companies making up the S&P 500 have reported so far, and 80% of those "beat earnings.""
"This week, the earnings cavalcade will continue, with another 100 or so S&P 500 component companies reporting, including popular names such as Palantir ( Nasdaq: PLTR) and Advanced Micro Devices ( Nasdaq: AMD). Palantir is expected to report this evening in fact, and AMD tomorrow. Wednesday will see McDonald's ( NYSE: MCD) report, ConocoPhillips ( NYSE: COP) and Cummins ( NYSE: CMI) will come out on Thursday. On Friday, Constellation Energy Group ( Nasdaq: CEG) will give a glimpse into the nuclear sector."
The Vanguard S&P 500 ETF rose 2.3% in October and is 0.3% higher premarket at the start of November. Earnings season is the primary market driver, with roughly 60% of S&P 500 companies having reported and about 80% of those beating earnings estimates, moving the proportion of beaters toward a majority. About 100 more S&P 500 companies will report this week, including Palantir and AMD, followed by McDonald's, ConocoPhillips, Cummins, and Constellation Energy. Recent reports include Loews posting $2.43 EPS on $4.7 billion revenue and BioNTech reporting a 12 euro-cent loss despite stronger-than-expected revenue.
Read at 24/7 Wall St.
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