Better-than-expected third-quarter earnings have helped lift sentiment for equities. With about 420 companies having reported, S&P 500 earnings are expected to have climbed 41.2% in the third quarter from a year earlier, according to Refinitiv IBES.
“The corporate earnings story remains quite bright,” said Craig Fehr, investment strategist at Edward Jones. “The market is rewarding companies that are beating and upping their outlook, and the market is punishing companies that are missing their estimates in the quarter and more importantly, perhaps, signaling a more sour outlook.”shares tumbled as the company slashed the 2021 sales forecast for its COVID-19 vaccine by as much as $5 billion, grappling to fill vials and distribute them to meet unprecedented world demand.
Data showed the number of Americans filing new claims for unemployment benefits fell to the lowest level in nearly 20 months last week, suggesting the economy was regaining momentum. Investors will get a critical view of the economy with the monthly jobs report on Friday. Reporting by Lewis Krauskopf in New York, Devik Jain and Shashank Nayar in Bengaluru; Editing by Marguerita ChoySubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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