Wall Street shrugged off credit concerns that battered bank stocks on Wednesday, with large-cap indices posting slight gains by midday trading in New York, setting up for a positive weekly close.
After two constructive sessions, breadth rolled over hard on Thursday, with decliners re-taking a clear majority and short-term momentum slipping back below key thresholds. Intermediate-term gauges remain intact, but they’re deteriorating.
Jim Lebenthal picked BlackRock as his final trade on CNBC's Halftime Report. SoFi's Liz Young Thomas chose iShares Russell 2000 ETF while Stephanie Link named Victoria's Secret & Co.
In an otherwise cautious session on Wall Street, gold and silver stole the spotlight once again, with both precious metals pushing to fresh record highs — gold touching $4,270 per ounce and silver climbing to $53.90.
The newfound optimism toward Microvast could be traced back to the ongoing wrangling between the U.S. and China over the latter’s curbs on the export of rare earths, which are used for making battery materials.
Bank of New York Mellon, Charles Schwab, KeyCorp., Commercial Metals, M&T Bank, Marsh McLennan, Travelers, U.S. Bancorp, CSX, and Interactive Brokers are due to release their quarterly results.
Daily and medium-term breadth improved again - more stocks above key MAs and NH>NL - while the weekly view still reflects last week’s damage but is narrowing.
Wall Street rose on Wednesday, with investor optimism lifted by strong bank and corporate earnings alongside growing expectations for further Federal Reserve rate cuts — keeping trade concerns sidelined for now.
After Friday’s washout and Monday’s surge, Tuesday extended the rebound with another advancers-led session. Short- and intermediate-term breadth gauges improved broadly, though weekly/monthly composites and the % above the 20-day remain sub-50, suggesting the rally is promising but not “all clear.”
After last week’s washout, Monday delivered a broad-based rebound (advancers ~79%). Short-term participation improved, but weekly gauges and the 20-day trend remain soft. This looks like a strong counter-move inside a still-fragile short-term tape.
After a brief recovery attempt midweek, market breadth deteriorated again on Friday, October 10. Declining stocks overwhelmed advancers, and short-term momentum gauges worsened. The underlying trend has clearly shifted back to a defensive posture.
After Wednesday’s strong rebound, Thursday’s session saw a broad-based retreat across U.S. equities. Most of the short-term breadth indicators turned red again, signaling that the recent recovery attempt has faltered.
U.S. stocks edged lower on Thursday, pausing after a record-setting run. The S&P 500 slipped 0.4% by midday in New York, retreating from an all-time high of 5,674 hit at the open.
