The Bottom Line
A wild time for North American equity markets following U.S. Presidential Mid-term Elections last Tuesday! The VIX Index, the primary measure of volatility in U.S. equity markets, spiked from 18.0% on Tuesday to as high 28.18% on Thursday before easing slightly on Friday following release of an encouraging U.S. October employment report.
Despite weakness by the U.S. technology sector (XLK down 8.2 % last week), the S&P 500 Equal Weight ETF (RSP) only slipped 1.04 % and the TSX Composite Index (TSX) added 0.47% last week. Historically, both equity markets have moved higher from just after U.S. Mid-term Elections until at least the following January. Will history repeat?
Earnings and Revenue Consensus for S&P 500 companies
(Source: www.FactSet.com )
Analysts made slight increases to their 2026/2027 earnings and revenue estimates last week: Eighty eight percent of S&P 500 companies have reported third quarter results to date:
· Consensus for third quarter 2026 earnings gains increased to 31.4% from 30.2%. Consensus for revenue gains increased to 13.6% from 13.4%.
· Consensus for fourth quarter 2026 earnings gains remained at 28.4%. Consensus for revenue gains increased to 13.6% from13.1%.
· For all of 2026, consensus for earnings gains increased to 33.3% from 32.9%. Consensus for revenue gains increased to 13.2% from 13.0%.
Consensus for earnings and revenue gains into 2027 mostly increased slightly last week.
· For first quarter 2027, consensus for earnings gain increased to 19.5% from 19.2%. Consensus for revenue gains increased to 12.2% from 12.0%
· For second quarter 2027, consensus for earnings gains increased to 3.0% from 2.8%. Consensus for revenue gains increased to 8.2% from 8.0%
· For all of 2027, consensus for earnings gains slipped to 16.1% from 16.3%. Consensus for revenue gains increase to 9.8% from 9.6%.
Economic News This Week
Source: www.Marketwatch.com
October U.S. Consumer Price Index released at 8:30 AM EST on Tuesday is expected to increase 0.2% versus a 0.6% increase in September. Excluding food and energy, October CPI is expected to increase 0.2% versus a 0.3% increase in September.
October U.S. Existing Home Sales released at 10:00 AM EST on Thursday are expected to be 3.98 million units versus 3.99 million units in September.
October U.S. Producer Price Index released at 8:30 AM EST on Friday is expected to increase 0.4% versus a 1.3% increase in September. Excluding food and energy, October PPI is expected to increase 0.3% versus a 0.7% increase in September.
Selected Earnings News This Week
Source: www.Marketwatch.com
Quieter week! Only 13 S&P 500 companies are scheduled to report (including one Dow Jones Industrial Average company: Cisco). Five TSX 60 companies are scheduled to report.
Bolded stocks are TSE 60 companies
Trader’s Corner
Equity Indices and Related ETFs
Commodities
Sectors
Changes Last Week
Technical Notes
Microchip Technologies (MCHP) a NASDAQ 100 stock moved below $68.75 and $58.66 extending an intermediate downtrend.
Saputo (SAP.TO) a TSX 60 stock moved above Cdn$44.75 to an all-time high extending an intermediate uptrend.
Links offered by valued providers
Michael Campbell’s Money Talks for November 7th
MMT Podcast | Mike’s MoneyTalks (mikesmoneytalks.ca)
The VIX Spiked 70%: Is a Market Rebound Around the Corner? Mary Ellen McGonagle
The VIX Spiked 70%: Is a Market Rebound Around the Corner? (stockcharts.com)
Mark Leibovit: AI Stocks Have Perhaps Their Worst Day Ever – Nov. 5, 2026
Turbulent Markets Expected The Rest Of The Year
Mark Leibovit: AI Stocks Have Perhaps Their Worst Day Ever – Nov. 5, 2026 (substack.com)
AI Bubble Crash Yields Epic Buying Opportunity, Panic Is A Buy Signal, Gold, Silver, Bitcoin, Oil: Verified Investing
Fairlead’s Katie Stockton on market selloff: Don’t sell weakness, sell the strength
Fairlead’s Katie Stockton on market selloff: Don’t sell weakness, sell the strength – YouTube
Bob Hoye: Junk Bond Junkies Stung by Bond Collapses – Nov. 6, 2026
https://talkdigitalnetwork.substack.com/p/bob-hoye-junk-bond-junkies-stung
This Week in Money: Ross Clark, Rick Ackerman, Kerry Lutz
https://talkdigitalnetwork.substack.com/p/this-week-in-money-november-6-2026
Panic Selling in AI and Semiconductors Creates Opportunities Elsewhere: Tom Bowley
Panic Selling in AI and Semiconductors Creates Opportunities Elsewhere (stockcharts.com)
The S&P 500 Is Breaking Down. These Three Stocks Are Not.: Dave Keller
The S&P 500 Is Breaking Down. These Three Stocks Are Not. (stockcharts.com)
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 0.60 on Friday but added 0.40 last week to 62.00. It remained Overbought. Daily downtrend was extended on Friday.
The short term (20 days) Barometer dropped 3.80 on Friday and 9.80 last week to 61.20. It remained Overbought. Daily downtrend was extended on Friday.
The long term Barometer dropped 2.40 on Friday and dropped 2.60 last week to 58.80. It changed from Overbought to Neutral on a move below 60.00. Daily downtrend was extended on Friday.
TSX Momentum Barometers
The intermediate term Barometer added 0.93 on Friday and dropped 3.49 last week to 50.00. It remained Neutral.
The short term (20 days) Barometer added 2.74 on Friday and added 3.45 last week to 56.94. It remained Neutral.
The long term Barometer added 3.23 on Friday and gained 8.12 last week to 54.63. It remained Neutral.
Disclaimer: Seasonality ratings and technical ratings offered in this report and at
www.equityclock.com are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed.
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Equity Clock Publications