The Bottom Line
Focuses this week are on:
- Interest rate decisions by the Federal Reserve and Bank of Canada on Wednesday.
- Big cap corporate quarterly results released on Wednesday (Microsoft, Alphabet and Meta) and Thursday (Apple and Amazon).
Consensus for Earnings and Revenues for S&P 500 companies
Source: www.factset.com
Analyst earnings and revenue estimates increased significantly again last week thanks to more companies reporting stronger than expected third quarter results: Another 17% of S&P 500 companies reported last week for a total of 29% reported to date: 87% exceeded consensus earnings estimates and 83% exceeded consensus revenue estimates.
- Consensus for third quarter 2025 earnings gains advanced to 9.2% form 8.5% in the previous week. Consensus for third quarter revenue growth increased to 7.0% from 6.6%.
- Consensus for fourth quarter 2025 earnings slipped to 7.4% from7.5%. Revenue growth increased to 6.5% from 6.4%.For all of 2025, consensus for earnings growth remained at 11.0%. Consensus for revenue gains increased to 6.3% from 6.2%.
- Consensus for first quarter 2026 earnings growth remained at 11.9%. Consensus for revenue gains remained at 7.2%.
- Consensus for second quarter 2026 earnings growth remained at 12.8%. Consensus for revenue growth slipped to 6.4% from 6.5%.
- For all of 2026, earnings growth remained at 13.9%. Consensus for revenue growth remained at 6.6%.
Economic News This Week
Scheduled U.S. economic news this week has been postponed until the federal government shutdown is resolved.
Bank of Canada’s interest rate decision released at 9:45 AM EDT on Wednesday is expected to maintain its overnight lending rate for major Canadian banks at 2.50%. Press conference is scheduled at 10:30 AM EDT.
FOMC interest rate decision released at 2:00 AM EDT on Wednesday is expected to lower the Fed Fund rate by 0.25% to 4.00%. Press conference is scheduled at 2:30 PM EDT.
ECB Interest rate decision is released at 9:15 AM EDT on Thursday Press conference is offered at 9:45 AM EDT.
Selected Earnings News This Week
Another 175 S&P 500 companies (i.e.35%) and six TSX 60 companies are scheduled to report this week. TSX 60 stocks are bolded
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for October 24th 2025
Green: Increase from previous day
Red: Decrease from previous day
Source for all positive seasonality ratings: www.EquityClock.com
Commodities
Daily Seasonal/Technical Commodities Trends for October 24th 2025
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for October 24th 2025
Green: Increase from previous day
Red: Decrease from previous day
Technical Notes
S&P 500 Index, Dow Jones Industrial Average and NASDAQ Composite Index broke to all-time highs on Friday. Gains were led by the Mag 7 stocks. Seasonal influences for the S&P 500 Index are favourable from October 28th to January 5th. See seasonality chart at www.EquityClock.com
Ford (F) an S&P 100 stock moved above $12.80 to a three year high extending an intermediate uptrend. Reported higher than consensus operating earnings!
IBM (IBM) a Dow Jones Industrial Average stock moved above $301.04 to an all-time high extending an intermediate uptrend. Responded to higher than consensus quarterly results!
Zscaler (ZS) a NASDAQ 100 stock moved above $318.46 to a three year high extending an intermediate uptrend.
Shopify (SHOP.TO) a TSX 60 stock moved above Cdn$236.99 to an all-time high extending an intermediate uptrend.
Canadian banks and their related ETFs (e.g. ZEB.TO) broke to all-time highs extending an intermediate uptrend. Royal Bank (RY.TO) moved above Cdn$206.90, National Bank (NA.TO) moved above Cdn$153.79, Canadian Imperial Bank of Commerce (CM.TO) moved above Cdn$114.98, Toronto Dominion Bank moved above Cdn$113.17 and Bank of Nova Scotia moved above Cdn$90.95. Seasonal influences are favourable until March 11th See: www.EquityClock.com
Changes last week
![clip_image002[4]](https://timingthemarket.ca/techtalk/wp-content/uploads/2025/10/clip_image0024-2.png "clip_image002[4]")
Links offered by valued providers
Michael Campbell’s Money Talks for October 25th
Michael Campbell’s MoneyTalks – Complete Show (mikesmoneytalks.ca)
Inside Martin Armstrong’s Shocking Week: Drafting a Russian Peace Plan & Warning of Global Chaos
https://www.youtube.com/watch?v=Mcj48uIt_dI
HOW LONG WILL GOLD PULLBACK LAST? Mark Leibovit
https://www.howestreet.com/category/media/radio-podcasts/
Natural Gas Rally Accelerates as Cold Winter Forecasts Boost Demand: Nine Point Partners
https://www.youtube.com/watch?v=SqtkkJP9A70
Is Now the Time to Buy Bitcoin? Long Term Cycle Analysis in BTC
https://www.youtube.com/watch?v=yaSeOtxMMkE
Three Charts That Prove the Power of Process Over Prediction: David Keller
Three Charts That Prove the Power of Process Over Prediction (stockcharts.com)
Earnings Season Heats Up! New Leaders Emerging: Mary Ellen McGonagle
https://www.youtube.com/watch?v=SZAP9QnHQoM
Rick Rule: The System Is Cracking, And The Smart Money Is Already Gone
https://www.youtube.com/watch?v=SZAP9QnHQoM
Is the Bubble of Everything About to Burst? Bob Hoye
https://www.howestreet.com/2025/10/is-the-bubble-of-everything-about-to-burst-bob-hoye-2/
S&P 500 Momentum Barometers
The intermediate term Barometer added 0.80 on Friday and 7.40 last week to 53.00. It remains neutral.
The long term Barometer dropped 1.80 on Friday, but gained 4.00 last week to 64.80. It remains Overbought.
TSX Momentum Barometers
The intermediate term Momentum Barometer slipped 0.47 on Friday, but gained 2.20 last week to 69.95. It remains overbought.
The long term Momentum Barometer added 0.94 on Friday and 4.14 last week to 84.04. It remains overbought.
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