The Bottom Line
Monetary focus this week is on the FOMC decision on the Fed Fund Rate on Wednesday.
Earnings focus this week is on earnings reports by the “hyperscalers”: Microsoft, Alphabet, Intel and Amazon.
Earnings and Revenue Consensus for S&P 500 companies
(Source: www.FactSet.com )
Analysts increased their 2026/2027 earnings and revenue estimates again last week.
· Consensus for third quarter 2026 earnings gains increased to 29.5% from 29.0%. Consensus for revenue gains increased to 12.7% from 12.6%.
· Consensus for fourth quarter 2026 earnings gains increased to 29.2% from 28.6%. Consensus for revenue gains increased to 13.0% from12.8%.
· For all of 2026, consensus for earnings gains increased to 33.1% from 32.8%. Consensus for revenue gains increased to 12.8% from 12.7%.
Consensus for earnings and revenue gains into 2027 also were increased last week.
· For first quarter 2027, consensus for earnings gain increased to 19.6% from 19.3%. Consensus for revenue gains increased to 11.9% from 11.6%
· For second quarter 2027, consensus for earnings gains increased to 2.9% from 2.8%. Consensus for revenue gains increased to 7.8% from 7.7%
· For all of 2027, consensus for earnings gains remained at 16.0%. Consensus for revenue gains remained at 9.5%.
Economic News This Week
Source: www.Marketwatch.com
September Durable Goods Orders released at 8:30 AM EDT on Tuesday are expected to increase 1.2% versus no change in August.
September U.S. New Home Sales released at 10:00 AM EDT on Tuesday are expected to drop to 655,000 units from 684,000 units in August.
FOMC Decision on the Fed Fund Rate is released at 2:00 PM EDT on Wednesday. The Rate is expected to remain unchanged at 3.75%-4.00%.
September Personal Income released at 8:30 AM EDT on Thursday is expected to increase 0.3% versus a 0.2% increase in August. September Consumer Spending is expected to increase 0.6% versus a 0.9% increase in August.
September PCE Core Price Index released at 8:30 AM EDT on Thursday is expected to increase 0.3% versus a 0.2% increase in August. On a year-over-year basis, the Index is expected to increase 3.1% versus a 3.0% increase in August.
Selected Earnings News This Week
Source: www.Marketwatch.com
120 S&P 500 companies have reported quarterly results to date. Another 179 S&P 500 companies (including 10 Dow Jones Industrial Average companies) are scheduled to report this week. Another 9 TSX 60 companies are scheduled to report this week.
Bolded securities are TSX listed
Changes Last Week
Trader’s Corner
Equity Indices and Related ETFs
Commodities
Sectors
Links offered by valued providers
Michael Campbell’s Money Talks for October 23rd
October 23 Episode | Mike’s MoneyTalks (mikesmoneytalks.ca)
Oil Keeps Pushing, Yields Signal Recession, Tech Near Correction…Here Are The Trades: Verified Investing
Oil Keeps Pushing, Yields Signal Recession, Tech Near Correction…Here Are The Trades – YouTube
Mark Leibovit: Action Heats Up on the Russell 2000 – Oct. 22, 2026
Mark Leibovit: Action Heats Up on the Russell 2000 – Oct. 22, 2026 – YouTube
Earnings Season a Big Winner for Emerging Areas of Strength: Tom Bowley
Earnings Season a Big Winner for Emerging Areas of Strength (stockcharts.com)
Market Rotation Generating Powerful Advances In These Areas: Tom Bowley
(Note seasonality comments)
Market Rotation Generating Powerful Advances In These Areas – YouTube
S&P 500 at a Crossroads: Four Scenarios for Year-End; Dave Keller
S&P 500 at a Crossroads: Four Scenarios for Year-End (stockcharts.com)
Technical Notes
China A Shares ETF (CAF) moved below $16.39 extending an intermediate downtrend.
Global Base Metals iShares (PICK) moved below $54.73 completing a double top pattern. BMO Equal Weight Global Metals ETF (ZMT.TO) moved below Cdn$103.51 extending an intermediate downtrend. Led by Lundin Mining (LUN.TO) on moves below Cdn$31.34 and Cdn$31.30 extending an intermediate downtrend.
U.S. Crude Oil ETN (USO) moved above $163.35 to a ten year high extending an intermediate uptrend.
Natural Gas ETN (UNG) moved below $9.55 to an all-time low extending an intermediate downtrend.
American Tower (AMT) an S&P 100 stock moved above $192.14 extending an intermediate uptrend.
Intuitive Surgical (ISRG) moved above $443.84 extending an intermediate uptrend.
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 1.80 on Friday, but gained 13.40 last week to 58.80. It remained Neutral.
The short term (20 days) Barometer dropped 3.60 to 69.00 on Friday, but gained 0.40 last week to 69.00. It remained Overbought.
The long term Barometer dropped 1.60 on Friday, but gained 3.60 last week to 58.20. It remained Neutral.
TSX Momentum Barometers
The intermediate term Barometer dropped 4.65 on Friday, but added 1.86 last week to 47.44. It remained Neutral.
The short term (20 days) Barometer dropped 1.86 on Friday, but added 0.47 last week to 57.21. It remained Neutral.
The long term Barometer dropped 0.93 on Friday and dropped 6.51 last week to 50.70. 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