As you’re hopefully enjoying your Saturday, I’d like to bring you the latest 10-Minute Millionaire market update.
One of the most significant developments occurring this week is the fact that the S&P 500 is once again testing the all-time highs that it achieved back in July. As we’ve previously discussed, the market often has trouble in breaking through the all-time high in any significant way – or if it does, it has trouble staying above that mark.
This marks the third time that the high has been tested since July, and both times the market has failed to run higher. Are we in for more of the same this time? I’ll show you some technical indicators for what is most likely to happen next.
It’s been an important week for earnings reports as well, with over 100 companies listed on the S&P 500 releasing their earnings reports.
We’ll also take a look at the major investing sectors – with a focus on some of the most prominent tech stocks on the market – and check in on how they’ve been performing over the last few months, as well as where they may be heading going forward.
Click below to watch…
You wouldn’t know it from the stock market, but we’re actually in the middle of an “earnings recession.”
It’s hard to tell this earnings season because the good news keeps piling up…
The Procter & Gamble Co. (PG) went up 4% after it raised its profit forecast.
JP Morgan & Chase Co. (JPM) hit an all-time high after it beat expectations.
Netflix Inc. (NFLX) jumped 8% after its earnings and international efforts beat estimates.
And Amazon.com Inc. (AMZN) is expected to fare well when it reports on Thursday.
Even so, we’ve had two straight quarters of declining corporate earnings – the very definition of an earnings recession. Here’s how: An economic recession for a country is defined as two consecutive quarters of declines in year-over-year (YoY) Gross Domestic Product (GDP) – the amount of goods and services a country produces.
For the S&P 500 stocks, two consecutive quarters of YoY earnings declines signal an “earnings recession”.
And this quarter looks set to be the third.
Some are calling this “bad news,” a “problem,” even a “blaring warning.”
Even so, the market doesn’t care.
And here’s why you shouldn’t worry, either…