|Day's Range||2,760.27 - 2,797.77|
|52 Week Range||2,532.69 - 2,940.91|
Elevated valuations and crowded positioning have been blamed for the waning leadership of the market’s biggest industry, along with everything from rising bond yields to corporate earnings. The truth is, computer and software makers are cheaper than they’ve been historically, and fund managers currently hold fewer tech stocks than their representation in benchmark indexes, according to Goldman strategists led by David Kostin. “Popularity has turned into concerns of overcrowding and outperformance has turned into concerns of overvaluation, ” Kostin wrote in a note earlier this week.
"I think a good gut check to sentiment, like a 15 percent correction, might be just the ticket to extend this bull market," he added. To get into correction territory, the benchmark index would need to fall to 2,645, a level not seen since May. A 15 percent drop would take it negative for the year. Paulsen told CNBC a correction is necessary to reflect a changing market environment where rates are on the rise, earnings are peaking, and economic growth might slow.
Rising bond yields are putting an end to the “there is no alternative” mantra that provided a pillar of support for stocks. But it might be too soon to underweight equities just yet, some investors argue.
Even as corporate executives engage in a spree of share buybacks to spur stock prices higher, many have eschewed adding to their employee’s pension pots
Proctor & Gamble surged after reporting better-than-expected earnings. The company said it got a boost from strong beauty-product sales. A report from the National Association of Realtors showed on Friday that U.S. home sales fell in September by the most in over two years as the housing market continued to struggle despite strength across the broader economy.
The pressure is on for Amazon, Alphabet and Microsoft as they prepare to report quarterly results at a time when confidence in those market leaders looks increasingly fragile and in danger of derailing Wall Street's rally. After worries about higher interest rates sparked a steep sell-off in early October and again on Thursday, the S&P 500 remains down 5 percent from its Sept. 20 record high close, with top-shelf stocks including Amazon.com Inc (AMZN.O), Alphabet Inc (GOOGL.O), Netflix Inc (NFLX.O) and Facebook Inc (FB.O) showing little of their vitality from recent years. A quarterly report from Microsoft Corp (MSFT.O) on Wednesday after the bell, followed by Alphabet and Amazon late on Thursday, will influence sentiment across Wall Street.
The stock markets overall stabilized in America during the week after the brutal selloff that we have seen. While we have not shown a lot of bullish pressure, we haven’t fallen any further either, which of course is crucial.
The S&P 500 rallied on Wednesday, testing the 2800 level. This is an area that was the beginning of rather significant resistance though, so we struggled to break above it. The question now is whether or not we can take it back?
Facebook hired a former British deputy prime minister, Nick Clegg, as its top policy and communications executive, giving him the task of mending the social network’s image as it deals with closer political scrutiny.
Yahoo Finance's Seana Smith and Adam Shapiro talk markets-- with a focus on emerging markets John Creswell, executive managing director at Duff & Phelps