Wall Street posts weekly gains with earnings, inflation data in focus
Third-quarter earnings season gathers pace next week, with S&P 500 companies forecast to post 30.6% annual earnings growth.
Wall Street experienced a weekly gain on Friday, with investors focusing on upcoming third-quarter earnings and inflation data. The major US stock indexes advanced, logging weekly gains, while the small-cap Russell 2000 ended lower. Analysts expect energy and technology stocks to post the largest year-on-year earnings growth during the July-September period, with the S&P 500's annual earnings growth projected at 30.6%.
The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all saw gains, with AI-related momentum stocks generally higher. However, telecom firms T-Mobile, AT&T, and Verizon dropped due to Elon Musk's SpaceX acquiring a nationwide low-band spectrum portfolio.
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