The stock market rally logged an affirmation week as the Nasdaq, S&P 500 and Dow Jones Industrial Average all snapped out of pullbacks and ended at fresh closing highs. Investors are looking past the federal government shutdown, with analysts revising third-quarter earnings estimates higher as the reporting season rapidly approaches.
OpenAI’s developer conference, Taiwan Semiconductor‘s (TSM) September sales and the Federal Reserve Minutes from the September meeting will all be closely watched.
Stocks To Watch As Pullback Becomes A Rebound
With the market rebounding to record highs after a mini-retreat, a number of stocks are flashing buy signals or setting up in new bases, handles or bullish pullbacks. Nvidia (NVDA) rallied from the 50-day line to a breakout. Its buy zone runs to 193.70. Coherent (COHR) pulled back from a buy zone as it flirts with a handle breakout. United Rentals (URI) is in a buy zone as it rebounds from its 10-week line and three tight weekly closes. Sea (SE) and Expedia (EXPE) are also finding support. Sea rebounded from its 50-day/10-week line and is holding at its 21-day exponential average. Expedia jumped off its 21-day line Friday, below a three-weeks tight buy point at 229.
Delta Air Lines Headlines Latest Earnings Calendar, Along With This Data Center Operator
Economic Calendar: A Wrench Tossed In The Works
The federal shutdown appears set, for now, to continue. And the fight may escalate, with layoffs targeting federal workers in “Democrat agencies.” White House advisors reportedly fear that nixing enhanced premium subsidies for ACA Marketplace coverage would stir midterm election backlash. There’s talk of scaling back subsidies for higher earners. Yet Senate Majority Leader John Thune said ACA negotiations won’t happen until the government reopens. After the shutdown canceled Friday’s jobs report, the next big economic report, the CPI for September, isn’t due out until Oct. 15. However, Fed minutes from the Sept. 16-17 meeting will be released on Wednesday.
ADP Reports Surprise Job Loss As Government Shuts Down. Cue The Fed Rate Cuts.
OpenAI Developers’ Soiree
OpenAI, the top developer of AI models and the owner of ChatGPT, hosts its DevDep Day event Monday for software developers. The company, expected to disclose new products, has been leveraging its newest AI models, including GPT-5. A feature just released enables ChatGPT users to purchase items directly within the chatbot interface. On Monday, OpenAI is expected to roll out more consumer AI agents that leverage the ChatGPT base. A growing number of top companies have a stake in OpenAI’s success. Nvidia recently said it would invest up to $100 billion in OpenAI. In return, OpenAI will make cash purchases of Nvidia’s advanced hardware systems.
Stock Market Earnings: Reporting Season Approaches
Earnings remain quiet in the coming week, but Delta‘s (DAL) Thursday report signals the start of third-quarter earnings season in the following week. Still, reports are due from Aehr Test Systems (AEHR) Levi Strauss (LEVI) and Applied Digital (APLD) — all near highs or in constructive chart patterns. Taiwan Semiconductor reports monthly sales Thursday, ahead of its Q3 report Oct. 16.
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Market At Highs, AI Chip Giant In Buy Zone; Palantir, Tesla Skid
