Market Preps for Major Earnings and Data

Stocks are jumping for the second day in a row. The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $138.42, +1.52 (+1.11%). This strong move up is coming prior to major economic and earnings news in the next 24 hours.

Today, after the markets close, Google Inc (NASDAQ:GOOG) will report earnings. Wall Street estimates expect a profit of $9.64. The whisper number is for a profit of $9.87. This is the first major technology earnings report of the season and will shape the action tomorrow. Last quarter Google took a major hit after disappointing Wall Street.

Tonight, China will report its GDP numbers. There is a rumor on the street that they will be better than expected. This is likely the cause to the rally today. Caterpillar Inc. (NYSE:CAT) is surging as well which gives credence to the rumor on China GDP. CAT is very reliant on strong China growth to excel.

Tomorrow morning, the first major bank will report earnings. JPMorgan Chase & Co. (NYSE:JPM) is expected to report earnings of $1.17 with a whisper number at $1.20.

As it stands now, China GDP will be of great importance for the entire global economy. In addition, the technology sector and financial sector will be rocking one way or another. While often quiet on a Friday, tomorrow should be very exciting.

About Gareth Soloway 168 Articles


Gareth Soloway has been an avid swing and day trader since his days at Binghamton University where he studied Economics. After college, Gareth quickly excelled as a financial advisor, helping clients get their financial houses in order. While helping others gain financial independence, he continued to study the day trading and swing trading world, developing a unique market philosophy and proprietary methods. Following his work in the financial sector, Gareth went on to trade alongside professional traders. Unable to tolerate the hype of Wall Street any longer and having an amazing ability to profit using his developed techniques, Gareth Soloway decided to partner with his friend and colleague, Nicholas Santiago to form Chief Market Strategist Gareth Soloway serves as the president and CFO of InTheMoneyStocks.Com.

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