The S&P 500 Index was highly volatile last week as market participants reacted to key statements from Federal Reserve officials, the closely-watched Nvidia earnings, and the ongoing crypto market crash. It ended the week at $6.600, down by 4.50% from the year-to-date high of $6.915. 

This article looks at some of the top catalysts for the blue-chip S&P 500 Index and top ETFs like SPY and VOO. 

S&P 500 Index chart | Source: TradingView

Top technology earnings

The third quarter earnings has largely ended with 95% of all companies having released their numbers. Nvidia, the most important company on Wall Street today because of its role in the artificial intelligence industry, published strong financial results last week. 

These numbers showed that its revenue jumped to $57 billion in the third quarter, and the management guided towards another record fourth quarter of $65 billion in revenue. The management maintained that there was no AI bubble and that demand was still rising.

Other companies like Walmart, Target, Home Depot, Palo Alto Networks, and Lowe’s also published strong financial results last week. 

Looking ahead, several notable companies will publish their numbers this week. However, their impact on the stock market will likely be muted. 

Agilent Technologies, Symbotic, Zoom Technologies, and Keysight will publish their numbers on Monday.

Analog Devices, Dell,  Autodesk, Workday, Zscaler, and HP will release their numbers on Tuesday, while Deere will release on Wednesday. There will be no earnings on Thursday and Friday because of the Thanksgiving holiday.

These results will come at a time when American companies are doing relatively well despite Donald Trump’s tariffs. Data compiled by FactSet shows that the average earnings growth in the last quarter was 13.4%, higher than the median estimate of 8% before the earnings season started.

US earnings have had double-digit growth in the last four consecutive quarters, which is a good thing. Indeed, the strong earnings have helped to support the stock market in a period of high volatility and risks.

Top macro data  to impact S&P 500 Index

The other potential catalyst for the S&P 500 Index and its ETFs this week will be the upcoming key macro data that will help investors prepare for the next Federal Reserve interest rate decision.

The Commerce Department will publish the latest retail sales data on Tuesday. Economists polled by Reuters expect the data to show that sales rose by 0.4% in September after rising by 0.6% in the previous month. 

These numbers will come a few days after the Bureau of Labor Statistics published encouraging September jobs numbers, which showed that the economy added over 110k jobs during the month.

The other key macro data to watch this week will be the Conference Board consumer confidence report, house price index, pending home sales, durable goods orders, and US inventories.

These numbers will help to predict what the Federal Reserve will do in the next meeting, with odds of rates cut remaining at 60% on Polymarket.

This meeting will come at a time when there are significant divisions at the Fed, with some members urging against rate cuts and others promoting them.

The S&P 500 Index will react mildly to the upcoming UK budget on Tuesday, which will provide more information on potential tax increases in the country. Also, traders will watch for a potential deal between Russia and Ukraine, and the ongoing crypto market crash.

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