CNBC's "Fast Money" Stocks Kick Off the Week Strong, and What the GM/UAW Deal Means for Auto Makers 10/30/23
Oct 30, 2023
Stocks rally to start the week; upcoming challenges discussed, including Apple earnings, Fed decision, and jobs report. The UAW's deal with the last Big 3 automaker and its impact on the industry and Tesla. Discussion on recent stock market performance, concerns of market correction, and debt issuance. Highlight on Pinterest exceeding expectations, chip companies' performance, and concerns in the automotive sector. Apple's upcoming Mac reveal event and other topics like McDonald's earnings and a sports game mentioned.
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Market Rally and Correction
- The Dow had its first positive day in four sessions, and mega-cap tech stocks led the gains.
- However, major indices are down 10% and the market is showing signs of correction.
Overdone Negative Sentiment?
- The market's positive reaction is likely due to an overcorrection of negative sentiment.
- However, several sectors are down for the year, indicating underlying economic concerns.
S&P Forecast and Market Dynamics
- John Stoltzfus cut his 2023 year-end S&P forecast from 4900 to 4400.
- The market setup contributed to the upward movement, but higher yields could negatively impact equities.