US stocks higher in afternoon trade
Cons staples lead S&P 500 sector gainers; materials down most
Dollar up; crude, gold and bitcoin down
U.S. 10-yr Treasury yield rises to 4.00%
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US EARNINGS MOVE INTO 2ND WEEK; TESLA, IBM ON TAP
The third-quarter S&P 500 earnings season goes into its second week next week with an improved estimate for profit growth after major U.S. banks started the reporting period this week on a strong note.
Estimated earnings for S&P 500 companies is at 9.3% as of Friday, up from 8.8% a week ago, according to LSEG.
A whopping 86.2% of earnings reports are beating analysts' expectations, based on results from 58 of the S&P 500 companies. Among them, Well Fargo WFC.N reported results that surpassed expectations.
Next week brings results from Tesla TSLA.O, Netflix NFLX.O, Coca-Cola KO.N and tech giant IBM IBM.N.
Results and comments from executives continue to offer information for investors at a time when most government economic data is unavailable because of the U.S. government shutdown, which began October 1.
(Caroline Valetkevitch)
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