SPX: a fresh new highest level

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The equity markets in the US continue to move within a positive sentiment during the Q3. The S&P 500 reached a fresh new highest level during the previous week, closing Friday's trading at the level of 5.815, and gaining 1,1% on a weekly basis. This week, tech companies were not in the focus of the market, but the positive sentiment was boosted by the financial industry. The banks posted their Q3 results which were not in line with market expectations, however, the market was pricing the potential for the future earnings. Shares of JPMorgan surged by 4,4%, while Wells Fargo was traded higher by 5,6%. Strategists from UBS bank are also quite positive on the future earnings of the US banks, noting JPMorgan, Wells Fargo and BlackRock as potential strong performers.

Tech companies were traded in a mixed manner during the previous week. On one side were higher gainers, like Super Micro Computers with a gain of 15% and Palo Alto Network, which surged by 9%. At the same time, Tesla shares were traded down by 7,5% after the company's announcement of the robo-taxi.

Another support to the market optimism came from US inflation data for September. The data showed that the Fed might easily make another 25 bps at their November meeting. As per CME FedWatch Tool, there is 90% odds that the Fed will cut in November.