Week of 10/23-10/27 S&P 500 Index Enters Correction Territory, Mixed Company Earnings

All three market indexes continued to slip throughout the week and Friday's rebound was not able to place them anywhere near positive territory. The S&P 500 fell over 2% this week and over 10% from its yearly peak in July. This technically placed the index into correction territory driven mainly by a weak technology sector price action and mixed company earnings. Chevron, Exxon, and Ford Motors missed earning expectations and banking giant JPMorgan Chase CEO, Jamie Dimon, announced his plan to sell over $141 million worth of company stock early next year. The positive move for the market on Friday was mainly due to Amazon beating earning expectations during the after hour earnings call on Thursday, leading to a strong market open on Friday. Tensions continue in the middle east and oil prices are holding steady near the 100dlls per barrel mark. The core personal consumption expenditures report (PCE) was released ahead of the FOMC meeting next week. The PCE serves as an inflation gauge for the FED and September's results indicate the continuation of a strong economy despite the high levels of inflation. This provides investors and traders confidence that the FED will potentially keep interest rates steady in next week's meeting announcement.