Financial markets remain firmly focused on corporate earnings
Financial markets are focused on earnings season, currently the only clue to understanding the pulse of the U.S. economy. Sentiment remains neutral. Both equities and bonds appear uncertain, with volatility declining.
Our intermarket dashboards continue to signal a market phase characterized by neutral sentiment. The S&P 500/VIX ratio remains around the yearly average, while the S&P 500/Nasdaq ratio is still near its yearly lows. Gold continues to show weakness relative to the Dow, the Dollar, and Oil. As for major asset class trends, keep an eye on global bonds, which remain below the short-term moving average and are now targeting the 50-day moving average.
On the macroeconomic front, U.S. data is still absent. Today brings the Reserve Bank of Australia’s rate decision, a speech by ECB President Lagarde, Spain’s unemployment figures, and Brazil’s industrial production data.
On the earnings front, today we will see – among many others – the results from AMD, Uber, Spotify, Shopify, and Pfizer.
Our forecast analysis indicates a more uncertain session for equity markets, with mixed signals in both the U.S. and Europe. Mixed indications also for bonds and commodities, while the positive signal for the dollar persists. Volatility is stable or declining.
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NOTES AND WARNINGS
Data compiled by kbmeter.com. Analysis date: 4 November 2025 - 7:42 AM GMT+1
This content is provided for informational purposes only and should not be considered financial advice. All scores and assessments are based on the previous trading day’s closing prices. Futures indications refer to the date and time of the analysis.
