"The major indices could see higher highs, especially with inflation cooler than expected. In fact, CPI, or the consumer price index, hit 3%, which was lower than the 3.1% expected for September. Then, once we cut out food and energy, core CPI showed a 0.2% monthly gain and an annual rate also at 3%, compared to estimates of 0.3% and 3.1%, respectively."
"Stronger earnings from companies like Intel ( NASDAQ: INTC) helped, too. The tech giant is rallying after posting third-quarter sales that were above expectations. Revenue of $13.65 billion was above expectations of $13.14 billion. Net income of $4.1 billion, or 90 cents per share, as compared to a net loss in the year-ago quarter of $16.6 billion, was also reported. As a result, analysts at Morgan Stanley reiterated its equal weight rating on Intel, noting that earnings were encouraging."
"Analysts at JPMorgan upgraded Coinbase ( NASDAQ: COIN) to an overweight rating with a price target of $404, up from $342. The firm points to "Coinbase's exploration of launching a potential Base token, which he sees as accelerating the growth of development on the Base blockchain, launched in August 2023," as also noted by CNBC. Wall Street's average price target on COIN is $382.51. And analysts at Jefferies just reiterated a buy rating on Microsoft ( NASDAQ: MSFT) ahead of earnings next week."
Inflation came in cooler than expected: headline CPI hit 3% versus 3.1% forecasts, and core CPI rose 0.2% monthly with a 3% annual rate, both below estimates. Strong corporate earnings and analyst moves helped markets. Intel reported $13.65 billion in revenue and $4.1 billion in net income, prompting Morgan Stanley to reiterate an equal-weight rating. KeyBanc sees Amazon's AWS growth and gigawatt data-center ramps, plus customers like Anthropic, driving revenue acceleration and assigned an overweight rating with a $300 target. JPMorgan upgraded Coinbase on Base token potential, and Jefferies reiterated a buy on Microsoft citing Azure, M365, bookings growth, and AI.
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