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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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