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Constellation Brands beat earnings expectations as its beer brands gained market share, though consumer demand remained soft amid economic headwinds and high fuel prices.
The bull market marked its fourth anniversary on Monday with the S&P 500 up nearly 120% since October 2022, driven largely by artificial intelligence enthusiasm, though analysts debate whether a fifth year of gains remains feasible.
Third-quarter earnings season begins with high expectations for nearly 30% profit growth, while tech faces pressure to sustain momentum with guidance.
Bank of America shares fell nearly 5% after the bank reported a $1.2 billion regulatory penalty and trading revenue that missed expectations by roughly $570 million in the third quarter.
Morgan Stanley’s third-quarter profit climbed 6.5% to $4.91 billion, with equities trading revenue surging 41% to $5.8 billion, beating estimates by $909 million.
ASML reported third-quarter profit beating expectations and disclosed customer interest in placing orders through 2030, signaling sustained demand for its semiconductor manufacturing equipment.
