SPX: S&P 500 Slips 10% from Peak After Another Battering Week Despite Solid Earnings

About half of all 500 companies in the broad index have reported and 78% of them have surpassed earnings expectations. But the crowds go mild.

• The S&P 500 (ticker: SPX) is now trading 10% below its recent peak, joining the Nasdaq Composite in what’s called the correction zone. After fluctuating above and beyond the flatline for most of Friday’s trading, Wall Street’s broad stock gauge declined 0.5% on the day, logging a losing week.
• Massively positive earnings data doesn’t do much to help lift the gloomy market sentiment. Just about 50% of all public companies living in the S&P 500 have shown up with their third-quarter financials. And data is bright: 78% of them have shattered analysts’ earnings calls and 62% have topped revenue views.
• Quick stats roundup: October has so far erased about 4% of the S&P 500’s worth. What’s more, the equity benchmark is en route to close its third straight month in the red. Futures contracts on Monday remained under pressure as investors stayed cautiously optimistic with more earnings down the line.