The Dow Jones Industrial Average (DJIA), S&P 500 (SPX), and Nasdaq Composite (IXIC) all chalked up new record highs this week, even after the latter ended its nine-day winning streak Monday. The Dow and SPX are now set for a fifth straight weekly win, which would mark the S&P's longest since the first quarter.
As big banks kicked off quarterly earnings season, the Fed was also in focus. The September minutes from the Federal Open Market Committee (FOMC) meeting reaffirmed expectations for a December interest rate hike. While "many participants expressed concern" about low inflation, several Fed members think another rate hike in 2017 is "likely warranted."
Bank stocks headlined the earnings lineup this week, with JPMorgan Chase (JPM) and Citigroup (C) kicking things off. JPM stock dipped on weak bond trading revenue, and C shares also reacted negatively, to the dismay of recent options traders. Wells Fargo (WFC) stock also dipped after earnings, while Bank of America (BAC) shares were last seen modestly higher after the financial firm reported better-than-expected quarterly results.
Analysts showered popular FAANG stocks with love this week, including Netflix (NFLX), which is scheduled to report earnings after the close Monday. Brokerage firms also upped their price targets on fellow FAANG stocks Facebook (FB), Amazon (AMZN), and Alphabet (GOOGL).
President Trump took to Twitter again on Wednesday, this time threatening to challenge the media licenses for reporting "fake news." Vulnerable media stocks like Twenty-First Century Fox (FOXA) and CBS Corporation (CBS) traded lower as a result. Another sector that took a hit from Trump's rhetoric this week was healthcare. Hospital stocks fell after Trump signed a new executive order meant to take aim at Obamacare.
Looking ahead, Dow stocks will be in focus next week as third-quarter earnings season kicks into high gear. American Express (AXP), General Electric (GE), Procter & Gamble (PG), Verizon Communications (VZ), and UnitedHealth Group (UNH) are among the names expected to release quarterly reports. Federal Reserve Chair Janet Yellen is also scheduled to speak next Friday, two days after Vice Chairman Stanley Fischer takes the stage.