S&P 500 Earnings Headed for 30% Growth as October Jobs Report Looms

FactSet projects S&P 500 earnings growth of about 30% for the third quarter, and 138 index companies, including Apple and Palantir, report this week.

Last week was rougher for tech. Alphabet fell 12% Thursday, its worst one-day drop on record, after Amazon and Intel disappointed. The iShares Semiconductor ETF lost 2.4% for the week. Most of the S&P's 11 sectors still gained, led by health care and consumer staples, with Coca-Cola and Procter & Gamble among the winners.

The data calendar is heavy. The October jobs report lands Friday, and FactSet expects 55,000 jobs added with unemployment steady at 4.2%, after September's weak 29,000. CNBC reported that inflation is running above the Fed's 2% target and that futures put the odds of a quarter-point December hike at just under 75%.

History offers some cheer. Since 1934, the Dow has gained an average of 2.8% in the eight trading days around midterm elections, and November is the Nasdaq's best month in midterm years, averaging 3.5%, per the Stock Trader's Almanac cited by CNBC.