Market Update: Monday, October 24, 2016

LPL Financial Research

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  • Markets higher following weekend of mergers and acquisitions activity. U.S. stocks are moving higher to start the busiest week of earnings season, boosted by a number of high profile deals announced over the weekend, including AT&T agreeing to acquire Time Warner, and TD Ameritrade and Toronto-Dominion Bank agreeing to purchase Scottrade. Friday’s session finished on a flat note; most sectors were little changed with the exception of telecom, which fell more than 2% on early reports of the AT&T deal. Asian markets began the week mostly positive, led higher by the Shanghai Composite (+1.2%), while the Nikkei edged up 0.3% following mixed trade and manufacturing data. European equities are also higher in afternoon trading, as country purchasing managers’ index (PMI) reports came in better than expected, and corporate earnings were generally well received. Meanwhile, COMEX gold is flat near $1,265/oz., the yield on the 10-year note is higher at 1.76%…

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