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The recent performance of insurance stocks with significant hurricane exposure has been less than stellar. Companies like Allstate, Travelers, and Chubb saw sharp declines of over 3%, while Progressive and AIG weren’t far behind with slides of over 1%. Universal Insurance, based in Florida, took a massive hit of 15% as Hurricane Milton poses increased risk. According to Joshua Shanker, a research analyst at Bank of America, property and casualty insurers and reinsurers could face a significant impact on fourth-quarter earnings due to the storm.
What key events are investors eagerly awaiting? Keep an eye out for the consumer price index (CPI) data releasing on Thursday, along with comments from Federal Reserve officials. Additionally, the third-quarter earnings season kicks off on Wednesday, with major banks gearing up to report their results. With the S&P 500 up 20% year-to-date and hovering near record highs, these earnings reports will be closely watched by Wall Street.
Looking ahead, the market forecast remains uncertain with rising yields, geopolitical instability, and hurricane-related risks creating a turbulent environment. Sectors like technology and insurance may continue to face pressure, while energy and defensive stocks could benefit from ongoing uncertainties. Traders should be prepared for continued volatility, as downside risks persist in the face of multiple headwinds.
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