IWM

iShares Russell 2000 ETF

Fund manager Louis Navellier stated that market momentum appears unstoppable, with the bias toward equities versus debt at its highest level ever, and corporate share buybacks also on the rise.

The customary weekly jobless claims report is expected to show that the number of individuals claiming unemployment benefits rose to 222,000 in the week ended Sept. 27 from 218,000 in the previous week.

Senate Majority Leader John Thune (R-S.C.) offered a glimmer of hope by stating that when Senate voting resumes on Wednesday, enough “reasonable” Democrats back the Republican bill, paving the way for its clearance.

In Tuesday’s session, traders are likely to focus on a few speeches by Federal Reserve officials, the August JOLTS data, and the Conference Board’s consumer confidence index for September.

Small caps staged a comeback in Q3, with ETFs like FESM, RZV, FYX, VTWV, JSML, IWO topping gains. While there are certain tariff risks, the Fed's rate cut potential is a plus.

According to Fiscal.ai, the company is expected to report adjusted earnings per share (EPS) of $1.30 and revenue of $240.11 million.

A strategist noted that the S&P 500 was trading at 26 times aggregate earnings of the past 12 months, which is in the top decile since 1960.

Bet on Wall Street Q4 tailwinds -- strong GDP data, holiday sales, AI boom & earnings growth. These have put the spotlight on IWM, XLF, XLY & XLE.

The BEA’s personal income and spending report for August is expected to show a 2.7% year-over-year increase in the personal consumption expenditure (PCE) index, up from the 2.6% rate in July.