major stock indexes extended a stunning october rally on friday after tech giants apple and intel broke a streak of dismal thirdquarter earnings reports with results that shattered expectations but analysts arent convinced the respite will be longlived as the federal reserves ongoing tightening campaign threatens to slow the economy down through at least next year the dow jones industrial average soared 767 points or 24 to 32800 friday by 2 pm et—extending the indexs best october run ever up 14—while the sp 500 and techheavy nasdaq climbed about 22 and 24 respectively heading up gains in the dow shares of tech giants intel and apple soared 10 and 8 apiece after reporting earnings thursday evening that beat wall street expectations with investors lauding intels efforts to cut costs by 3 billion next year and as much as 10 billion by 2025 to defend against worsening economic conditions other megacap companies rallying friday included oil giant exxonmobil which jumped 23 after reporting a recordbreaking quarterly profit of 197 billion thanks largely to skyrocketing natural gas prices and rigorous cost cuts the positive earnings helped improve sentiment after a rash of disappointing results from technology companies this week pulled shares of alphabet amazon and meta down 6 15 and 23 but analysts arent quite convinced the resilient earnings will be longlived earnings are holding up but risks are building says bank of americas savita subramanian warning more companies will cut their earnings guidance in the weeks ahead as economic momentum continues to slow—particularly since some of the weaker sectors this year such as consumer discretionary firms like disney arent slated to report earnings until midnovember stocks tend to get a modest bounce the day and month after midterm elections—with the sp climbing an average 12 in the month after and stocks climbing higher about 75 of the time according to research firm datatrek however blackrock analysts in a recent note said they arent so bullish about this year we see a bigger problem for stocks than any potential positives from the midterm election outcome a looming recession a team led by wei li wrote they argue the federal reserve wont stop hiking until after the economic damage of rate rises is clear and that a recession will extend beyond the housing market in time what to watch for in the event the economy falls into a recession goldman projects the sp could plunge another 13 to 3400 points by the end of the year and 19 to 3150 over the next six months—taking a full year to recover its losses here’s how big tech stocks have performed in 2022 as faang softens its bite forbes dow on pace for best october ever secondbest month in 30 years forbes consumer prices rose even faster last month—heres what that means for the next interest rate hikes forbes