Traders at the New York Stock Exchange experienced a mixed market on October 8, 2024, as the S&P 500 recorded its first gain in a week marked by rising interest rates. The S&P 500 edged up 0.21% to 5,809.86, ending a three-day losing streak, while the Nasdaq Composite rose 0.76% to close at 18,415.49. Conversely, the Dow Jones Industrial Average fell by 140.59 points, or 0.33%, to settle at 42,374.36, extending its losses to four consecutive days—a first since June.
Tesla emerged as the standout performer, skyrocketing nearly 22% due to its third-quarter earnings surpassing analyst expectations, marking its best day since 2013. Molina Healthcare also impressed with a 17.7% increase following strong earnings and revenue. Other notable gainers included Whirlpool and UPS, both climbing after releasing positive results.
On the downside, IBM weighed on the Dow, dropping over 6% as its consulting revenue narrowly missed forecasts. Boeing also declined by 1.2% after its machinists rejected a new labor contract.
So far, around 160 companies within the S&P 500 have reported their quarterly results, yet earnings growth has been lackluster. The S&P 500’s overall earnings growth rate is projected at 3.4% compared to the previous year, falling short of analysts’ expectations, according to FactSet.
Meanwhile, Treasury yields eased after reaching three-month highs earlier in the week. The 10-year Treasury yield exceeded the 4.25% mark on Wednesday.
Senior investment strategist Rob Haworth from U.S. Bank Asset Management noted that market pressure is primarily due to rising rates, which have dampened market enthusiasm. Despite this, earnings news hasn’t been substantial enough to propel the market to new highs, and momentum has not been as widespread as in the past.
The market’s volatility extended from the previous day, where the Dow experienced its biggest single-day drop since December, falling over 400 points, with the S&P 500 and Nasdaq declining 1% and 1.6% respectively.
Original Story https://www.cnbc.com/2024/10/23/stock-market-today-live-updates.html
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