Traders were active on the New York Stock Exchange floor on October 16, 2024, as U.S. equity futures rose in anticipation of significant earnings reports from major technology firms. This surge is expected to propel the Nasdaq Composite to new highs. Additionally, an easing in geopolitical tensions helped improve market sentiment. Despite airstrikes by Israel targeting Iran over the weekend, the attacks did not affect oil or nuclear facilities, causing oil futures to dip.
Futures connected to major indices registered gains: the Dow Jones Industrial Average rose by 148 points, or 0.3%, S&P 500 futures increased by 0.4%, and Nasdaq 100 futures climbed by 0.5%. Last week ended on a mixed note; while the Nasdaq Composite reached a record high of 18,518.61, up by 0.56%, the Dow decreased by 259.96 points (0.61%) to 42,114.40, and the S&P 500 slipped slightly by 0.03% to 5,808.12. Although the Dow and S&P interrupted a six-week winning streak, the Nasdaq extended its gains for a seventh consecutive week.
Investors are preparing for a crucial period marked by the busiest week of third-quarter earnings reports, coinciding with the imminent U.S. Presidential election on November 5. Key tech giants – Alphabet, Microsoft, Meta Platforms, Amazon, and Apple – will release their earnings, crucial to market dynamics.
Yung-Yu Ma, chief investment officer at BMO Wealth Management, emphasized the importance of continued investment in AI by these tech behemoths. A retreat from such investments could negatively impact the market.
Additionally, traders are keenly observing forthcoming economic data: September’s jobs report due Friday, the PCE price index on Thursday, and an early third-quarter GDP estimate on Wednesday. These figures will be vital for gauging market trends and economic health in the lead-up to the presidential election.
Original Story https://www.cnbc.com/2024/10/27/stock-market-today-live-updates.html
Category :
Tags:
