Stocks jump on Election Day as investors eye outcome

Stocks jump on Election Day as investors eye outcome

By Chuck Mikolajczak

Tue November 5, 2024 4:32 PM

Today was another vivid demonstration of the schizophrenic nature of this market since, though little has changed since yesterday’s big slide, today there was a really big rally as the market decided the odds were once again favoring a Trump victory. It was a steady upward swing from the open to close with chunky 3-digit gains all around. But have the odds really changed at all since yesterday? All the polls still show an exceedingly tight 50/50 race.  

Wall St slips as uncertainty surrounds U.S. election

Wall St slips as uncertainty surrounds U.S. election

By Chuck Mikolajczak

Mon November 4, 2024 6:16 PM

Most of the market spent most of the day in the red as the indexes bounced up and down in the red like crazy over election uncertainty. Wall Street favors Trump so when the new Iowa poll (that always goes Republican) came out favoring Harris, the indexes kept going down. One hour there would be good news about Trump, the next about Harris, not a good day for trend-followers. Uncertainty was heightened by the wide expectation that it will be at least a few days before a victor is declared.  

Wall St closes higher as Amazon's gains offset weak job growth

Wall St closes higher as Amazon's gains offset weak job growth

By Abigail Summerville

Fri November 1, 2024 4:36 PM

Yesterday’s panic over uncertain costs for AI and today’s weak jobs report showing almost no growth compared to September was more than compensated today by a glowing Amazon report showing strong retail, besides which the jobs report was admittedly watered down by the combo of the Boeing strike and the two mega-hurricanes, all of which are big anomalies. Election uncertainty remains dominant but bets are still strong for a ¼ point November rate cut. The new month seems to be offering renewed optimism as reflected in the 12.13 billion volume vs 11.7 billion average. 

DJ: 41,763.46  -378.08      NAS: 18,095.15  -512.78      S&P: 5,705.45  -108.22        10/31

DJ: 42,052.19  +288.73     NAS: 18,239.92  +144.77     S&P: 5,728.80  +23.35          11/1

Fri 11-1-24 4:36 pm Wall St closes higher as Amazon's gains offset weak job growth | Reuters

Wall St ends lower as Meta, Microsoft highlight AI costs

Wall St ends lower as Meta, Microsoft highlight AI costs

By Abigail Summerville

Thu October 31, 2024 4:00 PM

The Magnificent Seven did not deliver as hoped when both Microsoft and Meta announced that AI expenses were growing into basically a blank check and this brought into new doubt the profit potential of this new market that has sustained the megacap rally all year. This news also brought down Amazon, Apple and Google. Investors like to know what expenses will be so they can calculate profits and today they found out that these megacaps don’t know. Thus, all the indexes came way down, all taking substantial 3-digit hits. PCE came in very close to forecast which continues to lock in the bets for a ¼ point cut in November. Volatility is expected to continue in the next few weeks as Q3 continues and the election results unravel.  Per the CBOE, volume came in at 13.3 billion, considerably above the 4-week average. 

DJ: 42,141.54  -91.51       NAS: 18,607.93  -104.82      S&P: 5,813.67  -19.25         10/30

DJ: 41,763.46  -378.08     NAS: 18,095.15  -512.78      S&P: 5,705.45  -108.22       10/31

 Thu 10-31-24 4:00 pm Wall St ends lower as Meta, Microsoft highlight AI costs | Reuters

Stocks fall with chipmakers, gold hits record high

Stocks fall with chipmakers, gold hits record high

By Caroline Valetkevitch

Wed October 30, 2024 5:05 PM

Google’s after-hours glowing Q3 yesterday was more than negated by today’s dismal Q3 from AMD, which brought all of tech and particularly the chipmakers down. Google did lay its claim to the market in the morning hours, the Dow rising over 200 before noon, the Nasdaq over 75, but then both steadily decline at the noon hour and for the rest of the session. More major Magnificent Seven reporting tomorrow and with today’s glowing payrolls report, all eyes will be on Friday’s jobs report, though truth be told the payrolls report may be overstated due to the hurricanes. Treasury yields also started rising again from the strong payrolls report.  Per the CBOE, volume came in at 12.5 billion. 

DJ: 42,233.05  -154.52       NAS: 18,712.75  +145.56      S&P: 5,832.97  +9.45           10/29

DJ: 42,141.54  -91.51         NAS: 18,607.93  -104.82       S&P: 5,813.67  -19.25          10/30

Wed 10-30-24 5:05 pm Stocks fall with chipmakers, gold hits record high | Reuters

Nasdaq hits record high as Alphabet earnings beat estimates

Nasdaq hits record high as Alphabet earnings beat estimates

By Abigail Summerville

Tue October 29, 2024 4:44 PM

A slew of corporate earnings came in today triggering a rise in the tech sector even though the biggest player, Alphabet/Google, came in after the bell with estimate busting earnings but since it was after the bell, today’s record Nasdaq high can hardly be attributed to it. A sharp spike in consumer confidence, 10% above estimates, might have sparked some more risk-taking in tech as well.  However, the 10-year Treasury once again rose, today to its highest since July, which brought the Dow down. Volume was above the 11.5 billion average, today coming in at 12.59 billion. 

DJ: 42,387.57  +273.17      NAS: 18,567.19  +48.58      S&P: 5,823.52  +15.4          10/28

DJ: 42,233.05  -154.52       NAS: 18,712.75  +145.56    S&P: 5,832.97  +9.45          10/29

Tue 10-29-24 4:44 pm Nasdaq hits record high as Alphabet earnings beat estimates | Reuters

Wall Street closes higher ahead of megacap earnings, election

Wall Street closes higher ahead of megacap earnings, election

By Abigail Summerville

Mon October 28, 2024 4:34 PM

So when the Israelis attacked Iran, they stuck mostly to missile sites and spared the refineries. This message that there would not be any energy disruptions boosted market sentiment today sending the Dow up 3-digits as well as giving the tech indexes modest gains. A lot of big news is coming this week including most of the Magnificent Seven Q3 and the all-critical PCE.  As for the election, the markets are leaning towards a Trump victory but, with the race being as tight as it is, such a bet is admittedly far from certain. 

DJ: 42,114.40  -259.96       NAS: 18,518.61  +103.12      S&P: 5,808.12  -1.74       10/25

DJ: 42,387.57  +273.17      NAS: 18,567.19  +48.58        S&P: 5,823.52  +15.4      10/28

Mon 10-28-24 4:34 pm Wall Street closes higher ahead of megacap earnings, election | Reuters