Dow ends at another record high as chip stocks, retail data support

Dow ends at another record high as chip stocks, retail data support

By David French

Thu October 17, 2024 4:00 PM

Healthier than expected retail sales data confirming a continuing robust economy combined with an unexpected drop in unemployment benefits boosted the Dow to another record close, its 4^th in the last 5 sessions, and an optimistic forecast from the world largest chipmaker (Taiwan Semiconductor) buoyed the chip index too, though overall the tech indexes were choppy and closed flat. But solid Q3 data gave the Dow another nice 3-digit gain. More banks also turned in solid Q3 reports shooting the bank index to a 5^th straight advance. Volume came in at 11.3 billion, again shy of the 12 billion average. 

DJ: 43,077.70  +337.28      NAS: 18,367.08  +51.48      S&P: 5,842.47  +27.21        10/16

DJ: 43,239.05  +161.35      NAS: 18,373.61  +6.53        S&P: 5,841.47  -1.00          10/17

Thu 10-17-24 4:00 pm Dow ends at another record high as chip stocks, retail data support | Reuters

Dow ends at another record high as Wall Street buoyed by banks, small-caps

Dow ends at another record high as Wall Street buoyed by banks, small-caps

By David French

Wed October 16, 2024 5:45 PM

It was a shot straight up on all three indexes today following yesterday’s substantial decline when banks came in with less than stellar Q3 and tech also taking a hit. But, Wednesday saw more banks with terrific Q3 and that combined with another renewed optimism in tech, particularly AI, with the Dow reaching still another record. Nvidia also had a very good day recouping much of Tuesday’s losses. 

Wall Street indexes end lower as chip, oil stocks drop 10-15-24

Wall Street indexes end lower as chip, oil stocks drop  

By Sinéad Carew and Lisa Pauline Mattackal

Tue October 15, 2024 6:56 PM

After both the Dow and S&P reaching record highs yesterday, Tuesday saw a pullback with downward pressure from chip stocks and energy bringing down the tech indexes, particularly with Nvidia falling nearly 5%, bringing the overall chip index down over 5% and creating a ripple effect into the other indexes.  

S&P 500 ends at fresh record high, as Dow scales 43k for first time

S&P 500 ends at fresh record high, as Dow scales 43k for first time

By David French

Mon October 14, 2024 4:56 PM

It was a straight shot up on all the indexes with the Dow and Nasdaq both achieving respectable 3-digit gains again and the Dow passing 43,000 for the first time, both the Dow and S&P once achieving scaling new records. It was the market still riding the wave of enthusiasm from Friday’s terrific Q3 reports from the banks and looking for more of the same in the weeks ahead. More bank data is due on Tuesday. The big concern right now is that valuations are stretched so far above the historical average that Q3 must prove they are justified. In any event, today was a holiday with the bond markets closed so volume at 9.5 billion remains well below the 12 billion average. 

DJ: 42,863.86  +409.74      NAS: 18,342.94  +60.89      S&P: 5,815.03  +34.98          10/11

DJ: 43,065.22  +201.36      NAS: 18,502.69  +159.75    S&P: 5,859.85  +44.82          10/14

Mon 10-14-24 4:56 pm S&P 500 ends at fresh record high, as Dow scales 43k for first time | Reuters

S&P 500, Dow hit records, boosted by bank earnings surprise

S&P 500, Dow hit records, boosted by bank earnings surprise

By Sinéad Carew and Lisa Pauline Mattackal

Fri October 11, 2024 4:33 PM

Q3 earnings got started with a bang today with several big banks exceeding estimates and, as the financial sector is considered a bellwether for the rest of the market, this increased confidence and shot all three indexes substantially into positive territory and to pushing both the Dow and the S&P once again to new record highs. All three indexes also marked five straight weeks of gains while today’s PPI reading has now got the market convinced of the coveted soft (or no) landing and that inflation will continue to be moderate. As Q3 is just getting started, volume remains below the 12 billion-average, coming in at 10.27 billion. 

Wall Street ends slightly lower after higher than expected inflation, jobless claims

Wall Street ends slightly lower after higher than expected inflation, jobless claims

By Sinéad Carew and Lisa Pauline Mattackal

Thu October 10, 2024 4:39 PM

It was quite a volatile day with the indexes swinging back and forth wildly, the Dow ranging 3 times between a minus 200 and near break-even. Today’s triggers were just slightly off CPI and unemployment claims reports and, though just slightly, the CPI showed inflation heating up a little while the unemployment claims pointed to a mildly weakening economy. There were also conflicting messages from two Fed governors today regarding future rate cuts, and this might have accounted for the sudden surge at 3 pm to break-even after big losses prior to that. Investors now look to Q3, which begins on Friday. Volume remains below the 12.06 billion 4-week average at 11.02 billion. 

DJ: 42,512.00  +431.63      NAS: 18,291.62  +108.70      S&P: 5,792.04  +40.91        10/9

DJ: 42,454.12  -57.88         NAS: 18,282.05  -9.57           S&P: 5,780.05  -11.99        10/10

Thu 10-10-24 4:39 pm Wall Street ends slightly lower after higher than expected inflation, jobless claims | Reuters

Equities rise after Fed minutes; inflation data and earnings in focus

Equities rise after Fed minutes; inflation data and earnings in focus

By Sinéad Carew and Lisa Pauline Mattackal

Wed October 9, 2024 5:21 PM

It was a very good day, a shot straight up on all three indexes until about noon when everything became steady until close, both the Dow (also another record close) and Nasdaq ending with nice 3-digit gains and the S&P reaching its 44^th record high for the year. The trigger was the September Fed minutes which showed a majority supported a ½ point cut but an even greater majority supported no set timetable for future cuts, specifically not more ½ pointers. This stimulated more confidence that the economy is sufficiently healthy that another ½ point may not be necessary.

This told investors what they wanted to hear, that we’re winning the inflation fight and that we’re going to have a soft landing and possibly no landing (meaning not even a mild recession), brought relief and brought in the buyers. Today’s odds are now around 79% for a ¼ pointer and 21% for holding steady. Thursday brings the CPI report and Friday brings the beginning of Q3 earnings. There is concern about the anti-trust measures possible against Google and whether it might spread to the other tech behemoths. Again, there is some caution with volume coming in below the average of 12.04 billion at 11.09 billion. 

DJ: 42,080.37  +126.13     NAS: 18,182.92  +259.01     S&P: 5,751.13  +55.19         10/8

DJ: 42,512.00  +431.63     NAS: 18,291.62  +108.70     S&P: 5,792.04  +40.91         10/9

Wed 10-9-24 5:21 pm Equities rise after Fed minutes; inflation data and earnings in focus | Reuters