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

Nasdaq closes higher ahead of a heavy week of earnings

Nasdaq closes higher ahead of a heavy week of earnings

By Lisa Pauline Mattackal, Purvi Agarwal and Carolina Mandl

Fri October 25, 2024 4:38 PM

The day started on a high across all the indexes, tech doing especially well with the Nasdaq and S&P way up in the morning, the Nasdaq some 275 points at 10 a.m., then all three sliding to lose all their gains by close except the Nasdaq which still closed in the black but by only 1/3 of what it started with. Much of the tech run up was the market still riding the wave of Tesla’s surge, which trickled into Amazon, Apple and Microsoft. And much of the dip was a consequence of once again the yield on the 10-year Treasuries rising, once again giving concerns that we’re cutting rates too quickly.  

Nasdaq, S&P end higher as Tesla jumps, yields pull back

Nasdaq, S&P end higher as Tesla jumps, yields pull back

By Lisa Pauline Mattackal, Purvi Agarwal and Carolina Mandl

Thu October 24, 2024 7:28 PM

The Dow spent the whole day in the red but both techs had a resurgence and were in the green, though all three experienced a sharp dip around 11 a.m. and reached a bottom around noon, the Dow down over 300 by noon, then rebounded to recoup most of the dip on all three by 2 p.m.  Tesla turned in a glowing Q3 which shot all the rest of tech right up while disappointing Q3 from bellwethers IBM, Honeywell and Boeing brought the Dow down. And just as rising 10-year yields weighed on the market yesterday, falling yields boosted everything today. About 1/3 of the S&P has now reported with 78.6% beating estimates. At 11 billion, today’s volume was still a bit below the 11.6 billion average. 

DJ: 42,514.95  -409.94       NAS: 18,276.65  -296.47      S&P: 5,797.42  -53.78          10/23

DJ: 42,374.36  -140.59       NAS: 18,415.49  +138.83     S&P: 5,809.86  +12.44         10/24

Thu 10-24-24 7:28 pm Nasdaq, S&P end higher as Tesla jumps, yields pull back | Reuters

Wall Street closes down, pressured by tech losses and worries about rates

Wall Street closes down, pressured by tech losses and worries about rates

By Lisa Pauline Mattackal, Purvi Agarwal and Carolina Mandl

Wed October 23, 2024 4:35 PM

It was another straight shot down on all the indexes as, after a long streak of record breaking highs, investors are pulling some profits out of the market leading to another day of substantial 3-digit losses all around. That combined with still rising Treasury yields has left even more doubts about future rate cuts. Yesterday, the sentiment was that the Fed had rushed too quickly into rate cuts; today the same rising yields have left concerns that they may now slow down the cuts too much. There is also the continuing concern about coming volatility from lofty valuations and whether earnings will justify them and, of course, the election. Volume was for a change above the 11.29 billion 4-week average, coming in at 11.83 billion. 

DJ: 42,924.89  -6.71         NAS: 18,573.13  +33.12       S&P: 5,851.20  -2.78          10/22

DJ: 42,514.95  -409.94     NAS: 18,276.65  -296.47      S&P: 5,797.42  -53.78        10/23

Wed 10-23-24 4:35 pm Wall Street closes down, pressured by tech losses and worries about rates | Reuters

Wall St closes little changed while investors digest yields, earnings

Wall St closes little changed while investors digest yields, earnings

By Lisa Pauline Mattackal, Purvi Agarwal and Carolina Mandl

Tue October 22, 2024 4:35 PM

All three indexes started the day substantially in the red, the Dow down over 200 points, but began an immediate and steady recovery yet taking until mid-afternoon to break-even and then closing with only tiny losses. Yesterday, was a breather day, today brought more caution awaiting more earnings, the expected volatility from the election, and a new development – rising yields on the 10-year Treasuries indicating the Fed may have jumped the gun with the huge ½ point September cut and that a smaller, more gradual schedule may be in order. Odds of a ¼ point November cut now stand at 89.6%.  Earnings continue to be good despite a few disappointments today. More due tomorrow. Volume today at 11.45 billion was for once close in line with the 11.28 average. 

DJ: 42,931.60  -344.31       NAS: 18,540.01  +50.45       S&P: 5,853.98  -10.69         10/21

DJ: 42,924.89  -6.71           NAS: 18,573.13  +33.12       S&P: 5,851.20  -2.78           10/22

Tue 10-22-24 4:35 pm Wall St closes little changed while investors digest yields, earnings | Reuters

Dow, S&P end down as Treasury yields rise, investors eye earnings

Dow, S&P end down as Treasury yields rise, investors eye earnings

By Lisa Pauline Mattackal, Purvi Agarwal and Carolina Mandl

Mon October 21, 2024 4:27 PM

All three indexes took huge dives this morning only to recover most losses by close. The exception was the Dow that took a particularly big 3-digit dive and then stayed there all day.  But nary a worry, not after six straight weeks of gains and a string of record highs, the consensus being that a pullback is quite normal after such a substantial run up.  

Dow and S&P end at fresh record highs, lifted by Netflix earnings and tech stocks

Dow and S&P end at fresh record highs, lifted by Netflix earnings and tech stocks

By David French

Fri October 18, 2024 4:49 PM

Tech got a big boost today mainly due to a great report from Netflix for blowing through estimates for subscriber additions. Netflix has now become the best performing of all the Magnificent 7 stocks, outstripping even Apple, far outstripping Alphabet and achieving more than triple the return of the S&P index, which itself has also done quite well. In fact, both the Dow and S&P reached record highs again with all three indexes securing a sixth weekly gain.  

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

Wall Street closes higher on tech buying as investors wait on inflation data

Wall Street closes higher on tech buying as investors wait on inflation data

By David French

Tue October 8, 2024 6:49 PM

It was another straight shot up on all three indexes all day long, all taking a momentary dip right around 1 pm, but then rebounding to recover some of yesterday’s losses on the Dow, and all the losses on the S&P and Nasdaq. Lower Treasury yields spurred more tech buying and the tech giants, which benefit from lower debt costs, had a comeback. But investors are still awaiting Thursday’s CPI for more pulse-taking on Fed rate decisions. Recent data has almost eliminated bets for another ½ point cut with the odds of a ¼ cut today at 9 to 1.  Volume remains a little below the 12.1 billion average at 11.57 billion. 

DJ: 41,954.24  -398.51       NAS: 17,923.90  -213.94      S&P: 5,695.94  -55.13        10/7

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

Tue 10-8-24 6:49 pm Wall Street closes higher on tech buying as investors wait on inflation data | Reuters

Wall Street indexes slip with interest rates, Middle East in focus

Wall Street indexes slip with interest rates, Middle East in focus

By Sinéad Carew and Lisa Pauline Mattackal

Mon October 7, 2024 6:54 PM

It was a nervous day on Wall Street as all three indexes took a shot straight down losing all the big gains from Friday. Today’s anxiety was a combo of damage from Helene, rising energy prices, bad news from tech names like Amazon, Google and Apple, rising tensions in the Middle East and, last but not least, the coming whopper expected from Milton. All in all, everyone spent the day covering their bets while waiting for CPI and the start of Q3 earnings later this week. Volume came in at 11.39 billion, a tad below the 12.06 billion average. 

DJ: 42,352.75  +341.16      NAS: 18,137.85  +219.37      S&P: 5,751.07  +51.13        10/4

DJ: 41,954.24  -398.51       NAS: 17,923.90  -213.94       S&P: 5,695.94  -55.13         10/7

 Mon 10-7-24 6:54 pm Wall Street indexes slip with interest rates, Middle East in focus | Reuters

Dow registers record high close as US jobs data eases economic worries

Dow registers record high close as US jobs data eases economic worries

By Caroline Valetkevitch

Fri October 4, 2024 5:11 PM

After sitting on the fence all week, well no one was on the fence today. All three indexes opened the day on a high, then immediately took a dive until about 11:30 when they started a steady rise to close the day with big triple-digit gains. It was likely around 11:30 that the jobs report came out and was stellar. Not only did it come in with gains that far outweighed the forecast but even July and August were revised substantially upwards.

The unemployment rate also fell to 4.1%, all together data increasing confidence in the resilience of the economy. But  the losses earlier in the week made the weekly gains only very slight, but still there. The only downside is that the stellar reports dampened confidence in a ½ point November cut, which today slide from 1 in 3 yesterday to less than 1 in 12 today. Volume however remains below the 12 billion-average, coming in at 10.9 billion. 

DJ: 42,011.59  -184.93       NAS: 17,918.48  -6.65        S&P: 5,699.96  -9.58          10/3

DJ: 42,352.75  +341.16      NAS: 18,137.85  +219.37   S&P: 5,751.07  +51.13       10/4

Fri 10-4-24 5:11 pm Dow registers record high close as US jobs data eases economic worries | Reuters

Indexes end lower ahead of US jobs data, Middle East still in focus

Indexes end lower ahead of US jobs data, Middle East still in focus

By Caroline Valetkevitch

Thu October 3, 2024 5:04 PM

Between anxieties about the Middle East and the port strike, just plain caution ahead of Friday’s all important jobs report, and good old-fashioned profit taking from the last few weeks of gains, all the indexes spent almost the entire session today substantially in the red, especially the Dow which sank to a 350-point loss by 1 pm before recovering some of it in the afternoon. The tech indexes did considerably better with fewer losses and a much better recovery with both the S&P and Nasdaq closing near flat. Economists forecast an additional 140,000 jobs and unemployment remaining steady at 4.2%. As always, the jobs report is considered the key for interest rates. Volume came in at 11 billion, shy of the 12 billion-average.

DJ: 42,196.52  +39.55       NAS: 17,925.12  +14.76       S&P: 5,709.54  +0.79        10/2

DJ: 42,011.59  -184.93      NAS: 17,918.48  -6.65          S&P: 5,699.96  -9.58         10/3

Thu 10-3-24 5:04 pm Indexes end lower ahead of US jobs data, Middle East still in focus | Reuters 

S&P 500 ends near flat as more jobs data awaited; eyes on Middle East

S&P 500 ends near flat as more jobs data awaited; eyes on Middle East

By Caroline Valetkevitch

Wed October 2, 2024 7:07 PM

The indexes all stayed pretty close to Tuesday’s close all day for a pretty sedate session as investors continued fence-sitting in light of the Middle East conflict, the port strike, and awaiting the week’s important data. Today’s private payrolls data showed a greater than expected increase further bolstering the case for a stable labor market. Thursday, we get jobless claims, Friday non-farm payrolls, so everyone is being cautious ahead of this data.

Plus, Q3 earnings start at the end of next week and, despite the near all-time highs and a now friendly dovish Fed, investors really want to see how the companies are doing to assess where we’re heading. The odds of another ½ point rate cut in November still stands at roughly 1 in 3, with ¼ point at 2 in 3. The 11.81 billion volume was a tad below the 12.05 billion recent average. 

DJ: 42,156.97  -173.18      NAS: 17,910.36  -278.81      S&P: 5,708.75  -53.73          10/1

DJ: 42,196.52  +39.55       NAS: 17,925.12  +14.76       S&P: 5,709.54  +0.79           10/2

Wed 10-2-24 7:07 pm S&P 500 ends near flat as more jobs data awaited; eyes on Middle East | Reuters

Indexes end down as Iran launches missiles at Israel; defense shares rise

Indexes end down as Iran launches missiles at Israel; defense shares rise

By Caroline Valetkevitch

Tue October 1, 2024 7:29 PM

Investors were certainly cautious today in the wake of (a) Iran’s attacks on Israel and expecting more of the same, heightening anxieties about the Middle East conflict spreading and (b) the port strike halting the flow of much of the nation’s shipping, heightening anxieties about a potential significant hit to the economy. And of course, there was the continuing caution awaiting the news later this week regarding jobless claims and payrolls.

On the plus side, reports today showed job openings rebounding and manufacturing activity coming in very close to forecast. But the negatives still very much outweighed the positives shooting all the indexes way down, the Dow down some 400 points just before noon, but all rebounding and recovering some of their losses in the afternoon, but still closing with substantial 3-digit losses.  At 13.16 billion shares traded, volume was considerably above the 4-week average of 11.98 billion. 

DJ: 42,330.15  +17.15        NAS: 18,189.17  +69.58       S&P: 5,762.48  +24.31        9/30

DJ: 42,156.97  -173.18       NAS: 17,910.36  -278.81      S&P: 5,708.75  -53.73         10/1

Tue 10-1-24 7:29 pm Indexes end down as Iran launches missiles at Israel; defense shares rise | Reuters