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.
Another argument can be made that today’s
slide was due to more fence-sitting awaiting a slew of new data coming next
week, including Q3 from the Magnificent Seven. Investors are also awaiting
election results to see if we continue to have divided government since data
going back to 1929 shows rather definitively that the markets do much better
when either party controls both Chambers and the White House and does equally
as well under either party. The bets are on unified government. Volume was
above the 11.28 billion average, today coming in at 11.54 billion.
DJ: 42,374.36 -140.59 NAS: 18,415.49
+138.83 S&P: 5,809.86
+12.44 10/24
DJ: 42,114.40 -259.96 NAS: 18,518.61
+103.12 S&P: 5,808.12
-1.74 10/25
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