Market Recap (11/3/24)
Market Recap of the Week of Oct 28, 2024 - Nov 1, 2024
Source: Apple Stocks Application
Overall Market Trends:
The stock market finished lower for the second straight week as investors brace for the 2024 presidential election and the November Federal Reserve Policy meeting. The New York Stock Exchange declined 204 points (-1.05%), the S&P 500 finished the week down 79 points (-1.36%), the NASDAQ Composite dipped 279 points (-1.51%), and the Dow Jones Industrial Average declined 60 points (-0.14%).
Stocks soared on Monday as Israel’s airstrikes throughout last weekend did not target any oil fields or nuclear plants. This caused oil futures to fall 6% on the day.
The market faced mixed results on Tuesday as the tech-heavy S&P 500 and NASDAQ Composite rose while the Dow Jones and NYSE declined. While the treasury yield levels reached highs last seen in July, technology stocks rose as investors prepared for the large amount of earnings reports set to be released throughout the week.
Alphabet Inc. (NASDAQ: GOOG) kicked off the earnings session exceeding expectations causing the stock to rise 3%. However, that is about where the positive news ends as Advanced Micro Devices (NASDAQ: AMD) tumbled 10% on unimpressive guidance and Super Micro Computer (NASDAQ: SMCI) plunged over 33% after the company's auditor resigned, sparking concerns over the accuracy of its financial statements.
Stocks sank on Thursday as another round of earnings came in negative. Microsoft fell 6% due to disappointing revenue guidance. Facebook also declined over 4% after missing expectations for user growth. The company also cautioned that capital expenditures are set to increase substantially in 2025. In other news, the Personal Consumption Expenditures (PCE) report came in line with expectations.
Stocks soared during Friday’s trading session as Amazon released strong earnings, propelling it 6.2%, and Intel soared 7.8% after reporting greater-than-expected revenue alongside strong guidance. A jobs report showed that the U.S. only added 12,000 jobs in October, far below the 100,000 estimate. However, investors believed this was due to hurricanes and the Boeing strike, and therefore, the report had a minimal effect on market outcomes.
Past Earnings Report:
Looking Towards the Future
Upcoming Important Economic Events:
Tuesday: United States Presidential Election;
Wednesday: S&P final U.S. services PMI
Thursday: Initial jobless claims; FOMC interest-rate decision; Fed Chair Powell press conference
Friday: Fed Governor Michelle Bowman speaks about banking regulation; St. Louis Fed President Alberto Musalem welcoming remarks
Future Earnings Reports: