{"id":48254,"date":"2024-10-14T14:34:33","date_gmt":"2024-10-14T14:34:33","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stock-market-today-sp-500-hits-new-record-as-earnings-season-heats-up\/48254\/"},"modified":"2024-10-14T14:34:33","modified_gmt":"2024-10-14T14:34:33","slug":"stock-market-today-sp-500-hits-new-record-as-earnings-season-heats-up","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-today-sp-500-hits-new-record-as-earnings-season-heats-up\/48254\/","title":{"rendered":"Stock Market Today: S&#038;P 500 Hits New Record as Earnings Season Heats Up"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-today-sp-500-hits-new-record-as-earnings-season-heats-up\/48254\/#Market_Overview_October_14_2024\" >Market Overview: October 14, 2024<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-today-sp-500-hits-new-record-as-earnings-season-heats-up\/48254\/#Major_Indexes_and_Market_Movers\" >Major Indexes and Market Movers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-today-sp-500-hits-new-record-as-earnings-season-heats-up\/48254\/#Earnings_Season_in_Full_Swing\" >Earnings Season in Full Swing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-today-sp-500-hits-new-record-as-earnings-season-heats-up\/48254\/#Economic_Data_and_Federal_Reserve_Outlook\" >Economic Data and Federal Reserve Outlook<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-today-sp-500-hits-new-record-as-earnings-season-heats-up\/48254\/#Upcoming_Market_Events\" >Upcoming Market Events<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-today-sp-500-hits-new-record-as-earnings-season-heats-up\/48254\/#Global_Market_Influences\" >Global Market Influences<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Market_Overview_October_14_2024\"><\/span>Market Overview: October 14, 2024<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The U.S. stock market opened on a positive note this Monday, October 14, 2024, with the <a href=\"https:\/\/stockmarketwatch.com\/markets\/sp500\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&#038;P 500<\/a> (^GSPC) reaching a new record high. As of 10:32 AM EDT, the broader index was up approximately 0.6%, continuing its impressive run after closing above 5,800 for the first time on Friday . The tech-heavy Nasdaq Composite (^IXIC) showed even stronger performance, jumping around 1%, while the <a href=\"https:\/\/stockmarketwatch.com\/markets\/dowjones\/today.aspx\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Dow Jones Today\">Dow Jones<\/a> Industrial Average (^DJI) hovered near the flatline .<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Major_Indexes_and_Market_Movers\"><\/span>Major Indexes and Market Movers<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The S&#038;P 500&#8217;s push to new heights is being supported by strong performances in various sectors. Notably, the Financials Select Sector SPDR (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=XLF\">XLF<\/a>), the Industrials Select Sector SPDR (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=XLI\">XLI<\/a>), and the Real Estate Select Sector SPDR (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=XLRE\">XLRE<\/a>) saw significant gains last week, increasing by 1.9%, 1.8%, and 1% respectively .<\/p>\n<p><b>Nvidia (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=NVDA\">NVDA<\/a>)<\/b>, the AI chipmaking giant, is making waves once again. The stock rose 1% in <a href=\"https:\/\/stockmarketwatch.com\/markets\/pre-market\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Premarket Movers\">premarket<\/a> trading, putting it on track to surpass its previous record closing price of $135.58 . With a market capitalization of $3.3 trillion, Nvidia is poised to reclaim its position as the world&#8217;s most valuable company, currently trailing only Apple (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AAPL\">AAPL<\/a>) .<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Earnings_Season_in_Full_Swing\"><\/span>Earnings Season in Full Swing<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This week marks the first full week of third-quarter earnings reports, which are expected to play a crucial role in sustaining the current market rally. Investors are eagerly awaiting results from major financial institutions, including:<\/p>\n<p>&#8211; Goldman Sachs (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=GS\">GS<\/a>)<br \/>&#8211; Citigroup (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=C\">C<\/a>)<br \/>&#8211; Bank of America (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=BAC\">BAC<\/a>)<br \/>&#8211; Morgan Stanley (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=MS\">MS<\/a>)<\/p>\n<p>These reports follow last week&#8217;s strong performances from JPMorgan Chase (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=JPM\">JPM<\/a>) and Wells Fargo (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=WFC\">WFC<\/a>), which helped drive the Dow and S&#038;P 500 to new records .<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Economic_Data_and_Federal_Reserve_Outlook\"><\/span>Economic Data and Federal Reserve Outlook<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Recent economic indicators are painting a complex picture for investors and policymakers alike. The producer price index (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=PPI\">PPI<\/a>) for final demand remained unchanged month-over-month at 0.2% in September, aligning with consensus estimates . Year-over-year, the PPI rose 1.8%, indicating moderate inflationary pressures.<\/p>\n<p>Consumer sentiment, as reported by the University of Michigan, came in at 68.9% for October, missing the consensus estimate of 71% . This data, combined with recent employment figures and inflation readings, is fueling debate about the Federal Reserve&#8217;s next moves regarding interest rates.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Upcoming_Market_Events\"><\/span>Upcoming Market Events<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Investors should keep an eye on several key events this week:<\/p>\n<p>1. <b>Earnings reports:<\/b> Besides the aforementioned banks, companies like United Airlines (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=UAL\">UAL<\/a>), ASML (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=ASML\">ASML<\/a>), Netflix (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=NFLX\">NFLX<\/a>), and American Express (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AXP\">AXP<\/a>) are set to release their quarterly results .<\/p>\n<p>2. <b>Retail sales data:<\/b> This report will provide insights into consumer spending and economic resilience in the face of high interest rates .<\/p>\n<p>3. <b>Oil market developments:<\/b> OPEC has cut its demand forecast for 2024 and 2025, leading to a more than 2% drop in oil futures .<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Global_Market_Influences\"><\/span>Global Market Influences<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Chinese stocks managed to rise on Monday, resuscitating their recent historic rally despite initial uncertainty over Beijing&#8217;s latest stimulus promises . This development could have ripple effects on global markets, including U.S. stocks with significant exposure to the Chinese economy.<\/p>\n<p>As the stock market continues to test new highs, investors remain focused on corporate earnings, economic data, and potential policy shifts. The coming days will be crucial in determining whether the current bull market, now turning two years old, can maintain its momentum in the face of ongoing economic uncertainties.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Market Overview: October 14, 2024 The U.S. stock market opened on a positive note this Monday, October 14, 2024, with 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