{"id":48258,"date":"2024-10-17T19:51:10","date_gmt":"2024-10-17T19:51:10","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/market-recap-sp-500-touches-record-high-as-tech-stocks-lead-gains\/48258\/"},"modified":"2024-10-17T19:51:10","modified_gmt":"2024-10-17T19:51:10","slug":"market-recap-sp-500-touches-record-high-as-tech-stocks-lead-gains","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-sp-500-touches-record-high-as-tech-stocks-lead-gains\/48258\/","title":{"rendered":"Market Recap: S&#038;P 500 Touches Record High as Tech Stocks Lead Gains"},"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\/market-recap-sp-500-touches-record-high-as-tech-stocks-lead-gains\/48258\/#Major_Indexes_Close_Higher_on_Strong_Tech_Performance\" >Major Indexes Close Higher on Strong Tech Performance<\/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\/market-recap-sp-500-touches-record-high-as-tech-stocks-lead-gains\/48258\/#Semiconductor_Stocks_Spark_Rally\" >Semiconductor Stocks Spark Rally<\/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\/market-recap-sp-500-touches-record-high-as-tech-stocks-lead-gains\/48258\/#Economic_Data_Reinforces_Market_Strength\" >Economic Data Reinforces Market Strength<\/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\/market-recap-sp-500-touches-record-high-as-tech-stocks-lead-gains\/48258\/#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-5\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-sp-500-touches-record-high-as-tech-stocks-lead-gains\/48258\/#Notable_Stock_Movements\" >Notable Stock Movements<\/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\/market-recap-sp-500-touches-record-high-as-tech-stocks-lead-gains\/48258\/#Market_Breadth_and_Sector_Performance\" >Market Breadth and Sector Performance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-sp-500-touches-record-high-as-tech-stocks-lead-gains\/48258\/#Looking_Ahead\" >Looking Ahead<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Major_Indexes_Close_Higher_on_Strong_Tech_Performance\"><\/span>Major Indexes Close Higher on Strong Tech Performance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On Thursday, October 17, 2024, the U.S. stock market ended the day on a positive note, with major indexes closing higher, driven primarily by strong performances in the technology sector. The <b><a href=\"https:\/\/stockmarketwatch.com\/markets\/sp500\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&#038;P 500<\/a> (^GSPC)<\/b> touched a new intraday record high before settling up 0.2% for the day. The <b><a href=\"https:\/\/stockmarketwatch.com\/markets\/dowjones\/today.aspx\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Dow Jones Today\">Dow Jones<\/a> Industrial Average (^DJI)<\/b> rose 0.4%, hovering near its all-time high, while the tech-heavy <b>Nasdaq Composite (^IXIC)<\/b> advanced 0.3%.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Semiconductor_Stocks_Spark_Rally\"><\/span>Semiconductor Stocks Spark Rally<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The day&#8217;s gains were largely fueled by a surge in semiconductor stocks, following an upbeat outlook from Taiwan Semiconductor Manufacturing Company (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=TSM\">TSM<\/a>). TSMC reported a impressive 54% jump in quarterly profit, beating Wall Street estimates and raising its forecast for 2024 revenue growth amid surging AI demand. This positive news rippled through the chip sector, with <b>Nvidia (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=NVDA\">NVDA<\/a>)<\/b> reaching a new all-time high, up 2% for the day. Other chip manufacturers like <b>Advanced Micro Devices (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AMD\">AMD<\/a>)<\/b> and <b>Broadcom (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AVGO\">AVGO<\/a>)<\/b> also saw significant gains, rising more than 1% and 2% respectively.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Economic_Data_Reinforces_Market_Strength\"><\/span>Economic Data Reinforces Market Strength<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Strong economic data released on Thursday further bolstered investor confidence. September&#8217;s retail sales figures exceeded expectations, showing a 0.4% increase compared to the anticipated 0.3% rise. This data point suggests robust consumer spending, a key driver of economic growth. Additionally, jobless claims for the week ended October 12 came in at 241,000, significantly below the estimated 259,000, indicating continued strength in the labor market.<\/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 are now turning their attention to upcoming earnings reports, particularly from Big Tech companies. <b>Netflix (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=NFLX\">NFLX<\/a>)<\/b> is set to report its earnings after the bell, marking the first of the megacap tech companies to do so this season. Market participants will be closely watching these reports for insights into the health of the tech sector and its impact on the broader market.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Notable_Stock_Movements\"><\/span>Notable Stock Movements<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>While tech stocks led the day&#8217;s gains, there were notable movements across various sectors:<\/p>\n<p>&#8211; <b>T-Mobile US (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=TMUS\">TMUS<\/a>)<\/b> reached all-time highs, continuing its strong performance since its 2007 IPO.<br \/>&#8211; <b>Expedia (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=EXPE\">EXPE<\/a>)#b# saw a significant jump, trading at levels not seen since May 2022, amid reports of a potential takeover interest from Uber.<br \/>&#8211; #b#BlackRock (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=BLK\">BLK<\/a>)<\/b> touched all-time highs, showcasing the strength in the financial sector.<br \/>&#8211; <b>United Airlines (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=UAL\">UAL<\/a>)<\/b> reached levels not seen since March 2020, reflecting the ongoing recovery in the travel industry.<\/p>\n<p>However, not all stocks fared well. <b>Elevance Health (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=ELV\">ELV<\/a>)<\/b> and <b>Centene (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=CNC\">CNC<\/a>)<\/b> both hit 52-week lows, with Elevance Health dropping more than 10% after reporting weaker-than-expected third-quarter earnings.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Market_Breadth_and_Sector_Performance\"><\/span>Market Breadth and Sector Performance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Despite the overall positive close, market breadth was somewhat narrow. Only 213 stocks in the S&#038;P 500 were on track to close higher, indicating that the day&#8217;s gains were not broadly distributed across the market. The Technology sector (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=XLK\">XLK<\/a>) led the gains, while rate-sensitive stocks struggled as bond yields rose. The yield on the 10-year Treasury note climbed to 4.099%, reflecting changing expectations about future interest rate policy.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Looking_Ahead\"><\/span>Looking Ahead<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As we move forward, market participants will be closely monitoring upcoming earnings reports, particularly from tech giants, for further clues about the market&#8217;s direction. The strong performance of AI-related stocks, coupled with positive economic data, suggests a cautiously optimistic outlook. However, investors remain vigilant about potential headwinds, including geopolitical tensions and the ongoing debate about the Federal Reserve&#8217;s interest rate policy.<\/p>\n<p>In conclusion, Thursday&#8217;s market performance demonstrated the continued strength of the tech sector, particularly in AI-related fields, while also highlighting the resilience of the U.S. economy. As we approach the end of 2024, these factors will likely continue to play crucial roles in shaping market sentiment and performance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Major Indexes Close Higher on Strong Tech Performance On Thursday, October 17, 2024, the U.S. stock market ended the day 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