{"id":48278,"date":"2024-10-24T14:28:31","date_gmt":"2024-10-24T14:28:31","guid":{"rendered":"https:\/\/thestockmarketwatch.com\/stock-market-news\/stock-market-today-sp-500-and-nasdaq-rebound-as-tesla-surges\/48278\/"},"modified":"2024-10-24T14:28:31","modified_gmt":"2024-10-24T14:28:31","slug":"stock-market-today-sp-500-and-nasdaq-rebound-as-tesla-surges","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-today-sp-500-and-nasdaq-rebound-as-tesla-surges\/48278\/","title":{"rendered":"Stock Market Today: S&#038;P 500 and Nasdaq Rebound as Tesla Surges"},"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-and-nasdaq-rebound-as-tesla-surges\/48278\/#Market_Overview_October_24_2024\" >Market Overview: October 24, 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-and-nasdaq-rebound-as-tesla-surges\/48278\/#Major_Index_Performance\" >Major Index Performance<\/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-and-nasdaq-rebound-as-tesla-surges\/48278\/#Key_Factors_Driving_the_Market\" >Key Factors Driving the Market<\/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-and-nasdaq-rebound-as-tesla-surges\/48278\/#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-5\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-today-sp-500-and-nasdaq-rebound-as-tesla-surges\/48278\/#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-and-nasdaq-rebound-as-tesla-surges\/48278\/#Expert_Insights\" >Expert Insights<\/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\/stock-market-today-sp-500-and-nasdaq-rebound-as-tesla-surges\/48278\/#Market_Outlook\" >Market Outlook<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Market_Overview_October_24_2024\"><\/span>Market Overview: October 24, 2024<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The stock market showed signs of recovery on Thursday, October 24, 2024, as investors digested the latest earnings reports and economic data. <b>The <a href=\"https:\/\/stockmarketwatch.com\/markets\/sp500\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&#038;P 500<\/a> and Nasdaq Composite rebounded<\/b> from their recent losses, while the <a href=\"https:\/\/stockmarketwatch.com\/markets\/dowjones\/today.aspx\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Dow Jones Today\">Dow Jones<\/a> Industrial Average faced some headwinds due to specific company performances.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Major_Index_Performance\"><\/span>Major Index Performance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As of early trading:<br \/>&#8211; The S&#038;P 500 rose 0.3%<br \/>&#8211; The Nasdaq Composite increased 0.6%<br \/>&#8211; The Dow Jones Industrial Average declined 0.2%<\/p>\n<p><b>The S&#038;P 500 and Dow Jones had previously closed lower for three consecutive sessions<\/b>, while the Nasdaq snapped a five-day winning streak yesterday. Today&#8217;s mixed performance reflects the ongoing volatility in the market as investors navigate earnings season and economic uncertainties.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Factors_Driving_the_Market\"><\/span>Key Factors Driving the Market<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>1. <b>Earnings Reports<\/b>: Tesla (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=TSLA\">TSLA<\/a>) led the gains with a 16% surge after reporting better-than-expected earnings and confirming plans for new, affordable models.<\/p>\n<p>2. <b>Tech Sector Performance<\/b>: Large-cap tech stocks showed mixed results. Nvidia (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=NVDA\">NVDA<\/a>), Microsoft (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=MSFT\">MSFT<\/a>), Amazon (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AMZN\">AMZN<\/a>), and Meta Platforms (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=META\">META<\/a>) gained ground, while Apple (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AAPL\">AAPL<\/a>), Alphabet (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=GOOGL\">GOOGL<\/a>), and Broadcom (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AVGO\">AVGO<\/a>) experienced slight declines.<\/p>\n<p>3. <b>Economic Indicators<\/b>: Weekly jobless claims dropped by 15,000, signaling a resilient labor market. This data suggests the economy remains on firm footing, potentially influencing future Federal Reserve decisions.<\/p>\n<p>4. <b>Treasury Yields<\/b>: The yield on the 10-year Treasury note declined to 4.223%, providing some relief to investors concerned about rising interest rates.<\/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>&#8211; <b>Tesla (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=TSLA\">TSLA<\/a>)<\/b>: Shares soared 16% following strong earnings and positive outlook for new models.<br \/>&#8211; <b>United Parcel Service (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=UPS\">UPS<\/a>)<\/b>: Stock rose 5% after beating expectations on both revenue and earnings.<br \/>&#8211; <b>Boeing (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=BA\">BA<\/a>)<\/b>: Shares fell 3% as machinists rejected a new contract offer, extending a six-week strike.<br \/>&#8211; <b>International Business Machines (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=IBM\">IBM<\/a>)<\/b>: Stock dropped 6% due to lower-than-expected quarterly revenue.<br \/>&#8211; <b>Honeywell (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=HON\">HON<\/a>)<\/b>: Shares declined 4% following its earnings report.<\/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 closely watching several key events that could impact market performance in the coming days:<\/p>\n<p>1. <b>Earnings Season Acceleration<\/b>: A packed slate of earnings reports is expected in the weeks ahead, with most of the &#8220;Magnificent Seven&#8221; tech companies set to report.<\/p>\n<p>2. <b>Economic Data Releases<\/b>: Building Permits and New Home Sales data are due today, providing insights into the housing market&#8217;s health.<\/p>\n<p>3. <b>Federal Reserve Meeting<\/b>: The next Fed meeting on November 7 is anticipated, with current market conditions suggesting a potential quarter-point rate cut.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Expert_Insights\"><\/span>Expert Insights<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Ellen Zentner, chief economic strategist at Morgan Stanley Wealth Management, commented on the labor market data: &#8220;Even if companies aren&#8217;t hiring at a red-hot pace, they simply don&#8217;t appear to be laying people off. Barring a major surprise from next week&#8217;s jobs report, there&#8217;s no reason to think the Fed won&#8217;t cut rates another quarter point on November 7.&#8221;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Market_Outlook\"><\/span>Market Outlook<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As the earnings season gains momentum, investors remain cautious but optimistic. <b>The rebound in the S&#038;P 500 and Nasdaq suggests resilience in the face of recent challenges<\/b>. However, ongoing concerns about interest rates, corporate performance, and global economic conditions continue to influence market sentiment.<\/p>\n<p><b>Why is the market up today?<\/b> The positive movement in major indexes can be attributed to strong earnings reports from key companies like Tesla, a slight easing in Treasury yields, and continued strength in the labor market. These factors are outweighing concerns about specific underperforming stocks and ongoing economic uncertainties.<\/p>\n<p>As we move forward, market participants will be closely monitoring upcoming earnings reports, economic data releases, and any signals from the Federal Reserve regarding future monetary policy decisions. The interplay between these factors will likely determine the market&#8217;s direction in the coming weeks and months.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Market Overview: October 24, 2024 The stock market showed signs of recovery on Thursday, October 24, 2024, as investors digested [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"rank_math_schema_Article":[],"rank_math_focus_keyword":[],"rank_math_description":[],"financial_data_references":[],"stock_symbols_mentioned":[],"footnotes":""},"categories":[94],"tags":[3741,4,3767,33,3768,225,293,391,478,489,633,2919],"class_list":["post-48278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-update","tag-meta","tag-tsla","tag-ba","tag-msft","tag-googl","tag-aapl","tag-ibm","tag-amzn","tag-ups","tag-hon","tag-nvda","tag-avgo"],"_links":{"self":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/48278","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/comments?post=48278"}],"version-history":[{"count":0,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/48278\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media\/50312"}],"wp:attachment":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media?parent=48278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/categories?post=48278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/tags?post=48278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}