{"id":48280,"date":"2024-10-24T18:28:26","date_gmt":"2024-10-24T18:28:26","guid":{"rendered":"https:\/\/thestockmarketwatch.com\/stock-market-news\/stock-market-recap-sp-500-and-nasdaq-rise-on-strong-earnings-dow-slips\/48280\/"},"modified":"2024-10-24T18:28:26","modified_gmt":"2024-10-24T18:28:26","slug":"stock-market-recap-sp-500-and-nasdaq-rise-on-strong-earnings-dow-slips","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-recap-sp-500-and-nasdaq-rise-on-strong-earnings-dow-slips\/48280\/","title":{"rendered":"Stock Market Recap: S&#038;P 500 and Nasdaq Rise on Strong Earnings, Dow Slips"},"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-recap-sp-500-and-nasdaq-rise-on-strong-earnings-dow-slips\/48280\/#Market_Performance_Overview\" >Market Performance Overview<\/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-recap-sp-500-and-nasdaq-rise-on-strong-earnings-dow-slips\/48280\/#Why_Was_the_Market_Up_Today\" >Why Was the Market Up Today?<\/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-recap-sp-500-and-nasdaq-rise-on-strong-earnings-dow-slips\/48280\/#Key_Stock_Movers_and_Corporate_News\" >Key Stock Movers and Corporate News<\/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-recap-sp-500-and-nasdaq-rise-on-strong-earnings-dow-slips\/48280\/#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\/stock-market-recap-sp-500-and-nasdaq-rise-on-strong-earnings-dow-slips\/48280\/#Global_Market_Context\" >Global Market Context<\/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-recap-sp-500-and-nasdaq-rise-on-strong-earnings-dow-slips\/48280\/#Market_Outlook_and_Analyst_Perspectives\" >Market Outlook and Analyst Perspectives<\/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-recap-sp-500-and-nasdaq-rise-on-strong-earnings-dow-slips\/48280\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Market_Performance_Overview\"><\/span>Market Performance Overview<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On Thursday, October 24, 2024, the U.S. stock market showed mixed results, with the <a href=\"https:\/\/stockmarketwatch.com\/markets\/sp500\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&#038;P 500<\/a> and Nasdaq Composite posting gains while the <a href=\"https:\/\/stockmarketwatch.com\/markets\/dowjones\/today.aspx\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Dow Jones Today\">Dow Jones<\/a> Industrial Average experienced a slight decline. <b>The S&#038;P 500 ($SPX) closed up 0.20%, the Nasdaq 100 ($IUXX) rose 0.63%, while the Dow Jones Industrial Average ($DOWI) fell 0.31%<\/b>. This diverse performance was largely driven by strong earnings reports from major companies and optimism about a potential economic soft landing.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Was_the_Market_Up_Today\"><\/span>Why Was the Market Up Today?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The stock market&#8217;s overall positive performance can be attributed to several factors:<\/p>\n<p>1. <b>Strong Earnings Reports<\/b>: Many companies exceeded earnings expectations, boosting investor confidence. Tesla (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=TSLA\">TSLA<\/a>) led the gains, surging over 16% after reporting its biggest quarterly profit in a year.<\/p>\n<p>2. <b>Soft Landing Optimism<\/b>: Better-than-expected U.S. economic data reinforced hopes for a soft landing, supporting stock prices.<\/p>\n<p>3. <b>Decline in Treasury Yields<\/b>: The 10-year Treasury note yield decreased by 2.6 basis points to 4.220%, easing some pressure on equities.<\/p>\n<p>4. <b>Positive Economic Indicators<\/b>: Unexpected declines in weekly jobless claims and stronger manufacturing PMI data contributed to the market&#8217;s upward movement.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Stock_Movers_and_Corporate_News\"><\/span>Key Stock Movers and Corporate News<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Several companies made significant moves based on their earnings reports and other corporate news:<\/p>\n<p>&#8211; <b>Tesla (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=TSLA\">TSLA<\/a>)<\/b>: Shares skyrocketed over 16% after reporting Q3 adjusted EPS of 72 cents, surpassing the consensus of 60 cents.<br \/>&#8211; <b>United Parcel Service (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=UPS\">UPS<\/a>)<\/b>: Up more than 5% following better-than-expected Q3 adjusted EPS.<br \/>&#8211; <b>Molina Healthcare (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=MOH\">MOH<\/a>)<\/b>: Led S&#038;P 500 gainers with a 23% increase after strong Q3 revenue results.<br \/>&#8211; <b>International Business Machines (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=IBM\">IBM<\/a>)<\/b>: Fell more than 6% after reporting Q3 revenue below consensus.<br \/>&#8211; <b>Newmont (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=NEM\">NEM<\/a>)<\/b>: Dropped over 8%, leading S&#038;P 500 losers, due to weaker-than-expected Q3 sales.<\/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 these upcoming events that could impact market performance:<\/p>\n<p>1. <b>Earnings Season Continuation<\/b>: Approximately 20% of S&#038;P 500 companies are set to report earnings in the coming week.<br \/>2. <b>Federal Reserve Meeting<\/b>: The market is pricing in a 95% chance of a 25 basis point rate cut at the November 6-7 FOMC meeting.<br \/>3. <b>Economic Data Releases<\/b>: Upcoming reports on home sales and the Fed&#8217;s Beige Book will provide further insights into economic conditions.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Global_Market_Context\"><\/span>Global Market Context<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The performance of overseas markets was mixed:<br \/>&#8211; Euro Stoxx 50: Up 0.57%<br \/>&#8211; China&#8217;s Shanghai Composite: Closed down 0.68%<br \/>&#8211; Japan&#8217;s Nikkei Stock 225: Recovered from a 3-week low, closing up 0.10%<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Market_Outlook_and_Analyst_Perspectives\"><\/span>Market Outlook and Analyst Perspectives<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Despite the day&#8217;s gains, market analysts remain cautious due to ongoing geopolitical tensions in the Middle East and uncertainty surrounding the Federal Reserve&#8217;s future rate decisions. <b>Bloomberg Intelligence reports that S&#038;P 500 companies are expected to show an average 4.3% increase in quarterly earnings for Q3 compared to the previous year<\/b>, down from earlier projections of 7.9% growth.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The stock market&#8217;s performance on October 24, 2024, reflects a complex interplay of strong corporate earnings, positive economic indicators, and ongoing global uncertainties. While the S&#038;P 500 and Nasdaq showed resilience, the Dow&#8217;s slight decline highlights the selective nature of investor sentiment. As earnings season progresses and key economic data emerges, market participants will closely monitor these factors to gauge the overall health of the economy and potential future market directions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Market Performance Overview On Thursday, October 24, 2024, the U.S. stock market showed mixed results, with the S&#038;P 500 and [&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":[4,177,293,478,573],"class_list":["post-48280","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-update","tag-tsla","tag-nem","tag-ibm","tag-ups","tag-moh"],"_links":{"self":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/48280","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=48280"}],"version-history":[{"count":0,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/48280\/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=48280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/categories?post=48280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/tags?post=48280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}