{"id":48282,"date":"2024-10-24T21:28:33","date_gmt":"2024-10-24T21:28:33","guid":{"rendered":"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-recap-sp-500-breaks-losing-streak-tesla-surges-on-strong-earnings\/48282\/"},"modified":"2024-10-24T21:28:33","modified_gmt":"2024-10-24T21:28:33","slug":"market-recap-sp-500-breaks-losing-streak-tesla-surges-on-strong-earnings","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-sp-500-breaks-losing-streak-tesla-surges-on-strong-earnings\/48282\/","title":{"rendered":"Market Recap: S&#038;P 500 Breaks Losing Streak, Tesla Surges on Strong Earnings"},"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-breaks-losing-streak-tesla-surges-on-strong-earnings\/48282\/#Major_Indexes_Close_Mixed_as_Earnings_Season_Heats_Up\" >Major Indexes Close Mixed as Earnings Season Heats Up<\/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-breaks-losing-streak-tesla-surges-on-strong-earnings\/48282\/#Tesla_Leads_Market_Gains_IBM_Disappoints\" >Tesla Leads Market Gains, IBM Disappoints<\/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-breaks-losing-streak-tesla-surges-on-strong-earnings\/48282\/#Other_Notable_Stock_Movements\" >Other Notable Stock Movements<\/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-breaks-losing-streak-tesla-surges-on-strong-earnings\/48282\/#Economic_Data_Supports_Soft_Landing_Optimism\" >Economic Data Supports Soft Landing Optimism<\/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-breaks-losing-streak-tesla-surges-on-strong-earnings\/48282\/#Treasury_Yields_and_Market_Sentiment\" >Treasury Yields and Market Sentiment<\/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-breaks-losing-streak-tesla-surges-on-strong-earnings\/48282\/#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-7\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-sp-500-breaks-losing-streak-tesla-surges-on-strong-earnings\/48282\/#Looking_Ahead_Key_Events_to_Watch\" >Looking Ahead: Key Events to Watch<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-sp-500-breaks-losing-streak-tesla-surges-on-strong-earnings\/48282\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Major_Indexes_Close_Mixed_as_Earnings_Season_Heats_Up\"><\/span>Major Indexes Close Mixed as Earnings Season Heats Up<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On Thursday, October 24, 2024, the U.S. stock market ended the day with mixed results as investors digested a flurry of corporate earnings reports and economic data. The <b><a href=\"https:\/\/stockmarketwatch.com\/markets\/sp500\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&#038;P 500<\/a> (^GSPC) broke its three-day losing streak<\/b>, closing up 0.21% at 5,809.86 points. The tech-heavy <b>Nasdaq Composite (^IXIC) outperformed, gaining 0.76% to finish at 18,415.49<\/b>. However, the <b><a href=\"https:\/\/stockmarketwatch.com\/markets\/dowjones\/today.aspx\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Dow Jones Today\">Dow Jones<\/a> Industrial Average (^DJI) lagged, falling 0.33% to 42,374.36<\/b>, weighed down by some disappointing earnings results .<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tesla_Leads_Market_Gains_IBM_Disappoints\"><\/span>Tesla Leads Market Gains, IBM Disappoints<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The day&#8217;s standout performer was <b>Tesla (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=TSLA\">TSLA<\/a>)<\/b>, which saw its stock price <b>surge by an impressive 21.92%<\/b> following better-than-expected quarterly profits. The electric vehicle maker surprised analysts by forecasting 20-30% sales growth for the coming year, injecting optimism into the market .<\/p>\n<p>On the flip side, <b>International Business Machines (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=IBM\">IBM<\/a>) saw its shares tumble 6.2%<\/b> after reporting revenue that fell short of expectations. This disappointing result contributed to the Dow&#8217;s underperformance for the day .<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Other_Notable_Stock_Movements\"><\/span>Other Notable Stock Movements<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Several other stocks made significant moves based on earnings reports and corporate news:<\/p>\n<p>&#8211; <b>United Parcel Service (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=UPS\">UPS<\/a>)<\/b> gained over 5% after reporting better-than-expected Q3 adjusted earnings per share .<br \/>&#8211; <b>Newmont Corporation (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=NEM\">NEM<\/a>)<\/b> dropped more than 8% following weaker-than-anticipated Q3 sales .<br \/>&#8211; <b>Honeywell International (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=HON\">HON<\/a>)<\/b> declined by over 4% after reporting Q3 sales below consensus and cutting its full-year sales forecast .<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Economic_Data_Supports_Soft_Landing_Optimism\"><\/span>Economic Data Supports Soft Landing Optimism<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The day&#8217;s economic releases provided a mixed but generally positive picture of the U.S. economy:<\/p>\n<p>&#8211; <b>Weekly jobless claims unexpectedly fell by 15,000 to 227,000<\/b>, signaling continued strength in the labor market .<br \/>&#8211; The <b>October S&#038;P manufacturing PMI rose to 47.8<\/b>, surpassing expectations and indicating a potential stabilization in the manufacturing sector .<br \/>&#8211; <b>September new home sales increased by 4.1% month-over-month to a 16-month high of 738,000<\/b>, exceeding forecasts and suggesting resilience in the housing market .<\/p>\n<p>These data points have <b>bolstered optimism for a &#8220;soft landing&#8221; scenario<\/b>, where the Federal Reserve manages to curb inflation without triggering a recession.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Treasury_Yields_and_Market_Sentiment\"><\/span>Treasury Yields and Market Sentiment<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The <b>10-year Treasury yield eased slightly, down 2.6 basis points to 4.220%<\/b>. This modest decline in yields provided some support for equities, particularly growth stocks that are sensitive to interest rate movements .<\/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>As the Q3 earnings season progresses, investor focus remains on corporate performance. So far, <b>76% of S&#038;P 500 companies that have reported have surpassed earnings estimates<\/b>. With approximately 20% of S&#038;P 500 companies set to report in the coming days, market volatility may persist as investors react to these results .<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Looking_Ahead_Key_Events_to_Watch\"><\/span>Looking Ahead: Key Events to Watch<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Investors should keep an eye on several upcoming events that could impact market direction:<\/p>\n<p>1. Continued Q3 earnings releases from major companies.<br \/>2. The European Central Bank&#8217;s monetary policy decision, expected on October 26.<br \/>3. The advance estimate of U.S. Q3 GDP, scheduled for release on October 26.<br \/>4. The Personal Consumption Expenditures (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=PCE\">PCE<\/a>) Price Index, the Fed&#8217;s preferred inflation gauge, due on October 27.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As the week draws to a close, the market remains focused on earnings reports and economic indicators. The <b>mixed performance across major indexes reflects the complex interplay of corporate results, economic data, and broader market sentiment<\/b>. With key economic releases and central bank decisions on the horizon, investors will be closely monitoring these events for clues about the future direction of monetary policy and economic growth.<\/p>\n<p>While optimism about a soft landing persists, <b>uncertainties surrounding the upcoming U.S. election and potential shifts in Federal Reserve policy continue to influence market dynamics<\/b>. As always, investors are advised to maintain a diversified portfolio and stay informed about both company-specific news and macroeconomic trends in this evolving market environment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Major Indexes Close Mixed as Earnings Season Heats Up On Thursday, October 24, 2024, the U.S. stock market ended the [&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":[4,177,293,478,489,3749],"class_list":["post-48282","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-update","tag-tsla","tag-nem","tag-ibm","tag-ups","tag-hon","tag-pce"],"_links":{"self":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/48282","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=48282"}],"version-history":[{"count":0,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/48282\/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=48282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/categories?post=48282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/tags?post=48282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}