{"id":48288,"date":"2024-10-25T18:28:29","date_gmt":"2024-10-25T18:28:29","guid":{"rendered":"https:\/\/thestockmarketwatch.com\/stock-market-news\/stock-market-recap-nasdaq-hits-record-high-as-tech-stocks-surge\/48288\/"},"modified":"2024-10-25T18:28:29","modified_gmt":"2024-10-25T18:28:29","slug":"stock-market-recap-nasdaq-hits-record-high-as-tech-stocks-surge","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-recap-nasdaq-hits-record-high-as-tech-stocks-surge\/48288\/","title":{"rendered":"Stock Market Recap: Nasdaq Hits Record High as Tech Stocks Surge"},"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-nasdaq-hits-record-high-as-tech-stocks-surge\/48288\/#Market_Performance_Mixed_Results_Across_Major_Indexes\" >Market Performance: Mixed Results Across Major Indexes<\/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-nasdaq-hits-record-high-as-tech-stocks-surge\/48288\/#Why_Was_the_Market_Up_Today_Tech_Stocks_Take_Center_Stage\" >Why Was the Market Up Today? Tech Stocks Take Center Stage<\/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-nasdaq-hits-record-high-as-tech-stocks-surge\/48288\/#Major_Stock_News_Luxury_Merger_Blocked_Earnings_Reports\" >Major Stock News: Luxury Merger Blocked, Earnings Reports<\/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-nasdaq-hits-record-high-as-tech-stocks-surge\/48288\/#Economic_Indicators_and_Upcoming_Events\" >Economic Indicators and Upcoming 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-nasdaq-hits-record-high-as-tech-stocks-surge\/48288\/#Looking_Ahead_A_Crucial_Week_for_Markets\" >Looking Ahead: A Crucial Week for Markets<\/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-nasdaq-hits-record-high-as-tech-stocks-surge\/48288\/#Market_Outlook_Balancing_Optimism_and_Caution\" >Market Outlook: Balancing Optimism and Caution<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Market_Performance_Mixed_Results_Across_Major_Indexes\"><\/span>Market Performance: Mixed Results Across Major Indexes<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On Friday, October 25, 2024, the U.S. stock market closed with mixed results across major indexes. The tech-heavy Nasdaq Composite led the charge, climbing 1.3% to reach an all-time high of 18,690 points. This impressive performance was largely driven by a broad-based rally in large-cap technology stocks .<\/p>\n<p>The <a href=\"https:\/\/stockmarketwatch.com\/markets\/sp500\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&#038;P 500<\/a> also ended the day on a positive note, gaining 0.5%. However, the <a href=\"https:\/\/stockmarketwatch.com\/markets\/dowjones\/today.aspx\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Dow Jones Today\">Dow Jones<\/a> Industrial Average lagged behind, slipping 0.2% and marking its fourth consecutive day of losses .<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Was_the_Market_Up_Today_Tech_Stocks_Take_Center_Stage\"><\/span>Why Was the Market Up Today? Tech Stocks Take Center Stage<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The market&#8217;s upward movement was primarily fueled by the strong performance of technology stocks. <b>Nvidia (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=NVDA\">NVDA<\/a>)<\/b>, a leader in artificial intelligence chips, flirted with its own record high, climbing more than 2% and moving back into a buy zone . Other tech giants, including <b>Apple (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AAPL\">AAPL<\/a>)<\/b>, <b>Microsoft (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=MSFT\">MSFT<\/a>)<\/b>, <b>Alphabet (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=GOOGL\">GOOGL<\/a>)<\/b>, <b>Amazon (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AMZN\">AMZN<\/a>)<\/b>, and <b>Meta Platforms (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=META\">META<\/a>)<\/b>, all saw gains, contributing to the Nasdaq&#8217;s stellar performance .<\/p>\n<p><b>Tesla (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=TSLA\">TSLA<\/a>)<\/b> continued its impressive run, adding another 3% to its value following a 22% surge on Thursday. This rally came after the electric vehicle maker reported better-than-expected earnings and CEO Elon Musk predicted vehicle growth that surpassed analyst expectations .<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Major_Stock_News_Luxury_Merger_Blocked_Earnings_Reports\"><\/span>Major Stock News: Luxury Merger Blocked, Earnings Reports<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In a surprising turn of events, a federal judge blocked the proposed $8.5 billion merger between <b>Tapestry (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=TPR\">TPR<\/a>)<\/b>, owner of Coach, and <b>Capri Holdings (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=CPRI\">CPRI<\/a>)<\/b>, parent company of Michael Kors and Versace. This decision sent shockwaves through the luxury retail sector, with Capri Holdings&#8217; shares plummeting nearly 50% while Tapestry&#8217;s stock rose by 15% .<\/p>\n<p>On the earnings front, <b>Deckers (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=DECK\">DECK<\/a>)<\/b>, maker of Ugg and Hoka footwear, saw its shares jump 11% after releasing better-than-expected quarterly results and boosting its outlook. <b>Centene (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=CNC\">CNC<\/a>)<\/b>, a managed care company, also reported strong earnings, leading to a 7% increase in its stock price .<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Economic_Indicators_and_Upcoming_Events\"><\/span>Economic Indicators and Upcoming Events<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The latest economic data showed mixed signals. September durable goods orders fell 0.8%, slightly worse than the expected 0.5% drop. However, excluding transportation, orders rose 0.4%, beating estimates of a 0.1% decline. The University of Michigan consumer confidence index came in at 70.5, surpassing the expected 69.0 .<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Looking_Ahead_A_Crucial_Week_for_Markets\"><\/span>Looking Ahead: A Crucial Week for Markets<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Investors are bracing for a pivotal week ahead, with several key events on the horizon:<\/p>\n<p>1. Earnings reports from tech giants: <b>Apple<\/b>, <b>Microsoft<\/b>, <b>Alphabet<\/b>, <b>Meta<\/b>, and <b>Amazon<\/b> are all set to release their quarterly results .<\/p>\n<p>2. Other notable earnings: <b>Intel (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=INTC\">INTC<\/a>)<\/b>, <b>Advanced Micro Devices (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AMD\">AMD<\/a>)<\/b>, <b>McDonald&#8217;s (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=MCD\">MCD<\/a>)<\/b>, <b>Eli Lilly (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=LLY\">LLY<\/a>)<\/b>, <b>ExxonMobil (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=XOM\">XOM<\/a>)<\/b>, and <b>Starbucks (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=SBUX\">SBUX<\/a>)<\/b> are among the many companies reporting next week .<\/p>\n<p>3. Economic data: Investors will be closely watching for new economic indicators that could influence Federal Reserve policy decisions.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Market_Outlook_Balancing_Optimism_and_Caution\"><\/span>Market Outlook: Balancing Optimism and Caution<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As the market heads into next week, analysts are cautiously optimistic. The Nasdaq is on course for its seventh consecutive week of gains, while the S&#038;P 500 and Dow are at risk of snapping their six-week winning streaks .<\/p>\n<p>The 10-year Treasury yield remains near recent highs, signaling that the Federal Reserve may not need to cut interest rates as aggressively as previously thought. This development, coupled with the upcoming earnings reports and economic data, will likely play a crucial role in determining market direction in the coming weeks .<\/p>\n<p>In conclusion, Friday&#8217;s market performance, particularly in the tech sector, demonstrates the ongoing resilience of U.S. equities. However, with significant economic events and corporate earnings on the horizon, investors should remain vigilant and prepared for potential market volatility.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Market Performance: Mixed Results Across Major Indexes On Friday, October 25, 2024, the U.S. stock market closed with mixed results 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