{"id":48297,"date":"2024-10-28T21:01:29","date_gmt":"2024-10-28T21:01:29","guid":{"rendered":"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-recap-wall-street-gains-as-tech-earnings-week-kicks-off\/48297\/"},"modified":"2024-10-28T21:01:29","modified_gmt":"2024-10-28T21:01:29","slug":"market-recap-wall-street-gains-as-tech-earnings-week-kicks-off","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-wall-street-gains-as-tech-earnings-week-kicks-off\/48297\/","title":{"rendered":"Market Recap: Wall Street Gains as Tech Earnings Week Kicks Off"},"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-wall-street-gains-as-tech-earnings-week-kicks-off\/48297\/#Major_Indexes_Close_Higher_Amid_Geopolitical_Relief\" >Major Indexes Close Higher Amid Geopolitical Relief<\/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-wall-street-gains-as-tech-earnings-week-kicks-off\/48297\/#Geopolitical_Tensions_Ease_Oil_Prices_Plunge\" >Geopolitical Tensions Ease, Oil Prices Plunge<\/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-wall-street-gains-as-tech-earnings-week-kicks-off\/48297\/#Tech_Giants_in_Focus_as_Earnings_Week_Begins\" >Tech Giants in Focus as Earnings Week Begins<\/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-wall-street-gains-as-tech-earnings-week-kicks-off\/48297\/#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\/market-recap-wall-street-gains-as-tech-earnings-week-kicks-off\/48297\/#Economic_Data_and_Fed_Watch\" >Economic Data and Fed Watch<\/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-wall-street-gains-as-tech-earnings-week-kicks-off\/48297\/#Looking_Ahead_Earnings_and_Economic_Calendar\" >Looking Ahead: Earnings and Economic Calendar<\/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-wall-street-gains-as-tech-earnings-week-kicks-off\/48297\/#Market_Outlook\" >Market Outlook<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Major_Indexes_Close_Higher_Amid_Geopolitical_Relief\"><\/span>Major Indexes Close Higher Amid Geopolitical Relief<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On Monday, October 28, 2024, U.S. stock markets closed higher, kicking off a pivotal week packed with Big Tech earnings, inflation updates, and crucial economic data. The <b><a href=\"https:\/\/stockmarketwatch.com\/markets\/sp500\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&#038;P 500<\/a> (^GSPC) rose 0.43% to 5,833.27<\/b>, while the <b><a href=\"https:\/\/stockmarketwatch.com\/markets\/dowjones\/today.aspx\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Dow Jones Today\">Dow Jones<\/a> Industrial Average (^DJI) gained 0.53% to 42,338.12<\/b>. The <b>tech-heavy Nasdaq Composite (^IXIC) jumped 0.60% to 18,630.63<\/b>, reflecting investor optimism ahead of major tech earnings reports .<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Geopolitical_Tensions_Ease_Oil_Prices_Plunge\"><\/span>Geopolitical Tensions Ease, Oil Prices Plunge<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Market sentiment improved as geopolitical risks in the Middle East showed signs of easing. Israel&#8217;s limited retaliatory strike on Iran&#8217;s military facilities over the weekend, which avoided targeting oil infrastructure, helped alleviate concerns about a potential escalation in the region. As a result, <b>crude oil prices plummeted nearly 6%<\/b>, with West Texas Intermediate (CL=F) trading near $67 per barrel .<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tech_Giants_in_Focus_as_Earnings_Week_Begins\"><\/span>Tech Giants in Focus as Earnings Week Begins<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Investors are eagerly awaiting earnings reports from five of the &#8220;Magnificent Seven&#8221; mega-cap tech companies this week. <b>Alphabet (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=GOOGL\">GOOGL<\/a>), Apple (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AAPL\">AAPL<\/a>), Amazon (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AMZN\">AMZN<\/a>), Microsoft (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=MSFT\">MSFT<\/a>), and Meta Platforms (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=META\">META<\/a>)<\/b> are all set to release their quarterly results, which could significantly impact market direction . These reports are expected to provide insights into the tech sector&#8217;s growth and the impact of AI investments on profitability.<\/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>Several stocks made significant moves during Monday&#8217;s trading session:<\/p>\n<p>1. <b>Nvidia (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=NVDA\">NVDA<\/a>)<\/b>: The AI chip giant saw its shares rise 0.23% to $141.86, as investors positioned themselves ahead of Big Tech earnings .<br \/>2. <b><a href=\"https:\/\/thestockmarketwatch.com\/live\/trump-stock-market\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Trump\">Trump<\/a> Media &#038; Technology Group Corp. (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=DJT\">DJT<\/a>)<\/b>: The stock surged 15.33% to $44.92, continuing its volatile trading pattern .<br \/>3. <b>Boeing (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=BA\">BA<\/a>)<\/b>: Shares dipped 2.24% to $151.54 as the company launched a massive $19 billion stock sale to shore up its finances and avoid a potential credit rating downgrade .<br \/>4. <b>Philips (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=PHG\">PHG<\/a>)<\/b>: The medical device maker&#8217;s stock plummeted 16.90% after cutting its full-year sales outlook due to weak Chinese demand .<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Economic_Data_and_Fed_Watch\"><\/span>Economic Data and Fed Watch<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Investors are bracing for a slew of economic data this week that could influence the Federal Reserve&#8217;s decision on interest rates. Key releases include:<\/p>\n<p>1. The Fed&#8217;s preferred inflation gauge<br \/>2. October jobs report (expected payrolls: +90,000; unemployment rate forecast: 4.1%)<br \/>3. Dallas Fed manufacturing activity for October <\/p>\n<p>These reports will be crucial in determining whether the Fed will maintain its current stance or consider rate cuts in the near future. Currently, markets are pricing in a 96% chance of no change at the upcoming November 6-7 FOMC meeting .<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Looking_Ahead_Earnings_and_Economic_Calendar\"><\/span>Looking Ahead: Earnings and Economic Calendar<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As the week progresses, investors will be closely watching earnings reports from other major companies, including:<\/p>\n<p>&#8211; <b>Ford (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=F\">F<\/a>)<\/b>: Reporting after the bell on Monday<br \/>&#8211; <b>Advanced Micro Devices (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AMD\">AMD<\/a>)<\/b>: Scheduled later in the week<br \/>&#8211; <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> <\/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 we move further into the week, market participants will be keenly focused on tech earnings and economic indicators. The performance of the &#8220;Magnificent Seven&#8221; could set the tone for the broader market, potentially pushing the S&#038;P 500 to new heights. However, questions remain about the slowest earnings growth for tech mega-caps in six quarters and the sustainability of AI-driven investments .<\/p>\n<p>With the U.S. presidential election just days away, political considerations may also begin to influence market sentiment. Investors should remain vigilant and prepared for potential volatility as these various factors converge in the coming days.<\/p>\n<p>In conclusion, Monday&#8217;s positive market performance sets an optimistic tone for the week ahead. However, the true test lies in the upcoming earnings reports and economic data, which will provide clearer insights into the health of the U.S. economy and the direction of monetary policy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Major Indexes Close Higher Amid Geopolitical Relief On Monday, October 28, 2024, U.S. stock markets closed higher, kicking off a [&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":[2605,33,3741,69,3754,3767,225,3768,326,3799,337,391,633,804,846],"class_list":["post-48297","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-update","tag-phg","tag-msft","tag-meta","tag-mcd","tag-f","tag-ba","tag-aapl","tag-googl","tag-amd","tag-djt","tag-lly","tag-amzn","tag-nvda","tag-xom","tag-sbux"],"_links":{"self":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/48297","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=48297"}],"version-history":[{"count":0,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/48297\/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=48297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/categories?post=48297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/tags?post=48297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}