{"id":48305,"date":"2024-10-29T21:01:39","date_gmt":"2024-10-29T21:01:39","guid":{"rendered":"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-recap-tech-stocks-drive-nasdaq-to-record-high-on-october-29-2024\/48305\/"},"modified":"2024-10-29T21:01:39","modified_gmt":"2024-10-29T21:01:39","slug":"market-recap-tech-stocks-drive-nasdaq-to-record-high-on-october-29-2024","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-tech-stocks-drive-nasdaq-to-record-high-on-october-29-2024\/48305\/","title":{"rendered":"Market Recap: Tech Stocks Drive Nasdaq to Record High on October 29, 2024"},"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-tech-stocks-drive-nasdaq-to-record-high-on-october-29-2024\/48305\/#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\/market-recap-tech-stocks-drive-nasdaq-to-record-high-on-october-29-2024\/48305\/#Tech_Giants_and_Earnings\" >Tech Giants and Earnings<\/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-tech-stocks-drive-nasdaq-to-record-high-on-october-29-2024\/48305\/#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-4\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-tech-stocks-drive-nasdaq-to-record-high-on-october-29-2024\/48305\/#Economic_Indicators_and_Market_Sentiment\" >Economic Indicators and Market Sentiment<\/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-tech-stocks-drive-nasdaq-to-record-high-on-october-29-2024\/48305\/#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\/market-recap-tech-stocks-drive-nasdaq-to-record-high-on-october-29-2024\/48305\/#Looking_Ahead\" >Looking Ahead<\/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 Tuesday, October 29, 2024, the U.S. stock market exhibited mixed performance, with technology stocks leading the charge. The <b>Nasdaq Composite reached a new record high<\/b>, closing at 18,712.75, up 0.8% or 145.56 points. This surge was primarily driven by gains in influential Big Tech stocks.<\/p>\n<p>The <b><a href=\"https:\/\/stockmarketwatch.com\/markets\/sp500\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&#038;P 500<\/a> inched closer to its all-time high<\/b>, rising 0.2% to 5,832.92. However, the <b><a href=\"https:\/\/stockmarketwatch.com\/markets\/dowjones\/today.aspx\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Dow Jones Today\">Dow Jones<\/a> Industrial Average (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=DJIA\">DJIA<\/a>) fell 0.4% to 42,233.05<\/b>, reflecting the mixed sentiment across different sectors.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tech_Giants_and_Earnings\"><\/span>Tech Giants and Earnings<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The market&#8217;s attention was firmly focused on the tech sector, with several major companies reporting earnings this week. <b>Alphabet (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=GOOGL\">GOOGL<\/a>)<\/b>, Google&#8217;s parent company, saw its stock rise 1.8% ahead of its earnings report. Other tech giants like <b>Microsoft (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=MSFT\">MSFT<\/a>)<\/b> and <b>Meta Platforms (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=META\">META<\/a>)<\/b> were among the strongest forces pushing the S&#038;P 500 upward.<\/p>\n<p>Investors are eagerly anticipating earnings reports from <b>five of the Magnificent Seven stocks<\/b> this week. <b>Meta Platforms and Microsoft are scheduled to report on Wednesday, while Amazon (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AMZN\">AMZN<\/a>) and Apple (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AAPL\">AAPL<\/a>) will release their results on Thursday<\/b>. The performance of these tech behemoths is crucial for justifying their high valuations and could significantly impact market direction.<\/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>While tech stocks soared, other sectors faced challenges:<\/p>\n<p>1. <b>Ford Motor (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=F\">F<\/a>)<\/b> dropped 8.4% after announcing that its full-year profit would likely come in at the lower end of its forecasted range due to high warranty expenses and other costs.<\/p>\n<p>2. <b>D.R. Horton (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=DHI\">DHI<\/a>)<\/b> tumbled 7.2% following weaker-than-expected quarterly results, highlighting challenges in the housing market.<\/p>\n<p>3. <b>JetBlue Airways (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=JBLU\">JBLU<\/a>)<\/b> lost 17.1%, despite better-than-expected quarterly results, due to concerns about future revenue projections.<\/p>\n<p>4. <b>PayPal Holdings (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=PYPL\">PYPL<\/a>)<\/b> and <b>SoFi Technologies (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=SOFI\">SOFI<\/a>)<\/b> saw significant declines, down 5.73% and 9.75% respectively.<\/p>\n<p>5. On the positive side, <b>McDonald&#8217;s Corporation (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=MCD\">MCD<\/a>)<\/b> gained 1.21%, and <b>V.F. Corporation (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=VFC\">VFC<\/a>)<\/b> surged 24.66%.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Economic_Indicators_and_Market_Sentiment\"><\/span>Economic Indicators and Market Sentiment<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Recent economic reports have shown that the U.S. economy remains stronger than expected:<\/p>\n<p>1. Consumer confidence jumped more than anticipated in October.<br \/>2. Job openings edged lower in September, but hiring remained relatively steady.<br \/>3. The <b>CBOE Volatility Index (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=VIX\">VIX<\/a>)<\/b>, often referred to as the fear gauge, decreased 2.6% to 19.80, indicating reduced market anxiety.<\/p>\n<p>These positive economic indicators have led traders to recalibrate their expectations for Federal Reserve interest rate cuts. The likelihood of the Fed maintaining its current interest rate at the upcoming meeting has increased.<\/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 keeping a close eye on several key events that could impact market performance:<\/p>\n<p>1. <b>Federal Reserve Meeting<\/b>: The Fed&#8217;s decision on interest rates next week will be crucial for market direction.<br \/>2. <b>September PCE Price Deflator<\/b>: Expected to be released on Thursday, with forecasts suggesting a slight easing in inflation.<br \/>3. <b>October U.S. Unemployment Report<\/b>: Scheduled for Friday, with expectations of 90,000 new payrolls and an unchanged unemployment rate of 4.1%.<br \/>4. <b>Ongoing Earnings Season<\/b>: More than 40% of the S&#038;P 500&#8217;s market cap is set to report earnings this week.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Looking_Ahead\"><\/span>Looking Ahead<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As we move forward, the market remains focused on tech earnings, economic data, and potential policy decisions. The performance of major tech companies in the coming days could set the tone for market sentiment in the near term. Additionally, investors will be closely monitoring inflation data and the Federal Reserve&#8217;s stance on interest rates, which continue to play a crucial role in shaping market dynamics.<\/p>\n<p>The mixed performance across sectors highlights the importance of diversification and careful stock selection in the current market environment. As always, investors should stay informed about company fundamentals, broader economic trends, and geopolitical factors that could influence market movements.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Market Performance Overview On Tuesday, October 29, 2024, the U.S. stock market exhibited mixed performance, with technology stocks leading 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":[3741,33,3754,69,3768,3822,225,3825,384,391,1126,1675,3280,3730],"class_list":["post-48305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-update","tag-meta","tag-msft","tag-f","tag-mcd","tag-googl","tag-pypl","tag-aapl","tag-sofi","tag-jblu","tag-amzn","tag-dhi","tag-vfc","tag-djia","tag-vix"],"_links":{"self":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/48305","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=48305"}],"version-history":[{"count":0,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/48305\/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=48305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/categories?post=48305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/tags?post=48305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}