November 1st, 2024
U.S. stock markets ended Friday, on a high note, regaining some ground lost in the previous day’s sharp decline. Tech stocks, led by Amazon and Intel, drove the market higher as Wall Street weighed both stellar corporate earnings and fresh signals for possible interest rate cuts.
Market Performance
- S&P 500: Rose 0.4% to 5,728.80
- Dow Jones Industrial Average: Gained 0.7% to 42,052.19
- Nasdaq Composite: Added 0.8% to 18,239.92
- Russell 2000: Increased 0.6% to 2,210.13
Amazon’s Strong Earnings Report
Amazon.com (AMZN) was a standout, climbing 6.2% on better-than-expected quarterly profits. The e-commerce giant’s performance boosted market confidence and set a positive tone for tech stocks across the board.
Weak Jobs Data with Mixed Signals
The U.S. added only 12,000 jobs in October, reinforcing expectations for Federal Reserve rate cuts. While unusual factors, including recent hurricanes and strikes, influenced the report, it underscored concerns about a cooling labor market. Wall Street took this as a cue that monetary easing might be on the horizon, although the Fed’s next steps remain uncertain.
Other Notable Movers
- Intel (INTC): Up 7.8% despite a quarterly loss, thanks to strong revenue and improved guidance.
- Apple (AAPL): Down 1.2% amid concerns about holiday quarter revenue forecasts.
Looking Ahead
Investors are now focused on the Federal Reserve meeting next week, with the recent weak jobs report intensifying bets on an interest rate cut. Although the S&P 500 and Nasdaq closed lower for the week—down 1.4% and 1.5% respectively—both indexes maintain solid year-to-date gains of over 20%.
With ongoing earnings announcements and potential shifts in monetary policy, volatility is likely to persist. Economic indicators and corporate results will be pivotal in guiding the market's next moves.
Enjoy the weekend, Bull Blog!
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