October 30th, 2024
Today, U.S. stock markets saw declines across major indices as economic reports and corporate earnings painted a mixed picture. Here’s a detailed look at the major headlines from today’s trading session:
Economic Data Releases
Q3 2024 GDP Growth: The Bureau of Economic Analysis released its first estimate, showing a 2.8% increase, slightly below the 3% forecast.
Nonfarm Employment Change: ADP reported an impressive increase of 233,000 jobs in October, surpassing expectations of 110,000.
Pending Home Sales: The National Association of Realtors reported a 7.4% increase in September, far exceeding the expected 0.9% rise.
Corporate Earnings and Stock Movements
Microsoft (MSFT) and Meta Platforms (META): Both beat quarterly revenue estimates, reported after the bell.
Alphabet (GOOGL): Shares rose by 2.8% after beating third-quarter revenue and profit expectations.
Chip Stocks: Took a hit with Advanced Micro Devices (AMD) and Qorvo (QRVO) falling 10.6% and 27.3%, respectively, after disappointing forecasts.
Super Micro Computer (SMCI): Plunged 32.6% following Ernst & Young’s resignation as the company’s accountant.
Nvidia (NVDA): Slipped 1.4%.
Eli Lilly (LLY): Fell 6.2% after missing sales estimates for its weight-loss and diabetes drugs.
Starbucks (SBUX): Reported a drop in quarterly sales due to declining global demand.
Market Breadth
Advancing issues outnumbered decliners by a 1.01-to-1 ratio on the NYSE.
There were 210 new highs and 52 new lows on the NYSE.
The S&P 500 posted 24 new 52-week highs and five new lows.
The Nasdaq Composite recorded 126 new highs and 98 new lows.
Conclusion
Today's trading session saw U.S. stock indexes close lower, driven by declines in chip stocks and investor caution ahead of a slew of corporate earnings. Despite some positive economic data, the market faced headwinds from various sectors, particularly technology. As earnings season continues, investors will remain focused on corporate reports and economic indicators for further insights into market direction.
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