U.S. stocks fell slightly on Monday, led by tech, as investors braced for a week packed with top-tier gains that could fuel or drag record gains.
The S&P 500 (^GSPC) fell about 0.1%, closing at a new all-time high and snapping a six-week winning streak. The Dow Jones Industrial Average (^DJI) fell almost 0.1%, and the tech-heavy Nasdaq Composite Index (IXIC) also fell 0.1%.
Whether records continue to be updated will have a major impact on company performance in the coming days. Earnings season is in full swing this week, with more than 100 S&P 500 companies lining up to report. So far, 80% of the Q3 updates included in the benchmark have exceeded the baseline.
Investors are nervous about Tesla’s (TSLA) Wednesday report after its robotaxi announcement fell short of expectations. Even after Netflix (NFLX) got off to a strong start to the large-cap season, the EV maker has been a highlight of the week as questions are being raised about Big Tech’s performance.
General Motors (GM), Coca-Cola (KO), American Airlines (AAL), and UPS (UPS) are among the other big names appearing on earnings sheets this week.
Boeing (BA) faces a double whammy as it plans to release earnings on Wednesday at the same time workers vote on whether to accept a tentative deal reached with the union to end a five-week strike. There is. The company’s stock rose more than 3% in early trading Monday.
Meanwhile, the 10-year Treasury yield (^TNX) rose more than 6 basis points to 4.136%, its highest level since late July.
Oil prices rose as much as 2% along with a rise in Chinese stocks (000300.SS) as China continued to stimulate its economy by cutting key lending rates. Brent crude oil futures (BZ=F), the world benchmark, are trading around $74 per barrel, while West Texas Intermediate (CL=F) crude oil futures are above $70, indicating Israel’s next move on Iran. is also attracting attention.
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Monday, October 21, 2024 06:48 PDT
Nvidia rises 1% to new intraday high
Nvidia (NVDA) rose more than 1.5% on Monday, helping to cushion the Nasdaq Composite Index (IXIC)’s steep decline.
Shares of heavily weighted AI chips soared above $140 each, and at one point hit an intraday high of $141.
While Nvidia rose, the Nasdaq remained flat.
Monday, October 21, 2024, 6:30 a.m. (Pacific Daylight Time)
Stocks fall as investors await new financial results
Major averages opened slightly lower on Monday as investors awaited new financial results this week.
The S&P 500 (^GSPC) was down about 0.2%, hitting a new closing high, and the Dow Jones Industrial Average (^DJI) was down just 0.1%. The Nasdaq Composite Index (IXIC), which is heavy on tech stocks, fell 0.2%.
This week, new quarterly earnings are expected to be released on Wednesday, including major companies like Tesla (TSLA), General Motors (GM), Coca-Cola (KO), American Airlines (AAL), and UPS (UPS). This week’s earnings statement.
Monday, October 21, 2024 06:25 PDT
Boeing shares rise on interim labor agreement
Boeing shares rose as much as 4.5% in premarket Monday on news that the plane maker had reached a tentative labor agreement with workers who have been on strike for more than a month.
The deal increases wages by 35% over four years and increases Boeing’s 401(k) contributions, but does not include reinstatement of the pension plan, a key demand from unions. Analysts estimate the deal could add an additional $1 billion to the company’s wage-related costs.
The union is scheduled to vote on the contract Wednesday, the same day Boeing releases its quarterly results. Analysts expect the company to report a loss in earnings of $1.50 per share, according to the Bloomberg consensus estimate.
Boeing Co. has been struggling this year since parts of its aircraft came loose from one of its 737 Max 9 planes during a flight in January. The stock price has fallen more than 40% this year.
Of the Wall Street analysts tracking the stock tracked by Bloomberg, about 19 recommend the stock as a buy, while 11 rate it a hold and three say it’s a sell. . Analysts, on average, expect Boeing’s stock to rise to about $192 over the next 12 months, implying an increase of more than 20%.
Monday, October 21, 2024 5:02 AM PDT
