Wall Street’s Tuesday: Mixed Market Performance Amid Earnings Anticipation
Wall Street took a breath on Tuesday as investors braced for earnings reports from mega-cap companies. While the Nasdaq 100 experienced moderate gains, the S&P 500 and Dow Jones remained relatively flat. Small-cap stocks lagged behind, reflecting broader market uncertainty.
Tech Stocks on the Rise
Tech stocks shone on Tuesday’s market, with the Nasdaq 100 rising by 0.7%. The rise was largely buoyed by anticipation around upcoming earnings from tech giants Alphabet Inc. (ticker: GOOGL and GOOG) and Advanced Micro Devices Inc. (ticker: AMD). These companies are expected to reveal their quarterly financials, with investors watching for any insights into their AI and semiconductor advancements.
U.S. Job Openings Drop to Nine-Year Low
Economic news highlighted U.S. job openings decreasing to 7.443 million in September 2024. This marks the lowest level since January 2021 but also fell short of market expectations. Despite this gloomy job outlook, the Conference Board’s Consumer Confidence Index surged to its highest monthly gain since March 2021, indicating robust consumer sentiment despite potential labor demand decreases.
Gold Price Splashes Above Historic Benchmark
Gold prices rose to all-time highs, reaching $2,770 per ounce. The precious metal sustained its upward momentum amid rising fiscal concerns and geopolitical uncertainties. Looking beyond regular market nervousness, gold’s resilience underscores the continued preference for hard assets among investors.
Crypto Market Rally on Tech and Bitcoin
The crypto market also made notable gains. Bitcoin, the world’s largest cryptocurrency, increased by nearly 4% to near its March record high of $73,697. Meanwhile, Dogecoin (CRYPTO: DOGE) riders further momentum with a 10% rally following a significant Monday surge.
Index Performance and Earnings Reactions
After compiling a list of major indices, we observed the performance noted by Benzinga Pro insights:
- Nasdaq 100: 20,500.69 points, 0.7% gain
- S&P 500: 5,831.03 points, 0.1% gain
- Dow Jones: 42,272.72 points, -0.3% loss
- Russell 2000: 2,226.40 points, -0.8% loss
Reaction to earnings reports highlighted significant moves from McDonald’s Corp (down 0.4%) to Royal Caribbean Cruises Ltd (up 3.5%).
Post Market Earnings Watch: Large-Cap Heavyweights
Large-cap companies slated for post-market earnings include:
- Alphabet Inc. (ticker: GOOGL)
- Advanced Micro Devices Inc. (ticker: AMD)
- Visa Inc. (ticker: V)
- Stryker Corp. (ticker: SYK)
- Chubb Ltd. (ticker: CB)
- Mondelez International Inc. (ticker: MDLZ)
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