Stock Market Update Thursday October 17, 2024
Stock Market Update Thursday October 17, 2024 Stocks opened higher but were unable to maintain their initial rally, leaving the S&P 500 flat by the end of the trading session. This marks a shift from the recent trend where early gains were typically sustained throughout the day. Despite the broader market's lackluster performance, the Dow Jones closed at a fresh record high. Meanwhile, the Nasdaq saw gains, primarily driven by a surge in semiconductor stocks, with chipmakers benefiting from positive sentiment in the sector.
Taiwan Semiconductor Manufacturing Company (TSMC) raised its revenue outlook, signaling growing confidence in the ongoing boom in artificial intelligence (AI). This contributed to the rally in chip stocks as TSMC’s positive forecast suggests strong demand for advanced chips crucial to AI development. Apple has reportedly been working behind the scenes with China’s BYD to develop long-range electric vehicle (EV) batteries. This secret collaboration indicates Apple’s continued push into the EV space, potentially expanding beyond its consumer electronics business. Automakers are intensifying their efforts to introduce more affordable electric vehicles in response to China’s dominance in the EV market. This strategic move aims to challenge China’s growing influence and capture market share in the fast-evolving EV sector.
Away From Stocks: Treasury's came under some notable pressure as the long bond jumped nine basis points to 4.39% while two-year yields climbed to 3.96% from 3.93% Wednesday, while WTI crude edged toward $71 a barrel and gold notched another fresh high at $2,692 an ounce. Bitcoin saw a shallow pullback to $67,000 and the VIX settled just above 19.
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