Stock Market Update Tuesday October 29, 2024 The Nasdaq reached a new record high today, marking its first peak since July as investors anticipate the upcoming earnings reports from the “Magnificent 7” stocks. Nasdaq jumps to record close as major tech names rise ahead of earnings. The tech-focused index climbed 0.78% on the day, while the S&P 500 edged up 0.16%. Meanwhile, the Russell 2000, a small-cap index, dipped 0.43%, signaling mixed sentiment in broader markets.
After the close, Alphabet released its Q3 earnings report, posting robust results that beat analyst expectations with earnings per share (EPS) of $2.12 and revenue totaling $88.27 billion. This solid performance from Google’s parent company comes amidst significant developments, including executive leadership changes, heightened antitrust scrutiny, and intensified AI competition. The company has navigated a challenging quarter with multiple product launches and ongoing legal battles. Shares reacted positively, moving higher immediately after the release, as investors processed Alphabet's ability to exceed targets amid a complex operational landscape.
Away From Stocks: Treasurys staged a strong intraday rebound following an initial bout of weakness, with yields on the 2-year and 30-year notes each ticking down by one basis point, settling at 4.11% and 4.52%, respectively. In commodities, WTI crude steadied around $67 per barrel, consolidating after recent losses. Gold surged to $2,773 per ounce, signaling heightened safe-haven demand, while Bitcoin rallied toward new highs above $72,000, underscoring robust risk appetite in digital assets. Meanwhile, the VIX, a key measure of market volatility, remained elevated but stable, holding just above 19.
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