Stock Market Update Wednesday October 23, 2024

Stock Market Update Wednesday October 23, 2024 Stocks experienced a significant decline today as rising bond yields dampened market sentiment, leading to broad-based selling pressure. The Dow Jones Industrial Average dropped more than 400 points, marking its worst trading session in over a month. The S&P 500 shed 0.92%, while the Nasdaq Composite fell 1.6%, and the Russell 2000 slid 0.91%. Among sectors, Consumer Discretionary was the hardest hit, declining more than 1.5%, reflecting weaker demand and growth expectations. In contrast, Real Estate and Utilities outperformed, with both sectors closing higher on the day, benefiting from their defensive characteristics amid market volatility.

The "Magnificent 7" mega-cap tech stocks, which have been key market drivers, were also under pressure. Meta Platforms led the decline, tumbling 3.15%, followed by Nvidia, down 2.81%, and Amazon, which slipped 2.63%.

Tesla reported earnings after the market closed, delivering a notable earnings beat but slightly missing revenue expectations. Despite the mixed report, Tesla shares gained momentum in after-hours trading, showing resilience following the announcement. We have been waiting for our proprietary algorithm to trigger a buy alert, which we may receive tomorrow. A weekly chart buy alert was triggered on June 17, 2024. We always want to trade in the direction of larger time frames.