Stock market today: Dow slips as S&P 500, Nasdaq wobble with flood of earnings ahead

Shares wobbled on Monday as traders braced for a packed week of top-tier earnings that would drive or drag on a record-setting rally.

The S&P 500 (^GSPC) dropped nearly 0.1%, coming off a recent all-time closing excessive and a sixth weekly win in a row. The Dow Jones Industrial Common (^DJI) edged nearly 0.2% decrease, whereas the tech-heavy Nasdaq Composite (IXIC) hovered close to the flatline.

Whether or not data preserve rolling in rides largely on company leads to the approaching days. Earnings season ramps up this week, as over 100 S&P 500 corporations are lined as much as report. To date, 80% of third quarter updates from these on the benchmark have topped the mark.

Buyers are on edge for Tesla’s (TSLA) report on Wednesday, after its robotaxi unveiling fell wanting expectations. The EV maker is the spotlight of the week amid questions on Large Tech efficiency, even after Netflix’s (NFLX) sturdy kickoff to the megacap season.

Normal Motors (GM), Coca-Cola (KO), American Airways (AAL), and UPS (UPS) are amongst a number of different large hitters on the earnings docket this week.

Boeing (BA) faces a double-whammy on Wednesday, when it is anticipated to launch earnings on the identical time staff vote on whether or not to just accept a tentative deal agreed with the union to finish a five-week strike. Shares of the airplane maker rose over 3% in early Monday buying and selling.

In the meantime, the 10-year Treasury yield (^TNX) climbed over 6 foundation factors to 4.136%, the best stage for the reason that finish of July.

Oil costs rose as a lot as 2% alongside features for Chinese language shares (000300.SS) as China’s stimulus push continued with a minimize to key lending charges. International benchmark Brent futures (BZ=F) traded close to $74 a barrel, whereas West Texas Intermediate (CL=F) crude futures topped $70, with Israel’s subsequent Iran transfer additionally in focus.

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Mon, October 21, 2024 at 9:48 PM GMT+8

Nvidia climbs 1% to the touch intraday document excessive

Nvidia (NVDA) climbed greater than 1.5% on Monday, serving to mitigate a much bigger decline within the Nasdaq Composite (IXIC).

Shares of the AI chip heavy weight rose to hover above $140 every, briefly touching an intraday excessive of $141.

The Nasdaq was buying and selling close to the flatline as Nvidia rose.
Mon, October 21, 2024 at 9:30 PM GMT+8

Shares dip as traders await recent batch of earnings

The main averages opened barely decrease on Monday as traders await a recent batch of earnings this weeek.

The S&P 500 (^GSPC) dropped roughly 0.2%, coming off a recent all-time closing excessive whereas the Dow Jones Industrial Common (^DJI) edged 0.1% decrease. The tech-heavy Nasdaq Composite (IXIC) shed 0.2%.

A recent batch of quarterly outcomes will roll on this week together with Tesla (TSLA) on Wednesday, Normal Motors (GM), Coca-Cola (KO), American Airways (AAL), and UPS (UPS) are amongst a number of different large names on the earnings docket this week.
Mon, October 21, 2024 at 9:25 PM GMT+8

Boeing inventory rallies on tentative labor deal

Boeing (BA) inventory jumped as a lot as 4.5% in Monday’s premarket on information that the plane producer has reached a tentative labor cope with staff who’ve been on strike for a couple of month.

The contract would increase pay 35% over 4 years and improve Boeing’s 401(okay) contributions, however it will not reinstate pension plans — a significant union demand. Analysts estimate the contract may result in a further $1 billion in wage-related bills for the corporate.

The union will vote on the contract on Wednesday, the identical day Boeing experiences its quarterly earnings. Analysts count on the airplane maker to report an earnings loss per share of $1.50, in response to Bloomberg consensus estimates.

Boeing has struggled since an airplane half ripped off one in every of its 737 Max 9 planes throughout a flight in January. Shares are down over 40% this yr.

Of the Wall Avenue analysts masking the inventory tracked by Bloomberg, some 19 advocate shopping for shares, whereas 11 have a Maintain ranking, and three say to promote. On common, analysts see Boeing shares rising to about $192 every over the following 12 months, implying a greater than 20% achieve.
Mon, October 21, 2024 at 8:02 PM GMT+8

Good morning. This is what’s taking place in the present day.