Stocks

Wall Street Sees Little Movement as GM Surge Offsets Losses

Published October 23, 2024

On Tuesday, the U.S. stock markets experienced only slight changes, as a significant rise in General Motors shares helped to offset a steep drop in GE Aerospace stock.

  • S&P 500: 5,851.20 ⬇️ down 0.0047%
  • Nasdaq Composite: 18,573.13 ⬆️ up 0.18%
  • Dow Jones Industrial Average: 42,924.89 ⬇️ down 0.016%
  • STOXX Europe 600: 520.40 ⬇️ down 0.21%
  • CSI 300: 3,957.78 ⬆️ up 0.57%
  • Nikkei 225: 38,411.96 ⬇️ down 1.39%
  • Bitcoin: $67,466.16 ⬆️ up 0.15%

U.S.: Stocks Slip Amid Rising Yields and Earnings Anticipation
The trading session on Tuesday was quiet, with the S&P 500 losing a fraction of a percent, continuing a mild decline that started on Monday after a six-week streak of gains. The Dow Jones Industrial Average fell by 0.016%, while the Nasdaq Composite managed to gain 0.18%, primarily driven by technology stocks. General Motors had an impressive day, surging nearly 10% following positive earnings that exceeded expectations. In contrast, GE Aerospace(https://www.ge.com) shares plummeted by 9% after the company reported revenue figures that missed forecasts, despite noting solid profits.

Europe: Modest Declines Despite SAP Earnings Beat
In Europe, markets also showed some declines on Tuesday, with the Stoxx Europe 600 down 0.21%. Concerns about rising U.S. Treasury yields continued to dampen investor sentiment. However, SAP stood out positively, with its shares rising by 5% after surpassing earnings expectations. Still, the broader market struggled due to weaknesses in sectors like healthcare and utilities.

China: Marginal Gains Amid Broader Market Caution
Chinese markets displayed some resilience, with the CSI 300 index increasing by 0.57%, mainly led by gains in the real estate sector. Amid global uncertainties, traders in China remained optimistic as they awaited further corporate earnings reports. Meanwhile, Hong Kong’s Hang Seng managed a slight increase of 0.1%, as investors hoped for more economic support from the local government.

Japan: Shares Fall Ahead of National and U.S. Elections
The Japanese market was less stable, with the Nikkei 225 dropping 1.39%. Polls indicated that the ruling coalition might lose its majority in the upcoming elections set for October 27. There was broad sell-off pressure in financials and technology sectors, and shares of Uniqlo-owner Fast Retailing fell by 3.18%. Investors were also anxious about the implications of rising polling numbers for Donald Trump in the U.S. and what that could mean for inflation.

And Earnings Season Continues…
Earnings season is in full swing, with 112 companies from the S&P 500 expected to report their earnings this week. Notable names such as Tesla, Coca-Cola, IBM, and Boeing will release their figures on Wednesday.

stocks, markets, earnings