Stock market today: S&P 500 trades at record high, Nasdaq jumps with earnings on deck
Published On Oct 14, 2024, 10:32 AM
US stocks climbed to record highs on Monday, with the S&P 500 rising approximately 0.6% and the tech-heavy Nasdaq climbing around 1%. This surge is attributed to strong earlier earnings from major banks and anticipation of further earnings reports this week. Notable companies such as Goldman Sachs, Citi, and Bank of America will soon release their earnings. There is also speculation about the Federal Reserve's potential interest rate decisions, influenced by recent economic data. Despite these positive trends, Boeing shares fell nearly 3% amid significant job cuts and ongoing union strikes.
Stock Forecasts
SPY
Positive
The strong performance of the S&P 500 and Nasdaq indicates positive sentiment in the market, bolstered by upcoming earnings reports and a focus on a soft economic landing. Analysts expect stable bank earnings to continue this trend.
NVDA
Positive
Nvidia's stock has shown significant gains due to high demand for its AI chips, positioning it to compete closely with Apple for market capitalization dominance. Given its upcoming earnings prediction of substantial revenue growth, the stock is likely to maintain its upwards trajectory.
BA
Negative
Boeing's share price decline reflects growing concerns about its financial stability and ongoing labor issues. The substantial job cuts and strike implications could hinder its recovery in the near term.
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