Stock market today: Dow, S&P 500 slip, Nasdaq wavers with flood of earnings ahead

Published On Oct 21, 2024, 1:46 PM

The stock market is experiencing slight declines with the Dow and S&P 500 slipping and the Nasdaq remaining flat as investors brace for an upcoming week packed with earnings reports from major companies. The S&P 500 decreased by nearly 0.3%, and the Dow fell by about 0.7%. AI chipmaker Nvidia reached a new intraday record, while Apple is on pace to hit another closing high. Investors are particularly anxious about the upcoming earnings report from Tesla, amidst concerns regarding its robotaxi unveiling. Notably, over 100 S&P 500 companies are scheduled to report their earnings this week, and expectations are high after 80% of firms that have already reported exceeded earnings estimates for the third quarter.

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Stock Forecasts

AI prediction results, not representative of any investment advice.

TSLA View TSLA chart on TradingView

Negative

The current market sentiment reflects caution among investors due to the impending earnings reports. Positive earnings surprises could lead to upwards momentum in stocks. However, with rising treasury yields, there's potential for a correction if earnings do not meet expectations, especially for larger tech companies.

NVDA View NVDA chart on TradingView

Positive

With Nvidia hitting record highs and continuing strong performance reflective of demand in AI technologies, the stock might maintain upward momentum especially amidst an initiative in AI sectors supporting growth.

BA View BA chart on TradingView

Neutral

While Boeing is facing challenges from labor agreements and market competition, the recent labor deal has the potential to stabilize operations and prevent further losses. However, the stock's recovery might be slow given its historical performance this year.

GM View GM chart on TradingView

Positive

General Motors is expected to report its earnings soon and has raised guidance that may reflect positively on its results, which could revive interest in automotive stocks, following enhanced guidance and decent sales figures.

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