Stock market today: Dow, Nasdaq, S&P 500 slide as Treasury yields hit highest level since July

Published On Oct 22, 2024, 9:37 AM

U.S. stocks faced a downturn, with the S&P 500 down over 0.5% and the Nasdaq falling by about 0.6%, notably under pressure from rising bond yields and investor caution ahead of upcoming earnings reports. Notable companies reporting include General Motors, which saw a stock rise of over 5% after increasing its earnings guidance due to strong electric vehicle sales. Overall concerns about the Federal Reserve’s interest rate policies, influenced by economic strength and election uncertainties, are contributing to a cautious market sentiment.

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Stock Forecasts

AI prediction results, not representative of any investment advice.

GM View GM chart on TradingView

Positive

Given General Motors' strong earnings and guidance increase, the stock could continue to perform well in the near term as investors appreciate positive growth in the EV sector. Conversely, the overall market pressure from rising bond yields may dampen broader stock performance. Expect fluctuations as earnings reports come in.

VZ View VZ chart on TradingView

Negative

The mixed earnings results from companies like GE Aerospace and Verizon, compounded by rising yields that typically pressure rate-sensitive stocks, indicate a challenging environment for some sectors. Stocks like VZ may continue to struggle due to poor performance on their earnings reports.

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