Stock market today: Nasdaq leads stocks lower as Wall Street braces for Tesla earnings

Published On Oct 23, 2024, 12:17 PM

On Wednesday, the Nasdaq and other major US stock indexes fell due to investor concerns about the Federal Reserve's plans for interest rate cuts amidst a busy earnings day that included notable reports from Boeing and Tesla. Boeing reported a significant loss and its stock declined, while Tesla's upcoming earnings are highly anticipated, especially regarding its affordable EV and AI developments. Major tech stocks also fell, creating a bearish sentiment in the market. McDonald's shares dropped sharply after an E. coli outbreak was linked to their Quarter Pounder burgers, further contributing to a negative day for the Dow Jones. Overall, several companies face scrutiny and uncertainty ahead of earnings announcements, highlighting a cautious investor sentiment.

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Stock Forecasts

BAView BA chart on TradingView

Negative

Boeing's ongoing issues, including a $6 billion quarterly loss and concerns over labor disputes, could continue to negatively impact investor confidence and drive the stock lower. The stock is currently facing headwinds as operational cash flow is also reported negative.

TSLAView TSLA chart on TradingView

Negative

Tesla's earnings report is expected with much scrutiny, particularly around new product developments and AI strategies. If the results do not meet investor expectations, there could be a downturn in the stock as market sentiment shifts to caution.

MCDView MCD chart on TradingView

Negative

McDonald's has experienced significant negative press due to health issues, which could result in increased scrutiny and loss of consumer trust. This situation is likely to further dampen investor confidence and may keep the stock under pressure in the near term.

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