Stock market today: Dow, S&P 500, Nasdaq gain in wait for key data, Big Tech earnings
Published On Oct 28, 2024, 9:31 AM
US stocks rose on Monday, driven by easing concerns about Middle Eastern tensions and anticipation of upcoming earnings from major technology companies. The Nasdaq Composite increased by 0.7%, the S&P 500 by 0.5%, and the Dow Jones by 0.5%. Investors reacted positively after Israel's attacks on Iran were confirmed to target military installations, avoiding oil infrastructure, which caused oil prices to drop significantly. Key tech giants including Alphabet, Apple, Amazon, Microsoft, and Meta are set to report earnings this week, which could influence market performance. Economic data releases, particularly related to inflation and job growth, are also anticipated. On a corporate note, Boeing initiated a nearly $19 billion share sale in a move to bolster its financial stability amid potential credit rating downgrades.
Stock Forecasts
AAPL
Positive
The stabilizing situation in the Middle East allows investors to refocus on earnings reports from major tech companies, which could lead to upward movement in their stock prices as expectations are high for continued growth in this sector. Additionally, a successful earnings week could lift the overall market indices like the S&P 500 and Nasdaq.
BA
Negative
Boeing's announcement of a share sale, while necessary, indicates ongoing financial struggles. The company's potential credit downgrade and job cuts may continue to deter investors. Therefore, we predict a downward trend for Boeing's stock until there is clearer evidence of recovery.
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