Stock market today: Nasdaq heads for record close as investors await Alphabet earnings

Published On Oct 29, 2024, 3:00 PM

Tech stocks, led by strong performances from companies like Broadcom, experienced a mixed day for the markets as investors reacted to job openings data and awaited significant earnings reports, notably from Alphabet. The Nasdaq Composite rose 0.8%, while the S&P 500 increased by 0.3%. However, the Dow Jones Industrial Average dipped slightly. The job openings in September showed a decrease, which may influence the Federal Reserve's upcoming interest rate decisions. Market expectations are building as the earnings season progresses, with many high-profile companies announcing their results soon.

Stock Forecasts

The partnership between Broadcom and Microsoft OpenAI is likely to boost Broadcom's stock due to increasing demand for AI capabilities. With AI technologies becoming critical, Broadcom is well-positioned.

D.R. Horton's missed sales forecast and lowered profit expectations indicate struggles in the housing market, potentially leading to a further decline in its stock amidst high mortgage rates and election uncertainty.

Ford's profit forecast drop reflects ongoing challenges, such as high warranty costs and supplier disruptions, which could lead to continued stock price pressure as the market responds to the news.

Trump Media & Technology Group's recent surge could indicate speculative interest, especially with upcoming elections driving stock volatility; however, long-term stability remains uncertain due to political dependency.

Spotify's rise to a record high demonstrates significant market confidence following its successful profitability turnaround, suggesting continued bullish sentiment around its stock performance.

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Ford is struggling to make money on battery-powered models while General Motors, which started more slowly, says it is getting close to that goal.

Ford reported third quarter earnings after the bell on Monday, beating on revenue but bringing down its full-year profit forecast to the lower end of its range.

Trump Media & Technology Group stock extended its five-week rally on Tuesday as investors bet on the former president winning the US election.