Stock market today: Nasdaq, S&P 500 sink as tech leads losses ahead of Tesla earnings

Published On Oct 23, 2024, 4:10 PM

On Wednesday, major US stock indices dropped, with the Dow losing over 400 points and the Nasdaq taking a nearly 1.6% hit, as concerns about prolonged high interest rates overshadowed earnings reports for companies like Boeing and Tesla. Tesla reported earnings that surpassed expectations, leading to an 8% increase in after-hours trading. Conversely, Boeing announced a significant loss of $6.17 billion, compounded by labor strike uncertainties. McDonald's shares fell after an E. coli outbreak linked to their Quarter Pounder burgers was reported. Market volatility is driven by investor uncertainty regarding future interest rate adjustments by the Federal Reserve, evident in the rising Treasury yields.

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Stock Forecasts

AI prediction results, not representative of any investment advice.

TSLA View TSLA chart on TradingView

Positive

Despite the challenges, Tesla's earnings beat could signal a bullish momentum short-term, leading investors to consider stock accumulation. However, its revenue miss is a warning sign. In contrast, Boeing's continued losses and labor strike challenges indicate further downside risk.

BA View BA chart on TradingView

Negative

Boeing is facing significant headwinds from its reported losses and operational challenges. Unless there is a significant turnaround or a resolution to labor issues, the outlook remains bleak for investors.

MCD View MCD chart on TradingView

Negative

McDonald's is under pressure due to health concerns associated with the E. coli outbreak, leading to a potential long-term impact on its brand and share price unless the situation is resolved swiftly.

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