Stock market today: S&P 500 posts back-to-back losses for first time since September as rally stalls

Published On Oct 22, 2024, 4:11 PM

US stocks closed mixed as investors adjusted to a bond market sell-off and prepared for upcoming earnings reports. The S&P 500 and Dow Jones finished just below the flatline, while the Nasdaq Composite saw a slight increase. Concerns about the Federal Reserve's interest rate policies and ongoing economic strength pressured the market. Noteworthy moves include General Motors increasing its guidance, causing its shares to rise by over 10%. In contrast, GE Aerospace and Verizon reported weaker results, leading to stock declines of 8% and 5%, respectively.

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Stock Forecasts

AI prediction results, not representative of any investment advice.

GM View GM chart on TradingView

Positive

General Motors reported strong earnings and raised its guidance for profitability, indicating robust performance in the EV sector. This positive news suggests potential growth for GM's stock as investor confidence increases.

VZ View VZ chart on TradingView

Negative

Verizon's mixed earnings report resulted in a stock price decline, raising concerns about its ongoing competitiveness and ability to drive growth, especially amidst a challenging environment for telecoms.

DJT View DJT chart on TradingView

Positive

Trump Media's stock experienced a surge as investors speculated on the likelihood of Donald Trump's election victory impacting its future business prospects. The increasing investor interest may support short-term gains.

WMT View WMT chart on TradingView

Positive

The advance of Walmart into same-day prescription delivery could strengthen its market position against competitors, potentially enhancing customer engagement and revenue streams, indicating positive sentiment for the stock.

XLY View XLY chart on TradingView

Negative

The overall market environment remains cautious with a potential negative outlook for technology and consumer discretionary sectors amid rising interest rates, which could lead to volatility in these stocks in the short term.

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