Stocks Extend Rally Ahead of Big Tech Earnings

Apple, Amazon.com, and Microsoft all report earnings this week

Digital Content Manager
Oct 24, 2022 at 4:29 PM
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Stocks kicked off the last week of October with sizable gains. The Dow added over 400 points and settled at its highest level since Sept. 12. The S&P 500 and Nasdaq finished comfortably higher as well, the latter brushing off a rise in Treasury yields, despite disappointing manufacturing and services data.

Investors are closely monitoring the earnings confessional, with Big Tech behemoths such as Apple (AAPL), Amazon.com (AMZN), and Microsoft (MSFT) on the docket later this week.

Continue reading for more on today's market, including:

  • This semiconductor stock may benefit from an EV boom.
  • How United Parcel Service stock fared before earnings.
  • Plus, two chip stocks to watch, and a warning for Williams-Sonoma stock.

The Dow Jones Average (DJI - 31,499.62) added 417.1 points, or 1.3% for the day. Amgen (AMGN) led the gainers, adding 3.7%, while Nike (NKE) paced the laggards with a 0.6% loss.

The S&P 500 Index (SPX - 3,797.34) rose 44.6 points, or 1.2% for the day. Meanwhile, the Nasdaq Composite (IXIC - 10,952.61) gained 92.9 points, or 0.9% for the session.

Lastly, the Cboe Volatility Index (VIX - 29.85) rose 0.2 point, or 0.5% for the session.

closing summary Oct24

nyse nasdaq Oct24

5 Things to Know Today

  1. Two Chinese intelligence officers have been criminally charged with attempting to obstruct the prosecution of Huawei, per Attorney General Merrick Garland. (CNBC)
  2.  Apple (AAPL) is joining streaming giant Netflix (NFLX) in hiking subscription prices, with both Apple TV+ and Apple Music seeing increases. (MarketWatch) 
  3. Qualcomm stock is one to own in a post-smartphone world.  
  4. Advanced Micro Devices stock has been popular with options traders.
  5. Analyst: Deteriorating demand will weigh on Williams-Sonoma stock

There were no notable earnings reports today.

UVOL Oct24

Oil Prices Slip on Chinese Import Data

Oil prices settled lower on Monday, as investors worried about energy demand on the heels of China's import data release, and conclusion of the country's Communist party’s national congress. November-dated crude fell 47 cents, or 0.6%, to finish at $84.58 per barrel.

Gold prices edged lower as well, though cooler yields capped the yellow metal's losses. Traders are now looking ahead a gross domestic product (GDP) update for the U.S., as well as the personal consumption expenditures (PCE) index. December-dated gold dropped $2.20, or 0.1%, to close at $1,654.10 an ounce.

 

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