Dow Snaps Losing Streak as Earnings Impress

Earnings from Alphabet and Microsoft are due out after the close

Deputy Editor
Oct 24, 2023 at 4:25 PM
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The Dow surged 204 points today, snapping a four-day losing streak thanks to a slew of earnings reports -- including a big quarterly win from Coca-Cola (KO) -- that encouraged investors about the health of the stock market. The Nasdaq scored a triple-digit pop as well, while the S&P 500 (SPX) snapped its five-day skid, as the 10-year Treasury yield pulled back from 5%. Wall Street is now looking ahead to Big Tech earnings from Alphabet (GOOGL) and Microsoft (MSFT), due out after the close today. 

  • Logitech stock surged after profit announcement
  • Zoom stock hanging around its April lows. 
  • Plus, two stocks drawing analyst attention; and more on KO's post-earnings pop. 

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5 Things to Know Today

  1. Morgan Stanley is in the midst of a leadership transition, with three potential chief executive successors. In the meantime, the lack of news appears to be weighing on the bank stock. 
  2. Britain today got rid of a decade-old cap on bank bonuses. This move diverges from pre-Brexit European Union (EU) rules.  (MarketWatch)
  3. Analyst looking forward to DraftKings earnings
  4. Energy drink stock showing signs of life. 
  5. Call traders buzzing over Coca-Cola earnings. 

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Commodities Pull Back

Oil prices moved lower for a third-straight session, as investors await updates regarding the Israel-Hamas war and tomorrow's U.S. petroleum supplies data. The new front-month contract, December-dated West Texas Intermediate (WTI) crude, fell $1.75, or 2.1%, to settle at $83.74 a barrel. 

Gold futures was mostly static with a marginal drop. December-dated gold lost $8.10 to settle at $1,986.30 an ounce Friday.

 

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