Live Markets: Late rally lifts Nasdaq to closing record

Stanley Black & Decker

29/10/2024 20:26

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      Nasdaq ends up ~0.8%, S&P 500 up ~0.2%, Dow down ~0.4%
    

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      Comm Svcs leads S&P sector gainers; Utilities weakest
group
    

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      Dollar, crude ~flat; gold up >1%; bitcoin jumps >3%
    

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      U.S. 10-Year Treasury yield edges down to ~4.26% 
    

  
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    LATE RALLY LIFTS NASDAQ TO CLOSING RECORD 
    The Nasdaq Composite  .IXIC  rallied late on Tuesday to
close at a record for the first time since July, while the S&P
500  .SPX  saw more modest gains and the Dow Industrials  .DJI 
closed in negative territory as economic data and earnings
season picked up pace.
    A strong auction of seven-year Treasury notes  US7YT=RR 
helped bond yields pause their recent ascent, providing an extra
lift to the Nasdaq. Each of the major indexes had seen choppy
trading in the earlier stages of the session. 
    For the first in a series of reports on the labor market 
this week, U.S. job openings dropped to more than a 3-1/2 year
low in September, but nearly all the decline in vacancies was in
the South, suggesting that Hurricanes Helene and Milton had
temporarily weighed on demand for labor.
    Aside from economic data, corporate earnings were coming
into sharper focus. Stanley Black & Decker  SWK.N  was the worst
performing S&P 500 component, down nearly 9%, after the tool
maker reported quarterly results that missed revenue
expectations while tightening its full-year outlook. 
    Cadence Design  CDNS.O  surged 12.5% as the best performer
on the benchmark S&P index after posting Q3 results and boosting
the midpoint of its annual profit view. 
    However, only two of the 11 major S&P sectors advanced on
the day, with communication services  .SPLRCL  and tech
 .SPLRCT  each rising more than 1%. Utilities  .SPLRCU  was the
weakest group, with a drop of over 2%. 
    Market breadth skewed negative, as declining issues
outnumbered advancers by a 1.78-to-1 ratio on the NYSE while on
the Nasdaq, declining issues outnumbered advancers by a
1.17-to-1 ratio.
    Below is your market snapshot:  
      
    
    (Chuck Mikolajczak)
     *****
    
    
    FOR TUESDAY'S EARLIER LIVE MARKETS POSTS:
    
    OIL PRICES ARE NOT A RECESSION SIGNAL - CLICK HERE
    
    BOFA CLIENTS POST BIGGEST U.S. EQUITY OUTFLOWS IN 8 WEEKS -
CLICK HERE
    
    WHY SMALL CAPS ARE OUTPERFORMING - CLICK HERE
    
    TUESDAY DATA: JOLTS OF CONFIDENCE - CLICK HERE
    
    U.S. STOCKS FLAT AFTER DATA, AHEAD OF MEGACAP EARNINGS -
CLICK HERE
    
    BENCHMARK TREASURY YIELD: CLIMBING INTO THE CLOUD - CLICK
HERE 
    
    Q3 EARNINGS SEASON 'CRITICAL TEST' FOR BIG TECH - SAXO BANK
- CLICK HERE
    
    US ELECTIONS AND THE NEXT ECB RATE CUT LIVE MARKETS - CLICK
HERE
    
    STOXX INCHES UP, Q3 REPORTING STEAMS AHEAD - CLICK HERE
    
    EUROPE BEFORE THE BELL: HSBC BEAT AND MORE EARNINGS - CLICK
HERE
    
    RISK SPOTLIGHT SWINGS TO EARNINGS AVALANCHE - CLICK HERE  
      

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Closing levels Oct 29    https://tmsnrt.rs/3Up5Ih1
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