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Stock market today: Wall Street rebounds as corporate earnings boost sentiment

October 17, 2024
in Business
Reading Time: 2 mins read
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Stock market today: Wall Street rebounds as corporate earnings boost sentiment
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Stock market today: Wall Street rebounds as corporate earnings boost sentiment

U.S. stocks rebounded Wednesday, buoyed by strong earnings from Morgan Stanley, United Airlines, and others, which helped to offset recent losses in technology shares.

  • S&P 500 Futures: 5,863.50 ⬆️ up 0.01%
  • S&P 500: 5,842.47 ⬆️ up 0.47%
  • Nasdaq Composite: 18,367.08 ⬆️ up 0.28%
  • Dow Jones Industrial Average: 43,077.70 ⬆️ up 0.79% 
  • STOXX Europe 600: 519.60 ⬇️ down 0.19%
  • CSI 300: 3,831.59 ⬇️ down 0.63%
  • Nikkei 225: 39,180.30 ⬇️ down 1.83%
  • Bitcoin: $67,703.45 ⬆️ up 0.97%

U.S.: Markets stabilize as corporate earnings fuel optimism
The S&P 500 gained 0.47%, recovering somewhat from Tuesday’s slump, while the Dow Jones added 0.79%. Nvidia shares rose 3.1%, after a sharp decline the previous day. U.S. markets had seen a dip earlier this week due to a warning from ASML about weakness in the semiconductor sector outside of AI, though the chip giant recovered slightly in Wednesday trading.

Europe: Luxury and semiconductor woes weigh on stocks
European markets edged lower on Wednesday, with the Stoxx 600 down 0.19%. Semiconductor concerns amplified by ASML’s disappointing outlook and LVMH’s warning about weak sales in China drove the decline. LVMH dropped 3.9%, and ASML fell another 3.2%. However, the FTSE 100 bucked the trend, rising 0.97%, after U.K. inflation dropped to its lowest level in more than three years, fueling hopes of a potential rate cut by the Bank of England.

China: Markets hold steady ahead of housing stimulus update
Chinese stocks were relatively stable Wednesday, awaiting a housing market briefing scheduled for Thursday that could hint at new stimulus measures. The CSI 300 declined 0.63%, reflecting cautious sentiment among investors after Tuesday’s heavy losses. Housing stocks managed to limit the overall decline, with the Shanghai Composite inching up 0.05%.

Japan: Semiconductor weakness pulls Nikkei down sharply
Japan’s Nikkei 225 slumped 1.83%, led by sharp declines in semiconductor stocks following ASML’s outlook cut. Tokyo Electron plunged 9.19%, and Softbank, which holds a major stake in Arm Holdings, dropped 3.97%. Semiconductor sector weakness continues to weigh on the Japanese market, following ASML’s early-released results indicating lackluster demand beyond AI-related industries.

Earnings season continues…
Netflix earnings are due tomorrow and P&G and American Express are scheduled for Friday.

Credit: Source link

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