Friday Market Climbs After Big Earnings, and More to Come | Live Stock

Kevin Travers joined discussion · Oct 25, 2024 23:21

Good morning, traders. Happy Friday, October 25th. The market is climbing, with another heavy week of earnings priced in. Next week, investors are watching for an even bigger earnings week with less than two weeks to the U.S. election. Watch for reports from $Apple (AAPL.US)$, $Meta Platforms (META.US)$, $Microsoft (MSFT.US)$, and $Amazon (AMZN.US)$, and dozens more industry giants.

My name is Kevin Travers; here is the news and animal spirits moving Wall Street Today.

Shares of $Mohawk Industries (MHK.US)$ fell 11% Friday after a Thursday night earnings report where the flooring company issued weak fourth-quarter guidance and warned that recent U.S. hurricanes would hurt sales. Chief Jeff Lorberbaum said hurricanes would hurt Q4 revenue by $40 million.

$Tapestry (TPR.US)$ shares climbed 14% after plans to appeal a U.S. federal court decision that enabled the Federal Trade Commission to block the firm's acquisition of $Capri Holdings (CPRI.US)$. Capri shares still fell more than 45% after the news came out Thursday.

$Taiwan Semiconductor (TSM.US)$ shares climbed after a Bloomberg report showed the firm accomplished better-than-expected production yields at its first Arizona plant than at its Taiwan facilities. Yields in Phoenix rose 4% above those at home, according to Taiwan Semiconductor's U.S. division head Rick Cassidy.

Within industries tracked by moomoo, semiconductors climbed on the news. $GlobalFoundries (GFS.US)$ grew by 5% after the news, along with a 3% bump in $Intel (INTC.US)$ that helped pull the Dow higher.

Friday Market Climbs After Big Earnings, and More to Come | Live Stock

$Crude Oil Futures(MAY5) (CLmain.US)$ climbed 1%. $Bitcoin (BTC.CC)$ hovered at $68k. Gold and silver both climbed. The $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ both fell.

Just past 11:14 am ET the $S&P 500 Index (.SPX.US)$ traded +0.72%, the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.10%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 1.38%.

In macro Friday, Michigan's Consumer Sentiment of inflation came in lower than last time- 2.7%. Durable goods orders fell just 0.8%, lower than expected, and core goods orders climbed. Atlanta Fed's flash GDP came in a 3.3% for the third quarter, a little lower than the last estimates.

Thursday, October S&P Global PMI climbed to 47.8 in October from 47.3 in September, above estimates. The index still suggests contraction in the sector, as does any reading under 50.

The index for PMI Services climbed to 55.3 in October from 55.2 in September, compared with expectations for a slight decrease to 55.0. The services index indicates expansion in the sector, which aligns with the Philadelphia Fed and Richmond Fed

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Yesterday, users like Stock_Drift helped me find the story for Capri- watch for a feature story interview with that user later today!!!

Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!

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