Market Climbs on Tech Earnings Buzz | Live Stock

Kevin Travers joined discussion · Oct 24 10:19

Good morning, traders. Happy Thursday, October 24th. The market is climbing if the S&P 500 and Nasdaq directions can be believed after earnings from everyone's favorite EV giant, Tesla, came out as a beat despite a slight miss in revenue.

My name is Kevin Travers; here is the news about animal spirits moving markets today.

$IBM Corp (IBM.US)$ fell sharply in today's pre-market trading session following a third-quarter revenue miss of $14.968 billion vs estimates of $15.07 billion. It was pulling the Dow down with a 6% drop; the index's lowest decliner.

$Tesla (TSLA.US)$ climbed 16%, one of the highest on the S&P 500 after the firm reported Q3 adjusted earnings of $0.72/share, vs estimates of $0.59/share, on revenue of $25.18B vs estimates of $25.52B. Importantly, the firm posted a margin that grew by 19%, compared to the estimated 16%.

The auto manufacturer industry flew higher Thursday on the wings of Tesla earnings.

Market Climbs on Tech Earnings Buzz | Live Stock

Shares of $Newmont (NEM.US)$, a gold miner, were tumbling after the firm reported third-quarter adjusted earnings of 81 cents per share, below estimates of 86C, and revenue below estimates. Gold prices have been at all-time highs for nearly an entire year. It was falling 8%, at the time the lowest decliner on the S&P 500.

$Crude Oil Futures(JAN5) (CLmain.US)$ fell back to $70/barrel.

$Bitcoin (BTC.CC)$ hovered at $67k. Gold climbed but silver fell. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ fell.

Just past 11:10 am ET the $S&P 500 Index (.SPX.US)$ traded +0.10%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.39%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.46%.

On the macro front Thursday, September new homes sold quickly with rising prices, reported the Census Bureau, while October S&P PMI readings reflected stronger growth in the services sector but manufacturing again retreated.

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Yesterday, users were talking Tesla. One pointed out the firm broke its streak of missing earnings estimates that it had set over the course of four quarters.

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

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