Market Falls, Tuesday Earnings Mixed But Not For Tech and AeroSpace | Moovin Stonks

Kevin Travers joined discussion · Oct 22 10:06

Good morning, traders. Happy Tuesday, October 22. The market fell Tuesday morning as earnings started rolling in from tech and communications companies.

My name is Kevin Travers; here are stories and animal spirits running on Wall Street today.

$Genuine Parts (GPC.US)$ fell 18%, the lowest reaching stock pulling down the S&P 500 after the auto parts firm reported earnings reported an adjusted EPS of $1.88, below estimates of $2.42, but beat revenue estimates.

In contrast, $General Motors (GM.US)$ climbed 7% after the firm reported Q3 earnings after the firm reported net income of $3.056 billion, or $2.68 a share, compared with $3.064 billion, or $2.20 a share, in the same period a year ago. It swapped back and forth with $Philip Morris International (PM.US)$ for the highest gainer on the S&P 500, after it posted an earning beat for its Q3.

Within industries tracked by moomoo, Aerospace and defense stocks fell following an earnings report from $Lockheed Martin (LMT.US)$ that came up short- missing net sales growth but beating adjusted EPS. $GE Aerospace (GE.US)$ also beat earnings. Still, the stock fell 8% and ripped down the segment as the biggest decliner.

Market Falls, Tuesday Earnings Mixed But Not For Tech and AeroSpace | Moovin Stonks

$Crude Oil Futures(JAN5) (CLmain.US)$ climbed to $71/barrel. $Bitcoin (BTC.CC)$ hovered below $70k still. Gold and silver both climbed to all-time trading highs. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ both fell.

The market fell Tuesday after consumer and communications earnings came in mixed.

After 11 am ET, the $S&P 500 Index (.SPX.US)$ fell 0.41%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.28%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.17%.

Monday, Fed's Kaskari said that the Fed can't bring down prices altogether and that the labor market did not cause inflation. Fed's Daly and Harkey did not comment on monetary policy, and outside of Fed commentary this week, we will see the release of S&P PMI and the Fed's Baige Book of Economic survey data from across the country, not much else.

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Yesterday, users said they did not like my glasses, but all eyes were on semiconductor firm prices and $Tesla (TSLA.US)$ earnigns tomorrow- Tesla uses a lot of $NVIDIA (NVDA.US)$ chips for self-driving car training. The election is in two weeks.

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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