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Monday Market Pulls Back From Highs, With Earnings To Come | Moovin Stonks

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Kevin Travers wrote a column · Oct 22, 2024 00:09
Good afternoon traders, happy Monday, October 21st, the start of a brand new week! Investors will see some heavy hitter earnings this week, including the first of the magnificent seven, Tesla reporting on Wednesday. The market is falling Monday, after hitting highs Thursday last week.
My name is Kevin Travers; here are the news stories and animal spirits hitting Wall Street Today.
$Spirit Airlines (SAVE.US)$ jumped more than 50% at the open after the firm announced in its current report it would push back its refinancing plan for $1.1B it holds in dept to December and that it took out $300M from Visa and Mastercard in a revolving Credit Facility.
$Kenvue (KVUE.US)$, a consumer health, cold, and flu company, climbed 6%, the highest on the S&P 500 after a Wall Street Journal report that activist investor Starboard Value built a stake in the company and wants to implement changes to boost the share price.
$Boeing (BA.US)$ shares climbed 4% at open before pulling back, but they had the highest gains on the Dow Jones Industrial Average. The firm said over the weekend, it met with labor leaders and came to a tentative deal to end a strike that halted production on September 13th. According to Barrons, the agreement includes base-wage increases of 35% over four years, along with other benefit enhancements, but the mechanism union will vote on the deal on Wednesday.
This week, investors are watching for earnings reports from $Tesla (TSLA.US)$ on Wednesday, but also other +$1B and $100B market cap giants of the market like $GE Aerospace (GE.US)$ on Tuesday, $Coca-Cola (KO.US)$ $AT&T (T.US)$  and $IBM Corp (IBM.US)$ Wednesday, $S&P Global (SPGI.US)$, $United Parcel Service (UPS.US)$ Thursday.
Within industries tracked by moomoo, biotechnology stocks were lower, led by a 15% drop in $Neumora Therapeutics (NMRA.US)$, a clinical-stage pharma company trying to treat brain diseases.
Monday Market Pulls Back From Highs, With Earnings To Come | Moovin Stonks
$Crude Oil Futures(APR5) (CLmain.US)$ climbed 1%,  but hovered below $70/barrel after falling last week.
$Bitcoin (BTC.CC)$ stayed at $67k Gold and silver pulled back slightly from an all-time high.   $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the       $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed.
The market overall fell Monday by noon, when the   $S&P 500 Index (.SPX.US)$ traded down 40 basis points, the       $Dow Jones Industrial Average (.DJI.US)$ fell 0.68%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.15%.
Monday Market Pulls Back From Highs, With Earnings To Come | Moovin Stonks
This week will see the release of S&P PMI and the Fed's Beige Book of economic survey data from across the country, and not much else. There will be numerous Fed speakers this week, and investors will attempt to glean any bit of future rate cut insight they can, check in to moomoo news for updates.
Interested in Options? To see these stocks and more on the options page, click here.  Want to learn more about options, check out moomoo education with this link. Click here to join our exclusive options chat with personal callouts from our resident expert, Invest with Sarge.
Last time, users argued over tech earnings: $Taiwan Semiconductor (TSM.US)$ vs. $ASML Holding (ASML.US)$ two component makers within the Semiconductor world.
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!
Disclaimer: This content is for informational use only and is not a recommendation or endorsement of any particular investment or strategy. Indexes are unmanaged and cannot be directly invested into. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors' financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information having regard to your relevant personal circumstances, before making any investment decisions. Past performance does not indicate or guarantee future success. Moomoo makes no representation or warranty as to its adequacy, or timeliness for any particular purpose of the above content. The data and information provided has been obtained from sources considered to be reliable, but moomoo does not guarantee that the foregoing material is accurate or complete. See the link in the Moovers Community post for more information.
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Kevin Travers
Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office. Fmr CNBC contributor, reporter/investor/trader Posts do not represent mm
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