Weekly Update – October 28, 2024
The Week on Wall Street
Stocks were mixed last week as fresh economic data points and election-related uncertainty slowed market momentum.
The Standard & Poor’s 500 Index fell 0.96 percent, while the Nasdaq Composite Index rose 0.16 percent. The Dow Jones Industrial Average dropped 2.68 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, slid 2.30 percent.1,2
Nasdaq Leads
Stocks were mixed for the first half of the week as investors geared up for a steady stream of Q3 reports. The 10-year Treasury yield continued to trend higher, which caught the attention of some traders.
Markets fell Wednesday morning with news that existing home sales fell to a 14-year low in October; still slowed by higher interest rates, sales are on track for their worst year since 1995. Also, pre-election jitters remained an undertow with traders.3,4,5
News that durable goods orders rose in September buoyed sentiment a bit. At Friday’s close, the Nasdaq, fueled by technology names, marked its seventh consecutive week of gains but the S&P 500 broke its 6-week winning streak.6,7
Election Focus
With the election cycle in full swing, some traders appear to be preparing for an uptick in volatility in the coming weeks.
In late August, nearly 90 percent of stock traded above their 20-day moving average. However, that momentum has slowed. On Tuesday, Standard & Poor’s reported that the number of stocks above their 20-day moving average fell to nearly 50 percent. Traders may be moving to more of a “risk off” position ahead of November 5.8
THIS WEEK: KEY ECONOMIC DATA
Tuesday: International Trade in Goods. Consumer Confidence. Case- Shiller Home Price Index.
Wednesday: Gross Domestic Product. Treasury Refunding Announcement. Pending Home Sales. ADP Employment Report.
Thursday: Personal Income and Outlays.
Friday: Employment Situation. ISM Manufacturing Index.
THIS WEEK: COMPANIES REPORTING EARNINGS
Monday: Waste Management, Inc. (WM)
Tuesday: Alphabet Inc. (GOOG, GOOGL), Visa Inc. (V), Advanced Micro Devices, Inc. (AMD), McDonald’s Corporation (MCD), Pfizer Inc. (PFE)
Wednesday: Microsoft Corporation (MSFT), Meta Platforms, Inc. (META), Eli Lilly and Company (LLY), AbbVie Inc. (ABBV), Caterpillar Inc. (CAT), Amgen Inc. (AMGN), Booking Holdings Inc. (BKNG), Automatic Data Processing, Inc. (ADP), Starbucks Corporation (SBUX)
Thursday: Apple Inc. (APPL), Amazon.com, Inc. (AMZN), Mastercard Incorporated (MA), Merck & Co., Inc. (MRK), Uber Technologies, Inc. (UBER)
Friday: Berkshire Hathaway (BRK.A, BRK.B), Exxon Mobil Corporation (XOM), Chevron Corporation (CVX)
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1. The Wall Street Journal, October 25, 2024
2. Investing.com, October 25, 2024
3. MarketWatch.com, October 23, 2024
4. The Wall Street Journal, October 23, 2024
5. The Wall Street Journal, October 23, 2024
6. ABA Banking Journal, October 25, 2024
7. CNBC.com, October 25, 2024
8. The Wall Street Journal, October 25, 2024