Market Momentum Builds as Tech Stocks Soar
The US stock market ended the week on a high note, with tech stocks leading the charge. Netflix’s impressive earnings report set the tone for the day, with investors eagerly anticipating the next batch of corporate results. The Nasdaq Composite surged 0.5%, while the S&P 500 added 0.3%. The Dow Jones Industrial Average, fresh from hitting a record closing high, slipped 0.1%.
Netflix Shines with Across-the-Board Earnings Beat
The streaming giant’s profit skyrocketed, exceeding Wall Street estimates. Revenue and subscriber growth also came in stronger than expected, sending Netflix’s shares soaring over 9% in morning trading. This stellar performance alleviated concerns that Big Tech names might struggle in the third quarter, as they did in the last.
Chinese Stocks Rebound, Boosting US-Listed Shares
A rebound in Chinese stock markets propelled gains in US-listed shares of Alibaba, JD.com, and PDD. This surge in optimism was fueled by hopes for more stimulus to support China’s economy.
Gold Prices Hit Record High Amid Geopolitical Uncertainty
As concerns about the Middle East conflict and the US presidential election outcome grew, investors sought refuge in less-risky assets. Gold prices topped $2,700 an ounce for the first time, reaching a new record.
CVS Stock Tumbles as CEO Exits, New Leadership Takes Over
Pharmacy chain CVS saw its stock plummet over 6% in morning trading after announcing the departure of CEO Karen Lynch. David Joyner, executive vice president of CVS Health, will take the reins. This leadership change comes amid pressure from hedge fund Glenview Capital Management, which has been pushing for changes. CVS also issued a disappointing earnings forecast, citing “continued elevated medical cost pressures.”
Earnings Season Heats Up
As the final trading session of the week came to a close, investors looked ahead to a busy earnings season. Ally Financial, American Express, Comerica, and Procter & Gamble are among the companies set to report next. Housing starts and building permits data for September will also be released.
Other Market Movers
- Robotaxi flop rattles Tesla’s premium valuation
- Apple iPhone 16 sales soar 20% in China debut
- Buffett sells more BofA shares as buybacks push stake over 10%
- Oil edges up with Mideast in focus after Hamas leader’s death
Leave a Reply