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How Did the Stock Market Do Today?
Dow Jones: 17,646.70; +157.54; +0.90%
S&P 500: 2,075.15; +22.64; +1.10%
Nasdaq: 5,031.86; +111.82; +2.27%
The Dow Jones Industrial Average today (Friday) added 157 points as several tech giants crushed Wall Street earnings expectations, and traders cheered news the People's Bank of China would slash interest rates again in order to boost China's slowing economic growth. This is the sixth time that the central bank has cut its benchmark rate since November 2014.
Meanwhile, Amazon.com Inc. (Nasdaq: AMZN), Alphabet Inc. (Nasdaq: GOOGL), and Microsoft Corp. (Nasdaq: MSFT) all traded higher after reporting strong earnings following the bell on Thursday. Alphabet stock jumped more than 5.6%, while Amazon stock saw a 6.2% rise.
Top Stock Market News Today
- Stock Market News: Seven of 10 S&P sectors gained on Friday as technology stocks surged. The S&P technology sector gained more than 3.2% on the day. In addition to gains received by the tech rally and China's rate announcement, traders were also enthused by word the European Central Bank is poised to loosen monetary policy and boost its bond-purchasing program in order to prevent ongoing deflationary pressures. The biggest decliner today was the utilities sector, which slipped roughly 1.5%. High-volume losers were American Electric Power Co. Inc. (NYSE: AEP), Exelon Corp. (NYSE: EXC), and Southern Co. (NYSE: SO).
- Oil Prices: Oil prices slipped as concerns about the Chinese and European economies weighed down sentiment. November WTI oil prices dipped 1.5% to hit $44.70 per barrel, while Brent crude prices fell 0.2% to hit $48.02. Shares of Chevron Corp. (NYSE: CVX) dipped 0.4%, while shares of Exxon Mobil Corp. (NYSE: XOM) were flat.
- On Tap Next Week: On Monday, the U.S. Census Bureau will report new home sales for the month of September, while the Dallas Federal Reserve reports its October manufacturing business index. On the international front, keep an eye out for updates on Germany's business climate and a trade balance figure from New Zealand, which has been dramatically affected by demand concerns in China. Companies reporting earnings on Monday include com Inc. (Nasdaq: SOHU), Check Point Software Technologies Ltd. (Nasdaq: CHKP), Cheesecake Factory Inc. (Nasdaq: CAKE), and Xerox Corp. (NYSE: XRX).
Stocks to Watch: MSFT, AAPL, FB, THS
- Stocks to Watch No. 1, MSFT: Shares of Microsoft Corp. (Nasdaq: MSFT) surged more than 10%, reaching a 15-year high after the firm reported stronger than expected revenues. This was the ninth straight quarter the firm beat consensus expectations. Here's a recap of the company's stellar earnings report yesterday.
- Stocks to Watch No. 2, AAPL: Shares of Apple Inc. (Nasdaq: AAPL) gained more than 3% as tech stocks surged. Investors are very excited about Tuesday's earnings report from the maker of the iPhone. Here is a breakdown of everything you need to know about the Q4 Apple earnings report.
- Stocks to Watch No. 3, FB: Mark Zuckerberg did it. Shares of Facebook Inc. (Nasdaq: FB) surged past $100 today and hit an all-time intraday high of $102.85. Investors anticipate Facebook will beat Wall Street earnings estimates when the company reports on Tuesday, Nov. 4. Here's a primer on why Facebook stock continues to soar and what to expect when Facebook earnings are released early next week.
- Stocks to Watch No. 4, THS: Shares of TreeHouse Foods Inc. (NYSE: THS) gained 4.6% on news the company may purchase the Ralcorp snack-making unit of food manufacturer ConAgra Foods Inc. (NYSE: CAG) for roughly $2.7 billion.
What Investors Must Know This Week
- The Fastest Way to Profit from a $709 Billion Industry Shift
- Five Tech Stocks That Soared While the Markets Tanked
- Here's Where the Next Oil Sector Profits Will Be Made
Follow us on Twitter @moneymorning.
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.