22 OCT 2024 Market Close & Major Financial Headlines: The Three Major Indexes Opened Sharply Lower, Then Erased Opening Losses Where The Nasdaq Set A New Historic High And The Indexes Closed Fractionally Mixed
Summary Of the Markets Today:
- The Dow closed down 7 points or 0.02%,
- Nasdaq closed up 33 points or 0.18%, (Closed at 18,573, New Historic high 18,621)
- S&P 500 closed down 3 points or 0.05%,
- Gold $2,762 up $22.90 or 0.84%,
- WTI crude oil settled at $72 up $1.68 or 2.38%,
- 10-year U.S. Treasury 4.208 up 0.026 points or 0.211%,
- USD index $104.11 up $0.09 or 0.09%,
- Bitcoin $67,486 down $1,755 or 0.26%, (24 Hours)
*Stock data, cryptocurrency, and commodity prices at the market closing
Today’s Highlights
Investors were processing a recent bond market sell-off and incoming earnings reports. Doubts are growing about the Federal Reserve’s ability to cut rates aggressively or maintain current levels in November. The 10-year Treasury yield stabilized around 4.2% after surpassing this level on Monday for the first time since July. General Motors raised its guidance for the third time this year, with shares closing up over 10%. GE Aerospace and Verizon saw share price declines following mixed Q3 reports. Anticipation is building for Tesla’s earnings report, expected on Wednesday. Gold prices reached another record high as investors sought safety amid geopolitical tensions and the upcoming U.S. presidential election.
Click here to read our current Economic Forecast – October 2024 Economic Forecast: One More Recession Flag Removed Yet Little Headway On Inflation
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
Richmond Fed manufacturing activity remained slow in October 2024. The composite manufacturing index increased from −21 in September to −14 in October. Of its three component indexes, shipments increased from −18 to −8, new orders rose from −23 to −17, and employment increased from −22 to −17. Being a negative number shows manufacturing remains in a recession.
Here is a summary of headlines we are reading today:
- U.S. Tightens Grip on Russia’s LNG Exports
- Oilfield Services Firms Sound the Alarm: Shale Spending Slows
- The Dark Side of AI-Powered Synthetic Biology
- Top U.S. LNG Exports: China’s Gas Demand Is Booming
- EU Imports of China’s EVs Surge Ahead of Tariffs
- U.S. Monitors Shadow Fleet Oil Transfers in Southeast Asia
- Paul Tudor Jones says market reckoning on spending is coming after election: ‘We are going to be broke’
- Philip Morris is a growth stock again as shares hit all-time high on Zyn demand boom
- Dow posts back-to-back loss Tuesday as Wall Street’s rally pauses: Live updates
- Peloton partners with Costco to sell Bike+ as it looks to reach young, wealthy customers
- IRS announces bigger estate and gift tax exemption for 2025
- Polymarket Is Singlehandedly Moving The Entire US Bond Market
- 10-year Treasury yield ends at roughly 3-month high as U.S. deficit concerns linger
Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.