A professional trader works on the trading floor of the New York Stock Exchange on October 23, 2024.
Brendan McDermid | Reuters
This report comes from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open keeps investors updated on everything they need to know, no matter where they are. Like what you see? You can subscribe here.
What you need to know today
Nasdaq hits new high
Friday, Nasdaq Index record high, but S&P 500 Index and Dow Jones Industrial Average fell and ended their six-week winning streak. European regional Stoke 600 The index fell 0.03% and ended the week down 1%. It’s been a mixed earnings season for European companies so far.
Japan’s ruling coalition loses parliamentary majority
Japan’s Liberal Democratic Party and its Komeito partners will lose their parliamentary majority, according to public broadcaster forecasts Japan Broadcasting Corporation and publishing Nikkei Asiawhile the opposition camp has made significant progress. The yen fell against the dollar amid political uncertainty.
Tesla erases 2024 losses
Tesla The stock rose 3.4% on Friday after soaring 22% the day before. After these two days of gains, the stock has recovered all of this year’s losses, and the stock price is up 8.4% in 2024.
Waymo raises $5.6 billion
Alphabet’s self-driving car company Waymo raised $5.6 billion in its latest round of financing. The funds will be used to expand Waymo Driver’s robo-taxi services in existing and new locations. With this round of financing, Waymo has raised more than $11 billion in total funding.
(PRO) A very, very busy week in the market
This week is packed with important earnings and economic data. Five of the seven largest companies reported earnings. The September Personal Consumption Expenditure Index report and the main October employment report are also due out this week.
bottom line
this Nasdaq Index Successfully won for the seventh consecutive week.
The index closed at a record high after rising 0.56% on Friday, ending the week 0.2% higher.
However, other major U.S. indexes underperformed. both S&P 500 Index and Dow Jones Industrial Average Friday’s decline broke their six-week streak of positive momentum.
Tech-heavy Nasdaq gets boost Tesla’s Monster rally. Investors are also looking forward to earnings reports from major tech companies this week: Yuan, Amazon and Microsoft The amount added is up to 1%.
Earnings season has been a mixed bag so far. Although nearly three-quarters of S&P companies beat expectations, investors were disappointed when earnings growth fell short of expectations, according to FactSet data.
CNBC’s Pia Singh points out that more than half of the 20 largest companies saw their share prices fall after last week’s financial reports.
Because most of these companies are from industries other than technology, their losses have dragged down the S&P and Dow Jones, especially since a large portion are components of the 30-stock index. In fact, about 90% of the Dow Jones stocks posted losses this week.
For example, Coca Cola It beat Wall Street’s profit and revenue expectations, but its stock price still fell. As CEO James Quincey said on the post-earnings conference call, investors may be disappointed by the news that consumers are buying fewer Coca-Cola products and troubled by the headwinds the company believes will hinder its growth in 2025.
Five of the Big Seven are set to report earnings and key economic data this week, and investors are hoping all the numbers will pay off — if not jackpots, then at least get the S&P and Dow back on track. Green.
—CNBC’s Brian Evans, Pia Singh and Alex Harring contributed to this report.
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