MARKET WRAP

The Nasdaq closed at a record high for the first time since July as investors await a wave of Mag 7 earnings.

The tech-heavy index was up 0.78% today. The S&P 500 was up 0.16%, and the Russell 2000 was down 0.43%.

Alphabet reported earnings after the close. The Google parent reported strong Q3 earnings, beating expectations with $2.12 EPS and 88.27 billion revenue. CNBC notes this comes as the company faced leadership changes, antitrust challenges, and product launches amid ongoing AI competition and legal battles throughout the quarter. Shares were higher immediately following the report.

MRKT MATRIX: October 29, 2024

Today’s Top Stories:

• Nasdaq jumps to record close as major tech names rise ahead of earnings (CNBC)

• Stocks making the biggest moves midday (CNBC)

• Bitcoin Price Tops $73,000, Hitting Highest Level Since March (WSJ)

• Apple Ships $6 Billion of iPhones From India in Big China Shift (Bloomberg)

• Elon Musk’s xAI in Talks to Raise Funding Valuing It at $40 Billion (WSJ)

• Larry Fink says the Fed won’t cut interest rates as much as markets expect this year (CNBC)

• Deficit Threat Drives Bond Yields Higher (WSJ)

• Wall Street Sees Lines Blur Between Private Credit and Bank Debt (Bloomberg)

• Bosses Are Calling Workers Back to the Office. That’s Good News for Landlords. (WSJ)

Today’s MRKT Call is Presented by SoFi

Is Bitcoin A Buy Into The Election? What The Chart Says!

Dan Nathan, Guy Adami and Carter Worth break down the top market headlines and bring you stock market trade ideas for Tuesday, October 29th.

Timecodes

• 0:00 - Yields & SPX

• 12:30 - Bitcoin

• 17:00 - Healthcare

• 22:30 - GOOGL, XHB & AMD

• 30:00 - Audience Q&A

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Today’s Okay, Computer. is Presented by RBC and Current

MegaCap Tech Vibe Check with Deirdre Bosa & Brad Erickson

Dan Nathan hosts Deirdre Bosa delve into earnings projections for Alphabet, AMD, PayPal, Microsoft, Meta, Apple, Amazon, and Uber. The conversation explores the broader market trends, including the resilience of the S&P and Nasdaq, and the influence of macroeconomic factors like treasury yields. They discuss the regulatory challenges facing tech giants like Google and their impact on AI innovation. The episode also touches on Meta's AI Ray-Bans, Snap's spectacles, and the strategic AI investments of Microsoft and OpenAI. The upcoming presidential election's implications for big tech, especially regarding regulatory changes under different administrations, are examined. The dialogue provides valuable insights into how market leaders are navigating the evolving tech landscape amid significant economic and political changes.

Dan Nathan and Brad Erickson, Internet Equity Analyst at RBC Capital Markets, discuss the upcoming earnings reports from major tech companies like Google, Meta, and Amazon. They delve into the challenges and opportunities these companies face, particularly in areas such as AI, search, ad revenue, and cloud computing. They also touch on the impact of DOJ cases and innovative products on investor sentiment and stock performance.

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