MARKET WRAP

Stocks rallied today as investors anticipate earnings reports from major tech companies this week.

The S&P 500 gained 0.27%, while the Nasdaq was up 0.26%, and the Russell 2000 rallied 1.76%.

Oil prices dropped nearly 6% following limited Israeli airstrikes against Iran.

The oil plunge sent energy stocks lower, making the sector the only one to close in the red today. On the flip side, financials were the top performer.

This busy week includes earnings from five “Magnificent Seven” companies, the final stretch in the U.S. presidential election, and key economic data releases, including the October Jobs Report on Friday.

Investors are focusing on tech companies’ growth numbers amid high valuations.

MRKT MATRIX: October 28, 2024

Today’s Top Stories:

• Dow closes more than 250 points higher, S&P 500 rises as softening oil prices lift stocks (CNBC)

• American Wealth Will Grow Either Way Under Harris or Trump, Survey Shows (Bloomberg)

• Economist Warn of New Inflation Hazards After Election (WSJ)

• These stocks reporting this week, including Snap, are poised to see wild earnings moves (CNBC)

• Apple releases Apple Intelligence. Here’s how to get it on your iPhone (CNBC)

• Why Apple’s AI Success Hinges on the iPhone (WSJ)

• Inside Amazon’s AI Cloud Strategy (WSJ)

• How a Mumbai Drugmaker Is Helping Puting Get Nvidia AI Chips (Bloomberg)

• Boeing Launches $19 Billion Share Sale to Thwart Downgrade (Bloomberg)

Today’s On The Tape is Presented by CME Group, iConnections and SoFi

Earnings Need To Stand & Deliver + Investopedia's Caleb Silver

Guy Adami, Elizabeth Young Thomas, and Danny Moses examine the significance of the current earnings season, focusing on major companies' pressures and the broader market sentiment with the S&P 500 near all-time highs. The episode dives into the rising yields in the bond market, potential inflation re-acceleration, and their implications. Additionally, they analyze the effects of oil and gold price fluctuations on various sectors, including Boeing’s financial struggles and the broader economic impact. The hosts address global currency volatility, particularly involving Japan, and its effect on gold.

Caleb Silver, the editor-in-chief of Investopedia, makes his third appearance, discussing Investopedia's 25-year evolution from a simple investing dictionary to a significant financial education resource. Caleb shares his journey from the restaurant industry and documentary film-making to business journalism, emphasizing Investopedia's role in educating self-directed investors. The conversation covers key topics like earnings season, investor anxiety, the impacts of political elections, and the ever-changing economic landscape. The hosts delve into historical market behaviors, the influence of tariffs, market volatility, and the trends in passive investing. They also discuss the dynamics of retail investing driven by story stocks and meme phenomena, and Caleb highlights how Investopedia continues to adapt by diversifying their media outreach through podcasts, videos, and AI technologies, aiming to provide high-quality financial education.

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