MARKET WRAP

The major averages closed higher today as blowout Tesla earnings lifted stocks.

The S&P 500 was up 0.21%, the Nasdaw was up 0.76% and the Russell 2000 was up 0.20%.

The 20+% move in Tesla pushed the Consumer Discretionary sector up by more than 3% today.

According to CNBC, about 160 S&P 500 companies have reported earnings, but results are below expectations. The blended growth rate shows a 3.4% increase from last year, missing analysts’ projections.

MRKT MATRIX: October 24, 2024

Today’s Top Stories:

• S&P 500 rises to end three-day losing run, lifted by surge in Tesla (CNBC)

• Tesla Delivers Blowout Quarter and Upbeat Outlook for 2025 (Bloomberg)

• Stocks to Watch Thursday: Tesla, Boeing, IBM, UPS (WSJ)

• Google’s Anthropic AI Investment Gets Formal UK Merger Probe (Bloomberg)

• Southwest Strikes Deal with Elliott, Adds Six New Board Members (Bloomberg)

• American Airlines lifts 2024 profit forecast after sales strategy shift, posts third-quarter loss (CNBC)

• Boeing Workers Spurn Latest Offer as Bid to End Strike Fails (Bloomberg)

• Inflation Has Cooled, but Americans Are Still Seething Over Prices (WSJ)

• US Initial Jobless Claims Fall Back to Pre-Hurricanes Levels (Bloomberg)

Today’s MRKT Call is Presented by FactSet

Tesla Stock Soars After Earnings Report

Dan Nathan, Guy Adami and Carter Worth break down the top market headlines and bring you stock market trade ideas for Thursday, October 24th.

Timecodes

• 0:00 - Tesla's Electric Earnings

• 11:15 - IBM & UPS

• 19:00 - Yields & Homebuilders

• 25:00 - Audience Q&A

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