Week Ending 11th October 2024
The Dow and S&P 500 notched new highs on Friday, with the broader index closing above 5,800 for the first time as big US banks got earnings season underway.
The Dow Jones Industrial Average (^DJI) rose nearly 1% as JPMorgan Chase (JPM) shares surged. The S&P 500 (^GSPC) gained 0.6%, and the tech-heavy Nasdaq Composite (^IXIC) increased about 0.3%.
All three gauges finished the first full trading week of October with weekly wins of more than 1%.
Investors combed through quarterly results from big Wall Street banks — the traditional starting gun for earnings season. In focus is the potential impact of the Fed’s pivot to rate cuts on lending margins and, thus, on profits.
At the same time, investors weighed the likely impact of a hot inflation print this week and unchanged wholesale inflation on Federal Reserve policy. The latest consumer inflation data failed to clearly signal the Fed’s next move on interest rate cuts.
“When financials do well, this is what a soft landing looks like. It’s a positive overall sign for the economy and sets a positive tone for earnings releases in other industries in the next few weeks.”
Meanwhile in Europe….London stocks rounded off the week on a dour note as investors were disappointed after China failed to announce specific measures to stimulate its economy, while losses in Sainsbury’s pulled the benchmark index lower.
Financial services led gains, up 1%, while telecoms stocks fell 0.42% as the lone loss.
42,863.86 | +409.74 | +0.97 | |
18,342.94 | +60.89 | +0.33 | |
5,815.03 | +34.98 | +0.61 | |
2,674.2 | +34.9 | +1.32 | |
75.49 | -0.36 | -0.47 | |
4.096 | +0.002 | -0.02 | |
1.094 | UNCH | UNCH | |
20.46 | -0.47 | -2.25 |
8,253.65 | +15.92 | +0.19 | |
19,373.83 | +162.93 | +0.85 | |
7,577.89 | +36.3 | +0.48 | |
521.98 | +2.87 | +0.55 | |
915.96 | +4.64 | +0.51 | |
4,283.23 | +36.4 | +0.86 | |
34,308.01 | +230.59 | +0.68 | |
2,588.72 | +14.81 | +0.58 | |
12,154.19 | +76.43 | +0.63 | |
10,153.31 | +32.32 | +0.32 |
SYMBOL | PRICE | CHANGE | %CHANGE |
---|---|---|---|
3,217.74 | -84.19 | -2.55 | |
39,605.8 | +224.91 | +0.57 | |
21,251.98 | +614.74 | +2.98 | |
10,060.74 | -410.34 | -3.92 | |
2,596.91 | -2.25 | -0.09 | |
8,214.5 | -8.5 | -0.1 | |
24,964.25 | -34.2 | -0.14 | |
3,573.76 | -11.53 | -0.32 |