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Market Wrap | Tech Titans Loom as Stocks Rise Amid Crypto Surge and Oil Slump

Market BriefMonday, Oct 28, 2024 6:30 pm ET

1min read

On October 28th, U.S. stocks closed higher, with the S&P 500 increasing by 0.27% to 5823.52 points, the Dow Jones rising 0.65% to 42387.57 points, and the Nasdaq climbing 0.26% to 18567.19 points. Notable stock movements included Monte Rosa surging 93.87% and Porch Group jumping 70.31%, while negative performances were seen in companies like Donis, falling 17.63%, and Philips, dropping 15.95%.

Amidst this backdrop, crypto-related stocks surged on Monday; MARA Holdings rose over 11% and Trump's media tech group saw a significant boost, rising by 21%, with its monthly gain nearing 200%. The Nasdaq Golden Dragon China index climbed 4.05%, indicating a broad-based rally among Chinese stocks.

In the commodities market, COMEX silver futures increased by 0.21% to $33.85 per ounce. Meanwhile, crude oil futures plummeted, with December WTI contracts down 6.13% to $67.38 per barrel, reflecting cooling concerns regarding Middle Eastern geopolitical tensions.

Amid these market dynamics, several major tech stocks showed mixed performance. Apple increased by 0.86%, driven by the launch of its AI-driven Apple Intelligence, while Nvidia and Microsoft faced slight declines. Semiconductor companies like Nvidia are expected to be influenced by upcoming earnings reports, as the wave of AI investments continues to shape their growth trajectories.

Furthermore, the announcement from Philips of its disappointing third-quarter results underscored the broader anxieties surrounding earnings season. Philips reported decreased comparable sales, partly attributing the decline to weakened demand in China, leading to a revision of its sales forecasts for the year.

This week marks a pivotal junction for U.S. financial markets, as five out of the "Big Seven" tech giants are set to announce their quarterly results. Coupled with upcoming macroeconomic data on the U.S. GDP and employment, these factors are poised to heavily influence market sentiment and investor strategy.

Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.