U.S. stock markets ended mixed, with the Nasdaq reaching an intraday record. Key technology companies such as Alphabet (GOOGL, Financial) and AMD are set to announce their earnings soon. Investors are also focusing on crucial economic data that may influence the Federal Reserve's next interest rate decision, and the U.S. presidential election is approaching with just a few trading days left.
The Dow Jones Industrial Average fell 154.06 points, or 0.36%, to 42,233.51. The Nasdaq Composite rose 145.56 points, or 0.78%, to 18,712.75, reaching an intraday high of 18,753.19. The S&P 500 gained 9.50 points, or 0.16%, closing at 5,833.02.
U.S. 10-year Treasury yield remained relatively stable, hitting a high of 4.339%, the highest since July. As the busiest week of the earnings season unfolds, earnings reports from five of the seven major U.S. tech companies are anticipated to be in the spotlight. After the market close, Alphabet, AMD, and others will release their earnings, with Meta Platforms (META) and Microsoft (MSFT) following suit.
With the U.S. presidential election only days away, markets are bracing for potential volatility. Analysts suggest that while a bear market is unlikely, downward fluctuations could arise due to election uncertainties.
Bitcoin experienced a surge, surpassing $71,000 for the first time since June, partly due to views of Trump as a cryptocurrency-friendly candidate. A market survey indicates a potential Trump victory could be more beneficial to stocks and Bitcoin compared to his Democratic opponent, Harris.
Key economic data revealed that the U.S. goods trade deficit widened to $108.2 billion in September. Imports rose by 3.8%, while exports fell by 2%. The U.S. consumer confidence index hit a new high since January 2024.
In the housing market, U.S. house price gains slowed in August, as high borrowing costs pressured potential buyers. Mortgage rates' impact continues to weigh down the real estate sector.
In corporate updates, Tesla (TSLA) extended its 0% loan incentive to boost fourth-quarter deliveries, aiming for over 515,000 units. PayPal (PYPL) reported adjusted earnings surpassing expectations. Additionally, Apple (AAPL) is working on its next-generation M5 chip using TSMC's 3nm process.
