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Stock Market Today: Dow Racks Up Gains Ahead of Earnings Wave

Stock Markets Oct 24, 2022 04:18PM ET
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By Yasin Ebrahim

Investing.com -- The Dow started the week on the front foot Monday as stocks added to strong gains from last week ahead of a wave of quarterly results from big tech.

The Dow Jones Industrial Average gained 1.3% or 417 points, the Nasdaq was up 0.9%, the S&P 500 rose 1.2%.

Defensive corners of the market including consumer staples and health care led the gains in the broader market, with the latter boosted by a 7% jump in HCA (NYSE:HCA). Sentiment on health care stocks has improved as investors weigh up sectors that could be less vulnerable to the risk of slowing economic growth and higher interest rates.

“Our overweight recommendations (Health Care, Consumer Staples, Telecom, Energy) are generally defensive and reflect the significant risks to earnings and valuation in an environment of elevated inflation and interest rates,” Goldman Sachs said in a note.

The outlook on the economy deteriorated further following weaker-than-expected manufacturing and services activity.

The weaker data forced Treasury yields to ease slightly from session highs and boosted tech stocks amid hopes that the Federal Reserve may consider a less hawkish path of monetary policy after its widely expected 75 basis point rate hike next month. 

Apple (NASDAQ:AAPL) rose more than 1% after raising the prices on its TV and Music streaming services. Alphabet Inc (NASDAQ:GOOGL) and Microsoft (NASDAQ:MSFT) are set to kick off quarterly earnings for big tech on Tuesday, with Meta Platforms Inc (NASDAQ:META), Apple and Amazon (NASDAQ:AMZN) set to report later in the week.

Chinese tech stocks, however, suffered a rout as Alibaba (NYSE:BABA) and JD.com Inc (NASDAQ:JD) slumped after Chinese President Xi Jinping’s leadership reshuffle raised fears about increased regulatory scrutiny on tech stocks.

Consumer discretionary stocks were one of the few sectors in the red, weighed down by a slump in China-sensitive casino stocks following fresh Covid-19 restrictions in Guangzhou. 

Melco Resorts & Entertainment (NASDAQ:MLCO), Las Vegas Sands Corp (NYSE:LVS), and Wynn Resorts Limited (NASDAQ:WYNN) fell sharply.

Energy continued to hold gains, shrugging off stuttering oil prices following a more than 3% rise in oil field services company Schlumberger (NYSE:SLB).

Goldman Sachs lifted its price target on SLB to $55 from $46 following the company’s “better guidance for 4Q22 and increased conviction in 2023/24 revenue growth driven by international activity.”

Stock Market Today: Dow Racks Up Gains Ahead of Earnings Wave
 

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Comments (6)
gary leibowitz
gary leibowitz Oct 24, 2022 8:28PM ET
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In a massive bubble even at these prices and another 20% drop might just happen in ONE DAY! China imploding, Stagflation already here as employment hits new levels and economic contraction also here.  Q's hit by strong dollar that has no sign of weakening since the rest of the world in far worse shape. I look towards BITCOIN for early warnings and they have been absolutely flat for weeks. Can October end badly despite the odds it will hold up based on statistical reference to a weak September?  If not October a November debacle?
Ronald Warren
Ronald Warren Oct 24, 2022 8:28PM ET
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Morning Gary. There's no crystal ball here. The market is and will continue to wind down. The path down is almost impossible to track because of the manipulation. With the horrifying data yesterday, indices should have lost 1 1/2 to 2 %. Instead, we rallied. FED pivot being the given explanation. I'm still making money, but doing some fast jumping in and out of options. I'm trying to calculate what to anticipate for Thursday. Two scenarios: GDP up and markets rally in celebration or GDP up and markets dump because FED has more crushing to do. Think I'll sit Thursday out.
Joel Schwartz
Joel Schwartz Oct 24, 2022 7:21PM ET
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The entire global stock market is literally just Apple derivatives.
Chad Richer Than You
Chad Richer Than You Oct 24, 2022 6:30PM ET
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As "Snake" wins the race for for prime minister
Mitchel Pioneer
Mitchel Pioneer Oct 24, 2022 6:27PM ET
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BIGGEST INVESMENT JOKE IN THE WORLD.
Ac Tektrader
Ac Tektrader Oct 24, 2022 6:27PM ET
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Mitch is becoming the joke of https://investing.com
JIM VETTER
JIM VETTER Oct 24, 2022 5:30PM ET
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Bull trap
Casador Del Oso
Casador Del Oso Oct 24, 2022 5:30PM ET
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I thought JP said that the Fed's mission was to lower inflation even if it causes economic growth to slow. So why are investors expecting the Fed to slow the pace of rate increases if economic growth slows? Investors should only expect the Fed to slow the pace of rate increases if inflation decreases.
JIM VETTER
JIM VETTER Oct 24, 2022 5:30PM ET
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bull trap. Most of these traders haven't lived through tough times, other than '07--08. They obviously don't believe the Fed. They will certainly be dealing with pain soon enough
Bblue Grayy
Bblue Grayy Oct 24, 2022 5:30PM ET
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because the FED has no credibility
 
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