The US market reacted positively as traders took relief breath from Israel's retaliation against Iran. The Jewish-majority country launched a series of airstrikes on Iran over the weekend, however, did not attack the latter's oil fields or nuclear facility, which was seen as comfort among market participants. However, Israel still stays on high alert for possible attacks from Iran. Dow Jones, S&P 500 and Nasdaq gained on Monday, October 28, 2024. Investors also await key earnings reports.
US Market On Monday:
Dow Jones: The Dow Jones Industrial Average (DJIA) traded at 42,409.21, up by 294.81 points or 0.70% at the time of writing. The index is ranging from 42,476.46 to 42,264.54.
S&P 500: This index gained by 21.71 points or 0.37% to trade at 5,830.29. After a bearish last week, the S&P 500 traded in the range of 5,842.92 to 5,824.31 on October 28.
Nasdaq Composite: The tech-heavy index jumped by 77.91 points or 0.42% to trade at 18,596.83. Nasdaq traded between intraday high and low of 18,671.01 to 18,583.01 respectively.
Talking about the latest performance, Trading Economics said, that stocks in the US were higher on Monday, with the S&P 500 rising 0.5%, the Dow Jones adding 280 points and the Nasdaq increasing 0.6% as traders got some relief after Israeli airstrikes against Iran did not target oil or nuclear facilities as initially feared.
At the same time, investors brace for a busy week of earnings with five of the "Magnificent Seven" megacaps Apple, Microsoft, Meta, Amazon and Alphabet due to report quarterly results. In addition, key economic data including the advance estimate for GDP growth, PCE inflation and payrolls will provide further updates on the strength of the US economy, ahead of the presidential election and the Fed monetary policy decision next week, as per Trading Economics.
Last week, on Saturday, October 26, Israel launched a series of systematic airstrikes on Iran, targeting the latter's key military facilities. As per reports, Israel's latest attack led to severe damage to its many missile production sites, while also causing intense destruction to its air defense systems.
Israel's latest airstrike was part of its retaliation against the October 1st attack by Iran. This comes after IDF eliminated Hezbollah's new leader who was going to succeed deceased Hassan Nasrallah.
Among key earnings to watch out on Monday are of -- ON Semiconductor (ON), CenterPoint Energy (CNP), Waste Management (WM), Welltower (WELL), Cadence Design Systems (CDNS), Ford Motor Co. (F), SBA Communications (SBAC), F5 Inc. (FFIV), Crane Co. (CR).
All eyes will be on US market in the coming days due to the upcoming Presidential Election where two candidates Donald Trump and Kamla Harris are in a neck-to-neck rivalry for the power.
The United States election 2024 is going to take place on November 5, 2024.
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