Breaking News
Investing Pro 0
⚠ New Year’s SALE: Up to 40% OFF InvestingPro+ CLAIM OFFER

Stock Market Today: Dow Continues March Higher as Falling Yields Bolster Tech

Stock Markets Oct 25, 2022 22:38
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
US500
+0.25%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DJI
+0.08%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
GM
+4.03%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
MSFT
+0.06%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
GOOGL
+1.90%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
JBLU
-4.55%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Yasin Ebrahim

Investing.com -- The Dow continued its advance Tuesday as falling Treasury yields helped tech stocks mount a move higher just as the earnings season heats up. 

The Dow Jones Industrial Average gained 1.1% or 337 points, the Nasdaq was rose 2.3%, and the S&P 500 rose 1.6%.

Meta Platforms Inc (NASDAQ:META) led the rally in big tech rising 6% followed by a more than 1% gain in Apple Inc (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT) and Alphabet Inc (NASDAQ:GOOGL).

Microsoft reported a beat on both the top and bottom lines, but slower-than-expected growth in its cloud business Azure weighed. Alphabet, meanwhile, fell more than 5% after reporting a miss on profit and revenue in Q3. 

Earnings from big tech will “either expose the negative underlying fundamentals across the tech space and cause massive earnings cuts into 2023…or prove that the bearishness and the demise of growth tech was premature,” Wedbush said in a note.

Falling Treasury yields also helped boost sentiment on big tech as data pointing to a weaker than expected consumer stoked further investor bets for less hawkish Federal Reserve rate hikes.

The consumer confidence index fell to 102.5 in October from a downwardly revised 107.8 in September. Economists were forecasting a reading of 106.5. 

Signs of a weaker consumer didn’t dent optimism about retailers as Bath & Body Works (NYSE:BBWI), Ross Stores (NASDAQ:ROST), and CarMax (NYSE:KMX) led consumer stocks higher.

General Motors (NYSE:GM), meanwhile, jumped more than 3% after the automaker reported third-quarter results that topped analysts’ estimates and maintained its full-year outlook at a time when many are worried about weaker demand.

General Electric (NYSE:GE) closed less than 1% higher after mixed quarterly results as revenue beat estimates but earnings fell short of estimates. United Parcel Service Inc (NYSE:UPS) also reported mixed third-quarter results, driven by weakness in its supply chain solutions business.

JetBlue Airways (NASDAQ:JBLU) also reported weaker-than-expected earnings even as travel demand paved the way to hike fares offsetting rising input costs somewhat.

In other news, Elon Musk reportedly told bankers financing the debt portion of his $44 billion Twitter deal that he plans to wrap up the transaction by Friday, Bloomberg News reported Tuesday.

Stock Market Today: Dow Continues March Higher as Falling Yields Bolster Tech
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email