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    • Dow, S&P 500 slide, Nasdaq reels from flood of profits
    Frisco

    Dow, S&P 500 slide, Nasdaq reels from flood of profits

    Bronwen Cerys Posted on

    Stocks slipped on Monday as the 10-year Treasury yield rose and investors braced for a week of top gains that could fuel or delay a record-breaking rally.

    The S&P 500 (^GSPC) fell nearly 0.3%, reaching a new all-time closing high and its sixth straight weekly gain. The Dow Jones Industrial Average (^DJI) fell nearly 0.7%, while the tech-heavy Nasdaq Composite (^IXIC) hovered near zero.

    AI chip heavyweight Nvidia (NVDA) briefly hit an intraday record during the session, while iPhone maker Apple (AAPL) was on track to hit a closing high if its modest gains continue.

    Whether records continue to roll depends largely on the company’s results in the coming days. Earnings season heats up this week as over 100 S&P 500 companies are scheduled to report. So far in the third quarter, 80% of the benchmark’s updates have exceeded the mark.

    Investors are eagerly awaiting Tesla’s (TSLA) report on Wednesday after its robotaxi launch fell short of expectations. The electric vehicle maker is the highlight of the week amid questions about Big Tech’s performance, even after Netflix’s (NFLX) strong start to the megacap season.

    General Motors (GM), Coca-Cola (KO), American Airlines (AAL) and UPS (UPS) are among the other big winners on the earnings list this week.

    Boeing (BA) faces a double whammy on Wednesday: The company is expected to release its earnings at the same time workers vote on whether to accept a tentative agreement with the union to end a five-week strike. Shares of the aircraft maker rose over 3% in early Monday trading.

    Meanwhile, the 10-year Treasury yield (^TNX) climbed over 6 basis points to 4.136%, its highest level since late July.

    Oil prices rose as much as 2% while Chinese stocks (000300.SS) rose as China’s stimulus programs continued with a cut in interest rates. Global benchmark Brent crude futures (BZ=F) traded at around $74 a barrel, while West Texas Intermediate crude oil futures (CL=F) topped $70, with Israel’s The next Iran advance is also in focus.

    Live10 updates

    • GM Q3 Earnings Preview: What to Watch

      Pras Subramanian reports:

      Investors are expecting more positive results from GM (GM) when the automaker reports earnings on Tuesday, after the company raised its forecast for a second time earlier this year due to decent U.S. sales. But the focus is on questions surrounding GM’s EV business and inventory management.

      According to the Bloomberg consensus, GM is expected to report third-quarter revenue of $44.69 billion, down from last quarter’s nearly $48 billion but expected given the second quarter’s historically strong sales . GM’s third-quarter sales are expected to be higher than a year ago.

      Read more here.

    • Netflix reaches new daily high

      Shares of Netflix (NFLX) hit an all-time high on Monday, extending gains from last week as the streaming giant released a better-than-expected quarterly report.

      The stock briefly hit a new high of $773 during the session before giving back gains.

    • Gold hits record, silver jumps to 52-week high as precious metals outperform broader markets

      Gold and silver gains show no signs of slowing as investors continue to invest in precious metals.

      Gold futures (CG=F) rose 0.8% on Monday, hitting an intraday high above $2,750 an ounce. Silver futures (SI=F) gained more than 3% and briefly topped $34 an ounce, a 12-year high.

      Both metals have performed better than broader markets. Gold bullion is up about 26% and silver is up nearly 35% since the start of 2024, compared to a 19% gain for the S&P 500 (^GSPC).

      Central banks have been buying up the yellow metal and investors have increasingly invested in physically backed gold ETFs amid expectations of lower interest rates.

    • Disney board announces Bob Iger’s successor in early 2026: “A critical priority”

      Alexandra Canal of Yahoo Finance reports:

      Disney (DIS) plans to announce its next CEO in early 2026. This is the first timetable the company has publicly announced for naming a successor to current boss Bob Iger.

      The media giant made the announcement on Monday while also announcing that current board member and former Morgan Stanley (MS) CEO James Gorman will serve as the new board chairman, effective January 2, 2025. He will leave his role as executive chairman at Morgan Stanley on December 31.

      “A critical priority for us is the appointment of a new CEO, which we now expect to announce in early 2026,” Gorman said in a press release. “This timeline reflects the progress the Succession Planning Committee and Board of Directors are making and will provide sufficient time for a successful transition prior to Bob Iger’s December 2026 closing.”

      Read more here.

    • Apple is on track to close at a new record high

      Apple stock (AAPL) was on track to hit a new high on Monday after closing at a record level on Friday.

      Shares of the iPhone maker rose slightly and settled at around $235.80 each.

      On Friday, the stock closed at a record $235. Apple is up more than 22% year-to-date.

    • Fed Chairman Logan reiterates his strategy of “gradually” lowering interest rates

      Jennifer Schonberger of Yahoo Finance reports:

      Dallas Fed President Lorie Logan reiterated Monday that she expects policymakers to cut interest rates “incrementally.” She cited an increased risk that the labor market could deteriorate and the risk that inflation could rise again.

      “If the economy develops as I currently expect, a strategy of gradually reducing the key interest rate to a more normal or neutral level can help manage the risks and achieve our goals,” Logan said in a speech at the annual meeting of the Federal Reserve Securities Industry and Financial Markets Association meeting in New York.

      Logan said the economy was “strong and stable” but the outlook remained subject to “significant uncertainty.”

      Read more here.

    • Nvidia rises 1% to hit an intraday record high

      Nvidia (NVDA) stock rose more than 1.5% early Monday, helping to mitigate a larger decline in the Nasdaq Composite (^IXIC).

      Shares of the AI ​​chip heavyweight rose above $140 each and briefly hit an intraday high of $141.

      The Nasdaq traded near the zero line while Nvidia rose.

    • Stock prices fall as investors wait for new profits

      Major averages opened slightly lower on Monday as investors awaited fresh gains this week.

      The S&P 500 (^GSPC) fell about 0.2% to hit a new all-time closing high, while the Dow Jones Industrial Average (^DJI) fell 0.1%. The tech-heavy Nasdaq Composite (^IXIC) fell 0.2%.

      New quarterly results will be released this week, including from Tesla (TSLA) on Wednesday. General Motors (GM), Coca-Cola (KO), American Airlines (AAL), and UPS (UPS) are among several other big names on the earnings list this week.

    • Boeing shares rally on tentative labor deal

      Boeing (BA) shares rose as much as 4.5% in premarket trading on Monday after news that the aircraft maker reached a tentative collective agreement with workers who have been on strike for more than a month.

      The contract calls for a 35% pay raise over four years and an increase in Boeing’s 401(k) contributions, but does not reinstate pension plans – a key union demand. Analysts estimate the contract could result in $1 billion in additional payroll costs for the company.

      The union will vote on the contract on Wednesday, the same day Boeing reports its quarterly results. Analysts expect the aircraft maker to report a loss per share of $1.50, according to Bloomberg consensus estimates.

      Boeing has been struggling since part of one of its 737 Max 9 planes was torn off during a flight in January. Shares are down over 40% this year.

      Of the Wall Street analysts covering the stock tracked by Bloomberg, about 19 recommend buying the stock, while 11 have a hold rating and three recommend selling. On average, analysts expect Boeing shares to rise to about $192 apiece over the next 12 months, an increase of more than 20%.

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    Bronwen Cerys
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