| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 42514.95 | -409.94 | -0.96% |
| S&P 500 | 5797.42 | -53.78 | -0.92% |
| Nasdaq | 18276.65 | -296.47 | -1.60% |
| VIX | 19.24 | 1.04 | 5.71% |
| Gold | 2729.10 | -30.70 | -1.11% |
| Oil | 71.04 | -0.70 | -0.98% |
US MARKET
Big tech stocks rallied in after-hours trading, led by Tesla, which kicked off the “Magnificent Seven” earnings season with stronger-than-expected results. Tesla surged 9% after reporting robust earnings and projecting higher deliveries for the year. Following a market sell-off, Wall Street showed signs of a rebound, driven by gains in the tech sector.
Major indexes dipped during regular trading: the S&P 500 dropped 0.9%, the Nasdaq 100 fell 1.6%, and the Dow Jones slipped 1%. IBM’s revenue underperformed, while T-Mobile raised its subscriber forecast after a solid quarter. Meanwhile, Treasury yields edged higher to 4.23%, and the dollar strengthened.
Investors are watching closely as the coming weeks include significant earnings from big tech, the October jobs report, and the US election. Market volatility is expected, but analysts like Daniel Skelly at Morgan Stanley remain optimistic about the longer-term outlook.
Corporate highlights include Boeing grappling with production challenges, Hilton cutting its profit outlook, and Coca-Cola’s pricing strategy coming under scrutiny. As earnings roll in, investors remain focused on forward guidance and the broader economic picture.
LOCAL MARKET
Australian shares are set to open lower today as US markets continued to decline overnight, though Tesla provided a late boost after exceeding earnings expectations for the September quarter. ASX futures are down 16 points, or 0.2%, as of 7 AM.
Mega-cap stocks were hit hard, with Nvidia losing nearly 3% and Apple falling 2.2% after reports suggested a 10 million unit cut in iPhone 16 orders for Q4 and the first half of 2025.
Commodities also saw movement, with oil prices dropping on higher-than-expected US crude inventories and renewed efforts by the Biden administration to secure a Middle East ceasefire. Gold declined from recent highs. Investors are watching closely as quarterly updates are due from several companies, and major AGMs are scheduled today.