The Nasdaq Composite closed at a record high of 18,712.75, up 145.56 points (0.78%), following strong quarterly earnings from Alphabet, which exceeded estimates. This week marks a significant period for S&P 500 earnings, particularly for the “Magnificent Seven” tech stocks, as investors seek insights into the sustainability of optimism around technology and artificial intelligence.
Nasdaq Closes at Record High
The S&P 500 rose 9.45 points (0.16%) to 5,832.97, while the Dow Jones Industrial Average fell 154.52 points (0.36%) to 42,233.05. Notably, VF Corp surged 27% after reporting its first profit in two quarters, while D.R. Horton and Ford experienced declines in their stock prices due to disappointing forecasts.
Additionally, the Labor Department’s JOLTS survey reported 7.44 million job openings in September, lower than the anticipated 8 million, while consumer confidence rose to 108.7 in October, surpassing expectations. The communication services sector, which includes Alphabet and Meta, led gains, although utilities dropped 2.1%.
The U.S. 10-year Treasury yield reached 4.3%, indicating potential volatility ahead with upcoming corporate earnings and geopolitical tensions.
Overall, declining issues outnumbered advancers on the NYSE, with 176 new highs and 75 new lows. The S&P 500 achieved 19 new 52-week highs, while the Nasdaq recorded 93 new highs and 70 new lows, with trading volume at 12.59 billion shares, slightly above the 20-day ave
rage.
