Stock Market Update Wednesday, October 23rd, 2019
Stocks finished slightly higher after a choppy trading session.
Today earnings from Caterpillar (CAT) and Boeing (BA) were in the spotlight
Caterpillar reported worse than expected earnings. The stock dropped more than 2.0% before ending the day with a 1.2% gain.
And Boeing reported a big earnings miss. But the stock finished higher by 1.0% after reporting that they plan to stick to their timeline for the return of the 737 Max.
Stocks hit session lows in the first 10 minutes of trading then chopped around.
There was a late morning rally. But after the move higher, the major indices retreated. And with a little more than an hour left in the trading day stocks were trading back near session lows.
Then a rally in the last 30 minutes of trading sent stocks to session highs. With the late move the major indices wrapped up the session near highs of the day.
Here’s where the major indices ended the day:
- The S&P finished with a 0.3% gain. Up 9 points, the S&P ended at 3,005.
- The DOW ended higher by 0.2%. Adding 46 points, the DOW closed at 26,834.
- The NASDAQ was down 0.7%. With a 58 point loss, the NASDAQ finished at 8,105.
Crude Oil (CL) rallied for the 2nd day in a row, finishing at its best levels for October. Up 2.7%, CL ended at $55.94 a barrel.
Tesla (TSLA) saw a big jump after-hours after reporting better than expected earnings. The company crushed earnings with a small profit and reporting that they are ahead of schedule with a new factory in Shanghai. The stock was up as much as 15% in after-hours trading.
So far earnings have been better than expected. But there haven’t been any major surprises to tip the market one direction or another.
In fact, stocks have been pretty sideways this week considering the number of big companies reporting earnings (the DOW hasn’t closed outside of a small 50 point range all week).
So far 124 S&P 500 companies have reported. And tomorrow will be the biggest day of the season with 45 companies reporting.
Some big names reporting tomorrow are: 3M (MMM), Amazon (AMZN), American Airlines (AAL), and Visa (V).
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
This Stock Market Update was provided by Rockwell Trading Services LLC.