Hedge funds/large speculators back slightly into net long territory for S&P 500 futures pic.twitter.com/kwS9bazc6l
— Liz Ann Sonders (@LizAnnSonders) October 22, 2024
Netflix’s strong earnings and optimistic growth forecast helped lift the Dow Jones Industrial Average and the S&P 500 to record highs on Friday. Tech stocks also performed well, contributing to the positive market sentiment. All three main benchmarks achieved a sixth straight week of gains.
The Dow was up 0.96%, the S&P 500 rose 0.85%, and the Nasdaq Composite advanced 0.79% for the week. Netflix shares jumped significantly following the company’s upbeat outlook. However, American Express and SLB experienced declines in their share prices after posting their respective results.
Good Morning from #Germany, where the "Glorious 5" #SAP, Siemens, Deutsche Telekom, Allianz, Munich Re continue to dominate the stock market and returns following good numbers from SAP. While the benchmark index Das has risen by 16.6% Ytd, the Glorious 5 have surged even… pic.twitter.com/hidjw27wOc
— Holger Zschaepitz (@Schuldensuehner) October 22, 2024
Nikunj Dalmia on stock market: 'We are in a mid-air turbulence…' | Editor's Take@nikunjdalmia https://t.co/qkcNhLtBLA
— ET NOW (@ETNOWlive) October 23, 2024
Netflix lifts S&P 500, Dow
For the day, the Dow gained 0.09%, the S&P 500 increased 0.4%, and the Nasdaq climbed 0.63%. The rally in tech stocks appeared to offset weaker performances in other sectors, highlighting investors’ continued confidence in the technology sector’s fundamentals.
In other market movements, gold prices reached record highs on Wednesday, despite the dollar’s rise putting pressure on currencies such as the yen and the euro. Global equities showed slight declines as investors remained cautious ahead of the U.S. elections. The strong performance of tech stocks and Netflix’s earnings helped drive the Dow and S&P 500 to new record highs, capping off a sixth consecutive week of gains for the major indexes.
This positive momentum in the markets occurred despite some weaker performances from individual companies and cautious sentiment surrounding the upcoming U.S. elections.
