The stock market presented a mixed picture on Friday, October 25, 2024. The Dow Jones Industrial Average fell for the fifth consecutive day, while the S&P 500 saw a minor decline. In contrast, the Nasdaq achieved modest gains.
The varied movements come ahead of major earnings reports from big tech companies. Investors are keeping a close eye on these upcoming reports, which will likely influence market directions in the coming weeks. The tech-heavy Nasdaq index set a new record high as investors awaited earnings reports from major technology firms.
Technology stocks were the driving force behind the gains in the Nasdaq. On the other hand, the Dow Jones and S&P 500 have faced challenging conditions this week. The Dow has not seen a rise this week, reflecting ongoing struggles in several key sectors.
Oil outlook amid geopolitical tensions
Consumer sentiment improved for the third consecutive month, signaling positive outlooks on economic conditions. However, Treasury yields fell further, influenced by declining durable goods orders, which signaled potential slowdowns in economic activity.
Oil futures gained ground in what has been a volatile week. West Texas Intermediate (WTI) settled up 2.3% at $71.78 per barrel, while Brent crude rose 2.2% to $76.05 per barrel. Alex Hodes from StoneX said, “The market is currently experiencing conflicting fundamentals, and I predict a rangebound trend in oil prices with a slight upward tilt.”
The perceived risk of a wider conflict in the Middle East that could disrupt oil supply was balanced against broadly bearish views on demand.
The mixed performance of major indices highlights the current uncertainty in the market. This uncertainty is driven by a combination of geopolitical concerns, economic indicators, and sector-specific issues. Investors are closely watching the implications of various outcomes of the upcoming U.S. election on economic and energy policies.
The financial markets closed with a mixed outlook on Friday, marked by gains in tech stocks and declines in broader indices.
