Stocks were up early and never looked back.
The boost came after traders FINALLY had something to focus on other than trade (earnings).
And with Q3 earnings getting off to a great start, the major indices rallied.
Stocks were higher at the open and continued to rally in the morning.
Stocks saw another push after news that the UK and European Union (EU) are close to drafting a Brexit deal. In fact, an EU negotiator said that a deal is possible this week.
With today’s gain, the S&P is 1.1% from record highs and the DOW closed above 27,000 for the first time since September 19th.
Here’s where the major indices ended the day:
- The S&P finished with a 1.0% gain. Up 30 points, the S&P ended at 2,996.
- The DOW ended higher by 0.9%. Adding 237 points, the DOW closed at 27,025.
- The NASDAQ was up 1.2%. With a 100 point loss, the NASDAQ finished at 8,149.
Crude Oil (CL) finished lower for the 2nd day in a row. With a 1.4% loss, CL ended at $52.83 a barrel.
Although Q3 earnings aren’t expected to be that hot, earnings season kicked off with some better than expected results.
JP Morgan Chase (JPM) was up 3.0% on an earnings beat, United Health (UNH) jumped 8.2% and Johnson & Johnson (JNJ) was higher by 1.6%.
34 of the S&P 500 companies have reported earnings (as of Tuesday morning), and 29 have reported better than expected numbers.
NVIDIA (NVDA) was also a winner, up 5.3% after Bank of America/Merill Lynch raised its price target for the stock.
But not all stocks were in the green today.
Beyond Meat (BYND) hit a 4-month low today. Down another 3.4%, BYND extended its losing streak to seven straight days.
Tomorrow Bank of America (BAC) will report earnings before the bell and Netflix (NFLX) will report after the bell. We’ll also get Retail Sales numbers for September at 8:30am ET.
Trading Futures, options on futures and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. The lower the day trade margin, the higher the leverage and riskier the trade. Leverage can work for you as well as against you; it magnifies gains as well as losses. Past performance is not necessarily indicative of future results.
Recommended Content
Editors’ Picks
EUR/USD retreats toward 1.0850 on renewed USD strength
EUR/USD stays under modest bearish pressure and declined toward 1.0850 in the early European session on Tuesday, pressured by the renewed USD strength. ZEW sentiment survey will be featured in the European economic docket ahead of housing data from the US.
USD/JPY extends rally beyond 150.00 as markets assess BoJ decisions
USD/JPY preserves its bullish momentum after breaking above 150.00 with the 'sell the fact' reaction to the Bank of Japan's decision to end negative interest rates. In the post-meeting press conference, Governor Ueda said they will consider options for easing broadly, including ones used in the past if needed.
Gold price struggles to lure buyers, holds steady above one-week low ahead of FOMC meeting
Gold price ticks lower amid reduced Fed rate cut bets, elevated US bond yields and stronger USD. Geopolitical tensions could lend some support to the safe-haven XAU/USD and help limit losses.
Why is the crypto market crashing?
The two most important contribution to the ongoing bull market is the meteoric rise in Bitcoin due to the ETF approval and the sudden interest spike in Solana ecosystem. But the recent move suggests that the upward momentum is dissipating and a correction looms.
Lots of tension ahead of this week's Fed decision
Last week, we got a strong round of US economic data accompanied by hotter US inflation reads. The takeaway of course is that there might be a lot more pressure on the Fed to be looking to scale back its rate cut outlook at this week’s meeting.