Wall Street Indexes Attempt to Extend Rally to Seventh Week

Barry Adams
25 Oct, 2024
New York City

Stocks rebounded in Friday's trading after the S&P 500 index turned higher following losses in three sessions in a row, and bond yield edged lower. 

The S&P 500 index gained 0.9% and the Nasdaq Composite advanced 1.4% as investors reacted to the latest batch of earnings. 

For the week, the S&P 500 and the Nasdaq could close in the positive territory and extend the streak of weekly gains to the seventh consecutive week. 

L3Harris, Deckers Outdoor, and Digital Realty Trust led the gainers following the release of their quarterly results. 

Market sentiment improved after the bond yields edged slightly lower but hovered near a three-month high as investors scaled down expectations of aggressive interest rate cuts over the two remaining policy meetings in 2024. 

Crude oil bounced around $70 a barrel, and investors continue to worry about possible supply disruptions in the near future as tensions between Iran and Israel remain high. 

On the economic front, new orders for manufactured durable goods decreased 0.8% from the previous month in September, following a revised fall of 0.8% in August. 

Nondefense capital goods orders, generally seen as a barometer of business spending, dropped 4.5% from the previous month and fell 7.5% from a year ago. 

 

U.S. Indexes and Treasury Yields

The S&P 500 index increased 0.9% to 5,862.06, the Nasdaq Composite rose 1.4% to 18,678.95, and the Russell 2000 index advanced 0.7% to 2,233.69. 

For the year so far as of Thursday this week, the S&P 500 index is up 22.5%, the Nasdaq Composite has advanced 24.8%, and the Russell 2000 index has gained 10.3%. 

The yield on 2-year Treasury notes edged higher to 4.06%, 10-year Treasury notes inched down to 4.18%, and 30-year Treasury bonds inched higher to 4.45%.

WTI crude oil increased $1.03 to $71.23 a barrel, and natural gas prices edged down 1 cent to $2.50 a thermal unit.

Gold fell by $4.53 to $2,729.27 an ounce, and silver decreased by $0.21 to $33.44.

The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower to 104.05.

 

U.S. Stock Movers

L3Harris Technologies rose 4.7% to $255.96 after the defense contractor reported better-than-expected results in the third quarter. 

Deckers Outdoor Corporation jumped 10.7% to $168.28 after the maker of Ugg and Hoka reported sharply higher-than-expected fiscal second quarter earnings and revenue. 

Tapestry Inc. increased 13.9% to $50.63, and Capri Holdings declined 47% to $22.09 after a federal judge blocked a merger between the two fashion companies. 

Digital Realty Trust soared 14.3% to $188.88 after the real estate company reported record lease bookings in the third quarter. 

DexCom declined 3.5% to $72.33 despite the company reporting higher-than-expected quarterly earnings, but slower revenue growth weighed on the stock.