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U.S. stocks close mixed before major earnings

0 Comment(s)Print E-mail Xinhua, October 30, 2024
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NEW YORK, Oct. 29 (Xinhua) -- U.S. stocks ended mixed on Tuesday as investors awaited key earnings reports from major tech companies.

The Dow Jones Industrial Average fell by 154.52 points, or 0.36 percent, to 42,233.05. The S&P 500 added 9.40 points, or 0.16 percent, to 5,832.92. The Nasdaq Composite Index increased by 145.56 points, or 0.78 percent, to 18,712.75.

Nine of the 11 primary S&P 500 sectors ended in red, with utilities and energy leading the laggards by losing 2.13 percent and 1.44 percent, respectively. Meanwhile, communication services and technology went up 1.56 percent and 1.12 percent, respectively.

Alphabet is set to release earnings after the market closes, followed by Meta Platforms and Microsoft on Wednesday, and Apple and Amazon on Thursday.

In economic data, job openings fell sharply in September to their lowest level in over three and a half years, with a revision lowering August numbers as well. The Bureau of Labor Statistics' JOLTS report showed a drop of 418,000 job openings to 7.443 million by the end of September, indicating significant easing in labor market conditions.

Meanwhile, the U.S. presidential election is adding a layer of uncertainty to markets as the final days of intense campaigning unfold. "It wouldn't be a surprise to see further de-risking in the short-term, and some turbulent trade for now, ahead of Election Day next Tuesday," said Michael Brown, a senior research strategist at Pepperstone.

U.S. home buyers are also hitting the pause button amid higher mortgage rates and election uncertainty, according to the largest American homebuilder. "I don't think this is a structural issue with demand. There's just a lot of noise in the market today. The rate of volatility we've seen, combined with the election news that's out there, I just think we're seeing people take a pause," Paul Romanowski, CEO of DR Horton, told analysts and investors on the company's fourth quarter earnings call Tuesday. Enditem

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