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October 21, 2024
DOW: 43,092
S&P: 5,854
Nasdaq: 18,500
10YR T-Note: 4.15%
Bitcoin: 67,202
VIX: 18.78
Gold: $2,750.30
Crude Oil: $70.03
Prices Current as of 10:36 am
Source: CNBC
Don Selkin, the creator and innovator of the "Fair Value" numbers, as its Chief Market Strategist on the Newbridge platform has given CNBC and its Predecessor, these numbers every day for the over 40 years - never missing a single day, as well as given the fair value for the Nasdaq 100 futures since their introduction in 1996 and the Dow Jones stock index futures since 1997. Mr. Selkin has also been quoted in several publications including but not limited to Bloomberg News, New York Post, Reuters, and The New York Times. Mr. Selkin's Fair Value numbers are included in the U.S.
Futures Report broadcast on CNBC every day before the market
opens attributing "Newbridge Securities" as the source. In addition, NSC provides to its professionals, their clients and the public access to Don Selkin's more in depth financial market views.
Ho, hum once again - guess what- both the Dow and the S&P finished higher on Friday and as a result, they both ended positive for the sixth straight week, which is the longest run of weekly advances this year.
And as is typical, the Dow shook off some early declines and finished 37 points higher to 43,275 led by gains in AAPL, HON and UNH despite being held back by a poor showing from AXP after its earnings report.
The S&P did a little better with a 23 point gain to its best-ever 5864 led by the likes of NFLX on a large earnings-related gain plus help from AAPL and MSTR. It seems like it wants to reach the new 6000 price target advocated by several market observers.
The Nasdaq Composite did the best of all with a 116 point gain up to 18,489 led by the three aforementioned stocks plus additional help from GOOG and ASML which finally picked itself up from the floor after a poor earnings report earlier in the week.
The Russell 2000 Index of small stocks eased back by 5 points to 2276 after having done better earlier in the weekly session while the VIX got knocked back to 18.03 despite the fruitless attempts of buyers to push it to what appear to be unrealistic levels based on ostensible Middle Eastern tensions.
Shares of NFLX jumped to an all-time high after the streaming giant's quarterly results topped estimates. The company reported revenue grew 15% in the quarter and net income increased about 40% to more than $2 billion.
AAPL shares also advanced amid reports that the new iPhone 16 is selling better in China, one of its key markets, than its predecessor model.
On the downside, shares of CVS slid after the pharmacy and insurance company announced the replacement of its current C.E.O. with a veteran who most recently ran Caremark, its pharmacy benefit manager.
Energy was the only sector in the S&P 500 to finish Friday in the red after oilfield services firm SLB's quarterly results fell short of expectations. Executives said lower gas prices and economic uncertainty had weighed on drilling activity and capital investments by clients.
The economic data calendar was light on Friday. The number of new housing construction permits issued in September came in slightly below expectations, while builders broke ground on about as many units as economists expected.
Treasury yields fell slightly following the release of Friday's housing data. The 10-year Treasury yield, which climbed above 4.1% early Friday morning, retreated slightly to 4.08%. A slew of economic data pointing to the U.S. economy's resilience has nudged yields higher since the Federal Reserve's first interest rate cut last month.
Gold futures continued to advance, climbing to a record high of more than $2,735 an ounce. Silver also extended its rally, rising to nearly $34. Bitcoin climbed to a three-month high of nearly $69,000.
Other market gainers included LW which jumped by 10% after a securities filing confirmed reports that Jana Partners has acquired a stake of around 5% in the food processing company. Jana reportedly intends to encourage the maker of frozen French fries to consider the possibility of a sale as well as push for changes to its operations strategy. In addition, an upbeat earnings report also helped lift shares of ISRG which also rose by 10% after the provider of robotic-assisted systems for minimally invasive medical procedures topped quarterly sales and profit estimates. The company disclosed an 18% uptick in the number of procedures performed using its da Vinci surgical system.
The Third-quarter earnings season continues to roll along this week with the following: today – NUE – higher; Tuesday – Dow components 3M and VZ in addition to T, CME, GEV, MCO, NSC, MO; Wednesday – T, CME, GD, TSLA and Dow components BA and KO; Thursday – AA, DOW, HOG, LUV, VLO, UNP, UPS; Friday – Autonation.
Economic reports will see: today – September L.E.I.; Wednesday – September existing home sales; Thursday – September new home sales, weekly jobless claims; Friday – September durable goods orders, final October U. of Michigan Consumer Sentiment Survey.
