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October 28, 2024
DOW: 42,363
S&P: 5,836
Nasdaq: 18,638
10YR T-Note: 4.26%
Bitcoin: 68,891
VIX: 19.27
Gold: $2,754.00
Crude Oil: $68.02
Prices Current as of 10:20 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.
The market ended widely mixed on Friday after the Dow got hit for a 260 point decline down to 42,114 and this was due to selling in GS, HD, IBM again, MCD and TRV while the S&P turned a 50 point early gain into a nominal closing loss of 2 points to 5808 mainly due to weakness in the large financials mentioned above.
In the process, both indices gave up on their six straight weekly advances, while the Nasdaq took over the leadership with a 103 point gain to 18,518 for its seventh straight weekly gain led by good gains in the larger technology issues ahead of a large number of major stocks in this area this coming week (see list below).
The Russell 2000 Index of small stocks came down again by 11 points to 2207 while the VIX made a nice gain up to 20.33 which is where it has been gravitating around for the past several weeks based on the potential Middle Eastern troubles, which have not really given this item a real upward push.
And as I have said before, my grandmother used to say to me when I was a little kid that “everything is a business today!” Not that I quite understood what she was saying but this was beautifully illustrated by TSLA which came out of its weeks-long slumber on a good earnings report late Wednesday to end just short of 270.
This was the area where there were hundreds of thousands of open interest at high prices entering the session and sure enough, they all got hung out to dry with ZERO price. In addition, there were also thousands of call options in higher prices as well and they also ended with nothing for their efforts as high as 350, would you believe it!
There were many earnings reports on Friday which included COF which rose because of a better report and DECK, which has been in a nice uptrend for most of the year, added to its gains with a new high after its report.
BAH, DLR, LHX and WDC also advanced on their reports while AN and CL fell for the same reason.
With more than one-third of companies having reported their third-quarter results, things have been coming in better than expectations and results are looking better for the next quarter.
In a strange situation, CPRI, owner of Versace, Jimmy Choo and Michael Kors, lost almost half its value after a judge halted a purchase of the company by TPR, which makes Coach’s handbags. The ruling came six months after the F.T.C. sued to block the TPR takeover of CPRI.
The 2-year Treasury yield rose to 4.1% from 4.09% late Thursday as they have been rising based on the economy remaining stronger than expected.
In addition to the important earnings reports scheduled for this week, we also have the September P.C.E. number on Thursday, which the Fed looks at very carefully.
This week will see five out of the Magnificent 7 companies reporting in addition to others and the lineup is as follows: today – FFIV, F, WM; Tuesday – GOOG, CROX, JBLU, Dow components MCD and V; Wednesday – AMGN, ADP, Dow components CAT, MSFT in addition to EBAY, LLY, HUM, META and VMC; Thursday – Dow components AMZN, AAPL, INTC and MRK plus MA; Friday – XOM.
Economic reports will see: Tuesday – October consumer confidence, September JOLTS job openings; Wednesday – latest 3Q G.D.P. estimate; Thursday – weekly jobless claims, September personal income and spending, September P.C.E. report; Friday – October non-farms payroll report for which the initial estimate is 125,000 with 4.1% unemployment rate.
