October 30, 2024

Nasdaq hits record high led by Alphabet but Dow continues underperformance

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The Nasdaq composite hit a new record high in Tuesday’s trading session as Wall Street indices continued to remain mixed ahead of big tech results and the outcome of the US Presidential Elections.

The Dow Jones continued to underperform, declining 0.4%, and registering its fifth day of drop in the last six. The S&P 500 managed to eke out minor gains, while the Nasdaq Composite surged 0.8%. Big tech companies worth nearly $12 trillion are set to report results between Tuesday and Thursday, with Alphabet having begun the process last night.

Investors are also anticipating the first preliminary reading of the US GDP on Wednesday, where the consensus forecast is of a 3.1% growth, indicating a 10th straight quarter of expansion. Among big tech, Microsoft and Facebook-parent Meta Platforms will be reporting results today.

Just about a week away from the Federal Reserve decision, data showed US job openings fell to the lowest since early 2021. The figures run counter to the September employment report that pointed to a still-strong labor market, which prompted traders to trim bets on another big rate cut. A separate reading showed consumer confidence hit the highest since the start of the year.

“Investors will need to see bigger revenue and earnings surprises for the group to outperform,” said Chris Senyek at Wolfe Research. “Our sense is a solid earnings season could once again put the group on a path to outperform into year-end.”

(With Inputs From Agencies.)

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