2023-10-30 23:32:39
The Dow Jones New York Stock Exchange index closed higher on Monday (Oct. 30), supported by positive views on listed companies’ earnings and the outlook for the U.S. economy. While investors keep an eye on the monetary policy meeting of the Federal Reserve (Fed) this week.
The Dow Jones Industrial Average closed at 32,928.96 points, up 511.37 points or +1.58%, the S&P 500 index closed at 4,166.82 points, up 49.45 points or +1.20%, and the Nasdaq index closed at 12,789.48 points, up 146.47 points or +1.16%.
Oliver Perch, analyst at Wealthspire Advisors, said the market received positive factors from the strong performance of listed companies. Including the US economy which is still in a good direction. and is likely to improve in the 4th quarter of this year until the beginning of next year.
251 U.S.-listed companies have reported Q3 2023 results, with 78% of them beating Wall Street analysts’ expectations.
All three major indexes rose more than 1%, recovering following being dragged down by last week’s sell-off. Technology and media companies posted the strongest gains. This includes Microsoft shares up 2.3%, Amazon shares up 3.9%, Apple shares up 1.2%, Meta Platforms shares up 2% and Netflix shares up 3%.
McDonald’s shares rose 1.7% following the company reported third-quarter 2023 earnings per share of $3.19, beating analysts’ expectations of $3.00, on revenue of $6.69 billion. higher than the forecast of $6.58 billion.
Intel shares, a major US chip maker, rose 0.42% following the company forecast fourth-quarter 2023 revenue of $146-15.6 billion. This was higher than analysts’ expectations of $14.35 billion.
Investors are keeping an eye on the performance of major listed companies this week. This includes Apple, Caterpillar, Pfizer and Starbucks.
Meanwhile, investors are keeping an eye on the Fed’s monetary policy meeting on Oct. 31 – Nov. 1, while investors are giving almost 100% weight that the Fed will maintain interest rates at the level of 5.25-5.50% in that meeting. In addition, investors are also waiting to see the statement following the meeting of Mr. Jerome Powell, Chairman of the Fed, to look for signs indicating the direction of interest rates in the future.
The US will release several important economic data this week. Today, August house prices will be revealed from S&P/Case-Shiller. and the October Consumer Confidence Index from the Conference Board. On Wednesday, there will be October private sector employment figures from ADP, October Manufacturing Sector Index from the Institute for Supply Management. of the United States (ISM) and job openings and labor turnover rates (JOLTS) in September.
As for on Thursday The US will release the number of weekly jobless claims. and factory sector orders in September On Friday, figures for employment outside the agricultural sector will be revealed in October. and the October service sector index from the US Institute for Supply Management (ISM).
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