Nasdaq hits record highs with tech stocks rising ahead of key earnings

From Investing.com.: 2024-10-25 16:12:01

The Nasdaq closed higher Friday, reaching an intraday high as tech stocks gained momentum ahead of a key week of earnings. With the tech-heavy index rising 0.6%, attention is on upcoming earnings reports from major players like Apple, Alphabet, Meta Platforms, Microsoft, and Amazon. The Magnificent Seven companies are expected to set the tone for the broader market. The week ahead also sees reports from other Wall Street giants like Advanced Micro Devices, Caterpillar, Visa, Ford, and Uber Technologies.

Capri Holdings took a hit as a U.S. judge blocked its merger with Tapestry, causing shares to plummet by 49%. In contrast, Tapestry saw a 15% surge. Health insurer Centene, on the other hand, advanced 5% after exceeding third-quarter profit expectations. Crypto-related stocks, including Coinbase Global Inc, MicroStrategy Incorporated, and Riot Platforms, dropped in response to reports of a probe into Tether for possible money laundering and sanctions violations.

Positive signs for the U.S. economy emerged as orders for key manufactured capital goods rose more than expected in September. Next week’s release of the advance estimate of third-quarter GDP and the closely watched monthly jobs report will be pivotal, especially after last month’s unexpected outcome. The market is also factoring in the potential impact of U.S. presidential election results on inflationary policies.



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