Market Today: S&P 500, Dow Jones, and Nasdaq Composite Advance Amid Earnings Season
The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all saw gains on 10-16-2023, with the S&P 500 advancing by 1.05%, the Dow Jones by 0.92%, and the Nasdaq Composite by 1.18%. The 10-year Treasury yield also rose by 1.07% to 4.702. This comes as investors turn their attention to the third quarter earnings season, which is set to begin this week.
Neil Hennessy, chief market strategist at Hennessy Funds, stated in a CNBC interview that the market is in good shape, with all three indexes up from last year. He credited the success to eight companies: Nvidia (NASDAQ:NVDA), Meta Platforms (NASDAQ:META), Amazon (NASDAQ:AMZN), Microsoft (NASDAQ:MSFT), Apple Inc. (NASDAQ:AAPL), Alphabet (NASDAQ:GOOGL), Tesla (NASDAQ:TSLA), and Netflix (NASDAQ:NFLX).
Lockheed Martin (NYSE:LMT) announced that its prototype of a new weapon system for protecting the United States from intercontinental ballistic missile attacks passed a key test. This moves the defense contractor one step closer to winning a billion-dollar contract in competition with Northrop Grumman (NYSE:NOC).
Shell (NYSE:SHEL) is set to post its highest closing price in over five years, with a rise of 1.1% on the NYSE. This comes as new CEO Wael Sawan focuses more on the core oil and gas business, attracting investors.
Charles Schwab (NYSE:SCHW) reported Q3 earnings that beat the average analyst estimate, with revenue meeting expectations. This is as clients continue to move funds out of bank accounts and into money market funds for better returns.
Intel (NASDAQ:INTC) and AMD (NASDAQ:AMD) are likely to benefit as investment firm Citi reported that notebook sales for September were "well above expectations."
Biotechnology company 22nd Century Group (NASDAQ:XXII) announced its intention to offer and sell shares of its common stock and warrants to purchase shares in a best efforts public offering.
Google's (NASDAQ:GOOG) (NASDAQ:GOOGL) search deals with device makers and wireless carriers account for roughly half of all U.S.-based search queries, according to a witness for the government at the antitrust trial.
Allstate (NYSE:ALL) saw a rise of 3.6% amid a report that activist Trian Fund Management has built a stake in the insurer.
Enphase Energy (NASDAQ:ENPH) saw a rise of 2.9% in trading, even after BMO Capital downgraded the stock to Market Perform from Outperform.
Vista Outdoor Inc. (NYSE:VSTO) announced that it has struck a deal to sell its sporting products business to Czechoslovak Group a.s. for an enterprise value of $1.91B in an all-cash transaction.
Johnson & Johnson (NYSE:JNJ) is scheduled to announce Q3 earnings results on Tuesday, October 17th, before market open.
Equity Lifestyle Properties (NYSE:ELS) reported Q3 FFO of $0.71, missing by $0.01. Revenue of $388.81M (+2.1% Y/Y) beat by $14.67M.
Domino's Pizza (NYSE:DPZ) announced the appointment of Sam Jackson as its executive vice president of human resources.
XPeng (NYSE:XPEV) fell in late trading on a strong day for the electric vehicle sector. Investors may be concerned that XPeng's recent expansion to the Middle East will be sidetracked by the war in Israel and rising tension in the region.
Tempest Therapeutics (NASDAQ:TPST) shares rallied nearly 80% in midday trading. This comes after the company released updated data from a Phase 1/2 study for TPST-1120.
Bank of America's (NYSE:BAC) credit card delinquency and net charge-off rates stayed roughly stable in September, both still lower than prepandemic levels. Meanwhile, borrowing on credit cards receded in the past month.
Coca-Cola Company (NYSE:KO) announced a new partnership with Pernod Ricard SA (PDRDF) to debut Absolut Vodka & Sprite as a ready-to-drink pre-mixed cocktail in 2024.
At the movies this weekend, Taylor Swift's The Eras Tour (NYSE:AMC) set concert-movie records, dominating the weekend box office and ending with $92.8M domestically.
This article first appeared on GuruFocus.
