Top 10 things to watch in the stock market Thursday, including news on Nvidia, 3 other Club stocks
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Top 10 things to watch Thursday, Oct. 24 CNBC’s Matthew J. Belvedere with the help of Jeff Marks wrote this dispatch. 1. The S & P 500 was trying to break a three-session losing streak. Stocks were given some relief from lower bond yields, which have been recently rising despite the Fed’s monetary easing. Bond traders have been pushing yields up, signaling central bankers were too heavy-handed with September’s jumbo half-point interest rate cut. 2. Tesla shares were jumping 14.5% and leading the Nasdaq toward a higher open after the EV maker beat on quarterly earnings per share (EPS). While missing on revenue, Elon Musk’s prediction of 20% to 30% “vehicle growth” next year sparked investor buying. He cited “lower cost vehicles” and the “advent of autonomy.” 3. Club industrial stocks Honeywell and Dover were dropping after issuing quarterly results. Honeywell raised the low-end of full-year earnings guidance but lowered its sale outlook. Dover’s guidance was messy due to updates to reflect discontinued operations and divestitures. 4. Nvidia CEO Jensen Huang said that longtime Taiwanese manufacturing partner TSMC helped fix a design flaw that “caused the yield to be low” in its next-gen Blackwell AI chips. The hiccup had hindered production. Holding an AI summit in India, Nvidia said it will supply AI chips to Indian companies. 5. Semiconductor equipment maker Lam Research beat on quarterly earnings and revenue and its stock jumped 5%. The results were in contrast to peer ASML’s weakness that brought down the whole sector last week before TSMC’s strong results provided a boost. 6. Oppenheimer raised its Salesforce price target to $330 per share from $300 and kept its outperform buy rating. The analysts cited their survey about the technology priorities of 33 Salesforce customers. The results were mixed, they said, but pointed to industry and macro forces that should help Club name Salesforce down the line. 7. Boeing machinists rejected a new labor contract that included wage increases of 35% over four years. The walkout has been going on for more than five weeks and has halted more of Boeing aircraft production. 8. Southwest Airlines and Elliott Investment Management announced a settlement deal to avoid a boardroom battle. In exchange, the activist investor group got more director seats and accelerated the retirement of executive chairman Gary Kelly. The agreement, however, does keep CEO Bob Jordan on the job. Southwest also reported quarterly beats on EPS and revenue. 9. Shares of United Parcel Service soared 8.5% after the company reported third-quarter beats on earnings and revenue. U.S. package delivery revenue topped estimates. International as well as supply chain and freight segments matched expectations. 10. T-Mobile reported third-quarter core adjusted EBITDA of $8.24 billion, which beat estimates. So did EPS and revenue. Total wireless net additions exceeded expectations as well. The company raised postpaid net customer additions guidance for the full year. EBITDA stands for earnings before interest, taxes, depreciation, and amortization. Sign up for my Top 10 Morning Thoughts on the Market email newsletter for free (See here for a full list of the stocks at Jim Cramer’s Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
CEO of Nvidia, Jensen Huang, speaks during the launch of the supercomputer Gefion, where the new AI supercomputer has been established in collaboration with EIFO and NVIDIA at Vilhelm Lauritzen Terminal in Kastrup, Denmark October 23, 2024.
Ritzau Scanpix | Mads Claus Rasmussen | Via Reuters
CNBC’s Matthew J. Belvedere with the help of Jeff Marks wrote this dispatch.
1. The S&P 500 was trying to break a three-session losing streak. Stocks were given some relief from lower bond yields, which have been recently rising despite the Fed’s monetary easing. Bond traders have been pushing yields up, signaling central bankers were too heavy-handed with September’s jumbo half-point interest rate cut.
2.Tesla shares were jumping 14.5% and leading the Nasdaq toward a higher open after the EV maker beat on quarterly earnings per share (EPS). While missing on revenue, Elon Musk’s prediction of 20% to 30% “vehicle growth” next year sparked investor buying. He cited “lower cost vehicles” and the “advent of autonomy.”
3. Club industrial stocks Honeywell and Dover were dropping after issuing quarterly results. Honeywell raised the low-end of full-year earnings guidance but lowered its sale outlook. Dover’s guidance was messy due to updates to reflect discontinued operations and divestitures.
