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Nasdaq, S&P 500 poised for a comeback as Tesla earnings lift spirits

Updated: 24-10-2024, 12.10 PM

Nasdaq futures jumped on Thursday to lead a rebound in US stocks as Tesla’s (TSLA) surprisingly solid results and high-flying sales forecast lifted hopes for a strong earnings season.

Futures on the tech-heavy Nasdaq 100 (NQ=F) surged almost 0.9%, while S&P 500 futures (ES=F) rose 0.5%. But Dow Jones Industrial Average futures (YM=F) struggled to join the advance, edging down 0.1%.

Tesla kicked off “Magnificent Seven” earnings with its biggest quarterly profit in over a year, driving a wave of optimism that set stocks up for a comeback from Wednesday’s sharp losses.

Shares in Tesla surged over 13% in premarket — set to add over $80 billion in market cap — as investors welcomed CEO Elon Musk’s forecast that EV sales could grow 20-30% next year. Amazon (AMZN), Meta (META), and other tech megacaps ticked higher after lagging the previous session.

Elsewhere in corporates, Boeing (BA) shares sagged almost 4% after striking workers rebuffed its pay deal, on the heels of planemaker’s $6 billion quarterly loss. It’s the latest in a string of rough news for stocks on the Dow.

Meanwhile, the 10-year Treasury yield (^TNX) fell back after topping 4.25% on Wednesday amid worries that the Federal Reserve won’t cut interest rates as quickly as anticipated. The yield dropped below 4.2%, losing hold of levels not seen since July.

Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards

LIVE 1 update

  • Jenny McCall

    Good morning. Here’s what’s happening today.

    Economic data: Initial Jobless & Continuing Claims, (week ending Oct. 19, week ending Oct. 12); S&P Global US Manufacturing & Services PMI (October preliminary); New Home Sales (September); Kansas City Fed Manufacturing Activity (October); Chicago Fed National Activity Index (September).

    Earnings: UPS (UPS), American Airlines (AAL), Southwest (LUV), Dexcom (DXCM), Deckers Outdoor Corporation (DECK), Sketchers (SKX), Coursera (COUR), Dow Inc. (DOW), Honeywell International (HON), Union Pacific Corporation (UNP), Hasbro (HAS), Northrop Grumman Corporation (NOC), Capital One (COF), Beyond, Inc. (BYON)

    Here are some of the biggest stories you may have missed overnight and early this morning:

    Tesla jumps after earnings surprise, upbeat outlook

    Boeing stock falls after workers reject latest labor offer

    American Airlines lifts 2024 profit forecast

    Southwest reaches agreement with activist, ending long battle

    How Musk’s ‘distractions’ could turn into big wins

    IBM stock falls amid slowing spending on non-GenAI projects

    Consumers are better off than in 2019, but they don’t feel that way

    T-Mobile beats estimates for wireless subscriber growth

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