Whale Large Capital
  • Politics
  • World News
  • Business
  • Investing
  • Politics
  • World News
  • Business
  • Investing

Whale Large Capital

Investing

S&P 500 Slide 0.48% as Wall Street Weighs Tech Earnings

by October 31, 2024
October 31, 2024
S&P 500 Slide 0.48% as Wall Street Weighs Tech Earnings

S&P 500 and Stock futures dropped on October 31, when investors digested not-so-good results of the tech corporations and, on the other hand, looked forward to reports from Apple and Amazon.

S&P 500 futures fell by 0.5%, with the Nasdaq 100 and Dow Jones futures equally falling by 0.6% one day subsequent to the U.S. CPI year changes that rose 8.3% compared to the previous year.

Meta Platforms’ premarket performance contributed to the cautious sentiment. Shares fell 3% as the company missed its user growth goals. Additionally, Meta announced that capital expenses will rise sharply in 2025, which contrasts with its strong third-quarter earnings.

Microsoft’s revenue projections did not attract investors, leading to a 4% fall in its stock price in premarket trading, as Wall Street altered its growth expectations in the light of the company’s muted outlook.

Wall Street Awaits Key Tech Earnings from Apple and Amazon

On the economic side, the latest personal consumption expenditures (PCE) price index was released. This index, a key inflation indicator for the Federal Reserve, showed that inflation increased as expected, nearing the Fed’s 2% target. This data suggests that inflation may be easing. However, investors remain cautious. They are wary of how both sluggish corporate earnings growth and inflation could impact overall market sentiment.

On October 30, the major stock indexes showed slight declines; the S&P 500 slipped by 0.3%, the Dow decreased by 0.2%, and the Nasdaq Composite declined by 0.6%. As far as Wall Street is concerned, investor attention has been shifted to the results of Apple and Amazon, particularly as to the viability of the development of the tech sector amidst a deteriorating economic environment. Most likely, these companies’ announcements will be the turning point of the earnings season.

S&P 500 Index Technical Analysis

S&P500/USD 15-Minute Chart (Source: TradingView)

Today, the S&P 500 index is experiencing slight pressure. The price stands at 5,813.66, the same percentage down as before. Over the past week, the index reached a high of 5,878.46. Since then, it has been gradually declining, forming lower highs and lower lows. Thus, the probable conclusion is that momentum is slowing down, and a cautious sentiment is setting in.

Key Support at 5,762.41 in Focus as Short-Term Bearish Trend Prevails

The Relative Strength Index (RSI) of the S&P 500 stock currently stands at 32.12, which is pretty much near the oversold territory. However, the RSI is trending downward. The 15-minute chart also shows a series of uninterrupted red candles. This indicates that, for now, the short-term bears are in control and are overpowering the bulls.

Monitoring the nearest support level of 5,762.41 is a must. When a state of steadiness emerges among traders and the RSI begins to trend upwards, it may boost buyers’ confidence. This upward movement could indicate a short-term buying opportunity.

In the short term, we are likely to see a cautious style of trading. This is displayed by range-bound situations in the market as investors monitor external factors, such as upcoming economic data and macroeconomic news. A breakthrough above the recent high of 5,840 could signal a revitalisation of buying interest in this stock.

In case you are already holding positions, look at the resistance line at around 5,840 and be extra cautious about it as breaking above it may indicate a comeback to the bullish trend. Be aware of the most recent economic data releases, as they are a major driver of market psychology.

The post S&P 500 Slide 0.48% as Wall Street Weighs Tech Earnings appeared first on FinanceBrokerage.

0
FacebookTwitterGoogle +Pinterest
previous post
Iran and Russia close in on deal as Tehran threatens revenge against Israel
next post
EUR/USD & EUR/GBP Analysis: High Volatility with Trends

You may also like

ApeCoin and Akita Inu: ApeCoin pulls back to...

September 12, 2024

EURUSD and GBPUSD: the pound could hit a...

September 6, 2024

Retail Investors Boost Nvidia Stock Amid AI Shakeup

January 28, 2025

Nvidia Earnings Near All-Time High After 30% Drop

October 15, 2024

Dollar Index Analysis: Strong Uptrend Faces Resistance Level

November 12, 2024

IAG Stock In Top Performing Stock With 16.83%...

October 21, 2024

Amazon stock decline with margin after Q1 Sales...

February 7, 2025

Nifty in support zone: German 40 rises at...

August 15, 2024

Bitcoin Hits All-Time High, Ethereum Breaks Key Resistance

November 8, 2024

SafeMoon and Litecoin: Litecoin retreating to a new...

August 21, 2024

    Subscribe today to receive exclusive access to all our retirement secrets and income strategies, including special financial news and updates from our experts. From time to time, our newsletters feature valuable insights and analysis on the latest financial trends. Don't miss out on these exclusive updates – join our subscription to stay informed!


    By opting in you agree to receive emails from us. Your information is secure and your privacy is protected.



    Latest

    • State Department to begin mass layoffs of about 1,800 employees in coming days

      July 11, 2025
    • Duffy just got an additional job in Trump’s administration, and he’s not the only one wearing multiple hats

      July 11, 2025
    • Duffy just got an additional job in Trump’s administration — and he’s not the only one wearing multiple hats

      July 10, 2025
    • ‘It will happen quickly’: State Dept poised to act after Supreme Court green-lights agency layoffs

      July 10, 2025
    • Hegseth tears up red tape, orders Pentagon to begin drone surge at Trump’s command

      July 10, 2025
    • SCOOP: Sen Ron Johnson readies subpoenas for FBI, DOJ in Butler shooting probe

      July 10, 2025

    Categories

    • Business (714)
    • Investing (661)
    • Politics (4,862)
    • World News (3,213)
    • Terms & Conditions
    • Privacy Policy
    • Contact us
    • About us

    Disclaimer: WhaleLargeCapital.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 WhaleLargeCapital.com | All Rights Reserved