Stock Market News Today, 10/30/23 – Indices Close Higher, Led by Communication Sector

Last updated: 4:13PM EST

Stock indices finished today’s trading session in the green, as the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 1.09%, 1.2%, and 1.58%, respectively.

The Real Estate sector (XLRE) was the session’s top loser, as it gained 0.31%. Conversely, the Communication Services sector (XLC) was the session’s leader, with a gain of 2.01%.

 Furthermore, the U.S. 10-Year Treasury yield saw a slight increase to 4.877%. Similarly, the Two-Year Treasury yield was also little changed, as it hovers around 5.039%.

Last updated: 2:30PM EST

Stocks are in the green so far in today’s trading session. In addition, WTI crude oil is down as it hovers above $82.89 per barrel. The commodity’s recent downtrend has led to prices at the pump gaining downward momentum across the country.

Indeed, the national average for regular gas was last $3.494 per gallon, down from last week’s reading of $3.549. The highest prices can be found in California, where prices are substantially higher than the national average, at $5.291 per gallon. On the other hand, Georgia is the state with the lowest gas prices, at $2.959 per gallon.

Last updated:9:30AM EST

Stocks opened higher after a turbulent week with the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up by 1.02%, 0.86%, and 0.79%, respectively, at 9:30 a.m. EST, October 30.

First published:4:20AM EST

U.S. Futures are inching higher on Monday morning as traders await the Federal Reserve’s interest rate decision this week. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up by 0.75%, 0.57%, and 0.41%, respectively, at 4:15 a.m. EST, October 30.

In the meantime, the U.S. 10-year treasury yield is up, floating near 4.85% at the time of writing. And the WTI crude oil futures are hovering near $84.35 per barrel as of the last check.

The two-day Federal Open Market Committee (FOMC) meeting begins tomorrow. Markets largely expect the Fed to hold interest rates steady on November 1. Also, the October Non-farm payrolls report scheduled for Friday, November 3, will be closely watched by traders to grasp any signs of a cooling labor market.

Further, results from iPhone maker Apple (AAPL) on Thursday will take the limelight as investors parse through a mixed bag of tech earnings. Meanwhile, this morning, burger maker McDonald’s (MCD) will report its Q3FY23 results to start the action-packed earnings week in full zeal. Also reporting today are Pinterest (PINS), Lowes (L), Sofi Technologies (SOFI), and ZoomInfo Technologies (ZI).

Turning toward other corporate news, the United Auto Workers (UAW) union successfully reached a tentative labor deal with Stellantis (STLA). In contrast, the union expanded the strike to General Motors’ (GM) Tennessee plant as negotiations continued to get ugly. Furthermore, Disney’s (DIS) management is under pressure for board changes as activist investor Nelson Peltz gets the support of a large shareholder, Ike Perlmutter. And, Morgan Stanley (MS) has taken a new route by granting equal one-time bonuses worth $20 million each to its newly elected top officials.

Elsewhere, European indices are trading mixed on Monday as traders digest a slew of earnings reports. British universal bank, HSBC (HSBC) reported a 235% jump in after-tax profits and announced a $3 billion stock buyback program.

Asia-Pacific Markets End Mixed on Monday

Asia-Pacific indices ended mixed on Monday following a series of economic data from across the regions.

Hong Kong’s Hang Seng index ended near the flatline while China’s Shanghai Composite and Shenzhen Component indices ended up by 0.12% and 1.61%, respectively.

On the contrary, Japan’s Nikkei and Topix indices finished lower by 0.95% and 1.04%, respectively.

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