Market Recap – October 24th
On Tuesday’s trading day, markets resisted lower price movement as investors made moderate gains following strong corporate earnings reports. Throughout the week, most market price action will be dictated by the strength of corporate earnings, with more of the “Magnificent Seven” reporting earnings in the next few days. For the main indices, the S&P 500 rose 0.73%, the NASDAQ Composite went up 0.93%, and the Dow Jones grew 0.62%. Two companies to soar following positive earnings reports were Spotify and Coca-Cola. Music and entertainment streaming platform Spotify reported its first quarterly profit in over a year, citing cost-cutting measures and increased subscription costs that led to a rally of 10.36% by the bell. Long-standing soda maker Coca-Cola posted beats on both the top and bottom lines, with its stock increasing 2.88% on Tuesday.
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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.