• What is the current state of the US economy?
• How are Meta and Microsoft's earnings impacting the tech sector?
• What key events are scheduled for Trump and Harris?
MARKET MOVEMENTS
Dow Jones
S&P 500
Nasdaq
41,939.31(-0.48%)
5,768.87(-0.77%)
18,410.56(-1.06%)
Opening price as of 10/31/2024 compared to last close
IN THE HEADLINES
Key US Inflation and Spending Rise in Robust Economy
The Fed’s core PCE index rose 0.3% in September and 2.7% over the past year, suggesting a cautious approach to future rate cuts. Consumer spending increased 0.4% despite a dip in savings, and employment costs grew at their slowest pace since 2021, indicating less inflationary pressure from wages. With gas prices down 4% and resilient consumer spending, the data paints a mixed economic picture as voters prepare for the November election. Read more
Nasdaq, S&P 500 Drop as Meta & Microsoft Renew Big Tech AI Spending Worries
On Thursday, the Nasdaq led a decline in US stocks as Treasury yields rose and earnings from Meta and Microsoft raised concerns over Big Tech’s financial outlook due to rising AI costs. The Nasdaq fell about 1.8%, while the S&P 500 and Dow Jones dropped 1% and 0.6%, respectively. Despite beating Wall Street expectations, Meta and Microsoft announced plans to significantly increase AI infrastructure spending, pressuring their stocks and affecting other tech giants like Amazon and Apple. Read more
Election 2024 updates: Trump and Harris to rally out West
Former President Donald Trump and Vice President Kamala Harris are campaigning in the West today, with Trump holding rallies in Albuquerque and Henderson and participating in a hurricane relief benefit in Glendale, Arizona. Harris will attend events in Phoenix, Las Vegas, and Reno. Their running mates are also campaigning, with Senator JD Vance in North Carolina and Minnesota Governor Tim Walz in Pennsylvania. Hillary Clinton will join Harris in Florida for "get out the vote" rallies. While Trump plans to vote in person on Election Day, Harris has yet to mail her ballot. Read more
TradeUP TIDBITS
US 30-year mortgage rate surges to 6.73%, highest since July
The average interest rate for a 30-year fixed-rate mortgage in the U.S. rose to 6.73%, its highest since July, as it increased by 21 basis points in the week ending October 25. This surge comes despite the Federal Reserve's plans to lower short-term borrowing costs and follows stronger-than-expected economic data that has fueled expectations for slower rate cuts.
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