Stock markets today: Dow, S&P 500, Nasdaq slip as earnings flood ahead

Stocks slid Monday as investors braced for a packed week of top-level earnings that could drive or drag a record-setting rally.

The S&P 500 (^GSPC) fell about 0.3%, a new all-time closing high and a sixth weekly win in a row. The Dow Jones Industrial Average (^DJI) was down about 0.5%, while the tech-heavy Nasdaq Composite (^IXIC) fell 0.2%.

AI chip heavyweight Nvidia ( NVDA ) briefly touched an intraday record during the session while iPhone maker Apple ( AAPL ) was on pace to hit a closing high as it held on to modest gains.

Whether the records keep rolling in rides depends in large part on corporate results in the coming days. Earnings season picks up this week as 100 S&P 500 companies line up to report So far, 80% of the third quarter updates on the benchmark have topped out

Investors are on edge for Tesla's ( TSLA ) report on Wednesday, after its Robotaxi unveiling fell short of expectations. EV makers highlight week amid questions about big tech performance despite Netflix's ( NFLX ) strong kickoff to megacap season.

General Motors ( GM ), Coca-Cola ( KO ), American Airlines ( AAL ), and UPS ( UPS ) were several other big hitters on the earnings docket this week.

Boeing ( BA ) faces a double blow on Wednesday, when it is expected to release earnings at the same time workers vote on whether to accept a tentative deal agreed with unions to end a five-week strike. Shares of the plane maker rose more than 3% in early Monday trading.

Meanwhile, the 10-year Treasury yield (^TNX) rose more than 6 basis points to 4.136%, its highest level since late July.

Chinese stocks (000300.SS) edged gains alongside oil prices, which rose as much as 2% as China's stimulus push continued with key lending rate cuts. Global benchmark Brent futures (BZ=F) traded near $74 a barrel, while West Texas Intermediate (CL=F) crude futures topped $70, with Israel's next Iran move also in focus.

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Mon, Oct 21, 2024 at 8:13 am PDT

Disney board to announce Bob Iger's successor as early as 2026: 'a critical priority'

Yahoo Finance's Alexandra Canal reports:

Disney ( DIS ) plans to announce its next CEO as early as 2026, the first timeline the company has publicly offered for hiring a successor to current chief Bob Iger.

The media giant on Monday simultaneously disclosed that current board member and former Morgan Stanley ( MS ) CEO James Gorman will serve as the board's new chairman, effective January 2, 2025. He will step down as executive chairman at Morgan. 31 December Stanley.

“An important priority ahead of us is hiring a new CEO, which we now expect to announce in early 2026,” Gorman said in a press release. “This time reflects and will allow for the progress that the succession planning committee and board are making. There is ample time for a successful transition before Bob Iger's contract expires in December 2026.”

Read more here.
Mon, Oct 21, 2024 at 7:55 am PDT

Apple on pace to close at fresh record high

Apple ( AAPL ) stock was on pace to hit a new high on Monday after closing at a record Friday.

Shares of the iPhone maker rose slightly to near $235.80 each.

On Friday, the stock closed at a record $235. Year-to-date, Apple is up more than 22%.
Mon, Oct 21, 2024 at 7:24 am PDT

Fed doubles down on 'gradual' rate cut strategy

Yahoo Finance's Jennifer Schoenberger reports:

Dallas Fed President Laurie Logan reiterated Monday that she sees policymakers cutting interest rates “gradually.” He noted an increased risk that the job market could worsen and a danger that inflation could still heat up again.

“If the economy develops as I currently expect, a strategy of gradually lowering policy rates toward a more normal or neutral level could help manage risks and help us achieve our goals,” Logan said in a speech at the Securities Industry and Financial Markets Association's annual conference. Meeting in New York.

Logan said the economy was “strong and stable” but “meaningful uncertainty” remained in the outlook.

Read more here.
Mon, Oct 21, 2024 at 6:48 am PDT

Nvidia climbed 1% to touch an intraday record high

Nvidia ( NVDA ) stock rose more than 1.5% early Monday, helping to offset a big decline in the Nasdaq Composite ( ^IXIC ).

Shares of the AI chip heavyweight climbed above $140 each, briefly touching an intraday high of $141.

The Nasdaq was trading near a flat line as Nvidia rose.
Mon, Oct 21, 2024 at 6:30 am PDT

Stocks fell as investors awaited a fresh batch of earnings

Major averages opened slightly lower on Monday as investors await a fresh batch of earnings this week.

The S&P 500 (^GSPC) fell roughly 0.2%, hitting a new all-time closing high, while the Dow Jones Industrial Average (^DJI) was down 0.1%. The tech-heavy Nasdaq Composite ( ^IXIC ) declined 0.2%.

A new batch of quarterly results will roll in this week, including Tesla ( TSLA ) on Wednesday. General Motors ( GM ), Coca-Cola ( KO ), American Airlines ( AAL ), and UPS ( UPS ) are some of the other big names on the earnings docket this week.
Mon, Oct 21, 2024 at 6:25 am PDT

Boeing stock rallies on tentative labor deal

Boeing ( BA ) stock jumped as much as 4.5% in premarket Monday on news that the planemaker had reached a tentative labor agreement with workers who have been on strike for more than a month.

The deal would raise pay by 35% over four years and increase Boeing's 401(k) contributions, but it would not reinstate the pension plan — a key union demand. Analysts estimate the deal could result in an additional $1 billion in wage-related costs for the company.

Unions will vote on the contract on Wednesday, the same day Boeing reports its quarterly earnings. According to Bloomberg consensus estimates, analysts expect the plane maker to report a loss of $1.50 per share.

Boeing has struggled since part of one of its 737 Max 9 planes tore off during a flight in January. Shares are down more than 40% this year.

Among Wall Street analysts covering the stock tracked by Bloomberg, some 19 have a buy recommendation on the stock, while 11 have a hold rating and three have a sell rating. On average, analysts see Boeing shares rising to around $192 over the next 12 months, indicating gains of more than 20%.
Mon, Oct 21, 2024 at 5:02 AM PDT

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