According to Odaily, the US stock market experienced mixed results on Thursday. The Dow Jones Industrial Average fell by 0.33%, marking its fourth consecutive day of decline, primarily due to disappointing earnings reports from IBM and Honeywell. In contrast, the S&P 500 index rose by 0.21%, ending a three-day losing streak. Tesla's stock surged nearly 22%, significantly boosting the Nasdaq and the consumer discretionary sector, with the Nasdaq reaching an intraday high of over 0.8%.
In the cryptocurrency market, most digital currencies saw gains. As of the time of reporting, Bitcoin had rebounded to surpass $68,000, marking a 0.9% increase, while Ethereum fell by 1.5% to $2,513. In the foreign exchange and commodities markets, the US Dollar Index dropped by approximately 0.4%, ending a three-day rally and moving away from its nearly three-month high. Concurrently, both US Treasury yields and the dollar declined, leading to a significant rise in gold prices. Spot gold surged by $20.52, or 0.76%, nearing its historical high once again. Concerns over a potential slowdown in the European economy, coupled with reports of the US and Israel attempting to restart ceasefire talks regarding Gaza, put pressure on oil prices. After initially rising by over 2%, both West Texas Intermediate (WTI) and Brent crude oil prices eventually fell by more than 1%.
Economic data released in October has bolstered market expectations for a 25 basis point rate cut by the Federal Reserve in November. Despite the ongoing earnings season, with over 32% of S&P 500 companies having reported their third-quarter results and 76% of them exceeding analysts' expectations, the approaching US presidential election has left the overall stock market directionless.
