S&P 500 Index - Daily Chart - Oct 1 - 31, 2024 (Source: Tradingview)

October 1

Stocks closed lower today amid overseas economic activity, investor profit-taking, and looming hurricane threats. The Dow dropped 173 points, while the Nasdaq declined 1.43%, and the S&P 500 fell 0.93% after initially recovering from deeper losses. Market sentiment also took a brief hit following reports of Iranian airstrikes on Israel, causing a temporary dip.

October 2

Geopolitical tensions countered promising job market data, creating volatility but ultimately leaving the market flat. The S&P gained a measly 0.01%, the Dow moving up 0.09% (39 points) along with the Nasdaq rising 0.15%. The ADP private employment report was slightly stronger than expected, falling in line with hopes for a soft landing scenario but also fostering an awareness of a job market that is potentially too strong.

October 3

With high alert for both the upcoming jobs report and further news on the conflict in the Middle East, the market drifted lower. Dow stocks declined by 184 points and the S&P was lowered by 0.17%, the Nasdaq likewise being cut by 0.05%.Crude oil surged over 5%, driven by heightened anticipation of developments in the Middle East.

October 4

A strong jobs report pulled the hesitant market firmly into positive territory. The Dow climbed 341 points, while the S&P and Nasdaq saw gains of 0.90% and 1.22%, respectively. With job growth exceeding forecasts by nearly 100,000, about 254,000 new positions were added, accompanied by a drop in the unemployment rate and an unexpected surge in hiring.

October 7

Lingering uncertainty from Middle Eastern conflicts continues to weigh on markets, pushing oil prices and bond yields higher. The Dow fell 398 points, with the S&P down 0.96% and the Nasdaq slipping 1.17%. Hopes for further Federal Reserve rate cuts weakened in light of the previous week's robust jobs report.

October 8

Optimism around Nvidia and other tech leaders ignited a market rally. The Dow added 126 points (0.30%), and the S&P gained 0.97%, while the Nasdaq rose 1.55%. Demand for Nvidia’s AI processors drove its stock to the upper limit of a four-month trading range.

October 9

U.S. stocks rallied, with the Dow climbing 431 points, and the S&P (+0.71%) and Nasdaq (+0.90%) posting gains. However, Chinese equities like Alibaba stumbled amid fading hopes for additional stimulus from Beijing.

October 10

Persistent inflation concerns knocked U.S. indexes off their highs. The Dow dipped 57 points, while the S&P declined by 0.21%, and the Nasdaq slipped 0.13%. Both the Consumer Price Index (+0.02%) and annual inflation (+2.4%) surpassed expectations, signaling enduring price pressures.

October 11

Strong earnings reports from major banks powered the market's positive momentum as earnings season kicked off. The Nasdaq gained 0.15%, while the S&P climbed 0.61% and the Dow surged 409 points, with the latter two breaking recent highs. The Producer Price Index aligned with forecasts, and investor sentiment remained hopeful for further Federal Reserve rate cuts.

October 14

Markets extended gains in a broad rally with a 3:2 ratio of advancing to declining stocks. The Dow rose 201 points, the S&P added 0.77%, and the Nasdaq increased 0.82%. Investors anticipated the core of earnings season and looked forward to a potential election gridlock.

October 15

Tech stocks, particularly in the semiconductor sector, weighed heavily on Wall Street. The Dow dropped 324 points (0.75%), the S&P slipped 0.76%, and the Nasdaq fell 1.37%. ASML’s earnings report and lower-than-expected guidance pushed its stock down 16%.

October 16

Morgan Stanley surged 7% after surpassing Wall Street expectations for third-quarter earnings and revenue. Major averages rebounded, with the Dow climbing 337 points, the S&P gaining 0.47%, and the Nasdaq inching up 0.07%. Dow transports reached new highs, with United Airlines rising 13% on strong earnings.

October 17

Positive updates from Taiwan Semiconductor (TSMC) and encouraging economic data helped lift the market, countering the pressure from rising treasury yields. Dow stocks rose 161 points and the Nasdaq drifted 0.08% higher while the S&P fell back by a slight margin of 0.02%. Unemployment claims came in lower than expected..

October 18

A majority of stocks that had reported earnings in the S&P beat expectations, drawing the major average higher. The Dow crawled 0.09% (36 points) upward while the S&P rose 0.40% and the Nasdaq ended the day 0.66% higher. Streaming giant Netflix displayed earnings that beat Wall Street expectations on both the top and bottom line for the quarter, rising 10% in the market.

October 21

Rate sensitive stocks declined to start the week as treasury yields surged. Dow stocks were hit hard with it losing 344 points while the S&P fell 0.18% and in contrast the tech-heavy Nasdasq eked out an 0.18% gain. The 10-year treasury yield jumped to a three-month high while economic data and interest rate uncertainty dragged markets into the red.

October 22

The market remained at an unsteady equilibrium with gains from positive company earnings being offsetted by rising treasury-yields. The Dow managed to rise a mere 6 points as the S&P nudged 0.05% lower with the Nasdaq also inching 0.11% higher. The 10-year treasury yield rose to a high of 4.2% which hadn’t been seen since late July.

October 23

Stocks faltered under mounting pressures from rising bond yields, a tech sector slump, muted reactions to earnings, and pre-election jitters. Major indexes dropped across the board, with the Dow down 409 points, the S&P off by 0.92%, and the Nasdaq sliding 1.55%. With earnings season in full swing and the election on the horizon, market volatility is becoming the norm.

October 24

Earnings results created mixed movement in the market, pushing indexes in different directions. The Nasdaq and S&P rose by 0.21% and 0.83%, respectively, while the Dow closed with a 140-point loss. IBM's below-expectations earnings weighed on the Dow, while Tesla's 22% surge on stronger-than-expected results lifted the S&P and Nasdaq.

October 25

Mega Cap tech stocks performed positively while other sectors lagged behind. The Dow tumbled 260 points while the S&P remained relatively stable at a subtle decline of 0.03% and the Nasdaq made off with winnings, ultimately gaining 0.83%. Goldman Sachs dropped 2.3% amid market weakness, while McDonald's slid 3% following reports of E. coli in burgers across various locations.

October 28

Markets rose as investors anticipated earnings from mega-cap tech stocks, while easing geopolitical tensions supported the upward trend. The Dow gained 273 points, the S&P edged up 0.24%, and the Nasdaq remained largely unchanged. A volatile week for tech awaits, with major players like Apple, Microsoft, Amazon, Facebook, and Alphabet set to report their quarterly earnings.

October 29

The Nasdaq reached new record highs as Alphabet reported strong earnings. The Dow dipped 154 points, the S&P gained 0.16%, and the Nasdaq advanced 0.98%. Despite concerns over competition from AI, Alphabet’s parent company, Google, continued its upward momentum.

October 30

Earnings reports from additional mega-cap tech stocks created a mixed session. The Dow declined by 91 points, the S&P fell 0.33%, and the Nasdaq slid 0.79%. Tech results varied as Apple, Meta, and Nvidia dropped, while Microsoft, Amazon, and Alphabet rose. Other stocks struggled, with AMD tumbling 10%.

October 31

Tech stocks faced setbacks as modest earnings struggled against rising market prices. The Dow dropped 378 points (0.90%), the S&P declined 1.86%, and the Nasdaq fell 2.44%. Meta fell 4% on weaker guidance, and Microsoft showed signs of strain following its earnings report.