October 24, 2024

Stock market today: Nasdaq, S&P 500 poised for a comeback as Tesla earnings lift spirits

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Nasdaq futures jumped on Thursday to lead a rebound in US stocks as Tesla’s (TSLA) surprisingly solid results and high-flying sales forecast lifted hopes for a strong earnings season.

Futures on the tech-heavy Nasdaq 100 (NQ=F) surged almost 0.9%, while S&P 500 futures (ES=F) rose 0.5%. But Dow Jones Industrial Average futures (YM=F) struggled to join the advance, edging down 0.1%.

Tesla kicked off “Magnificent Seven” earnings with its biggest quarterly profit in over a year, driving a wave of optimism that set stocks up for a comeback from Wednesday’s sharp losses.

Shares in Tesla surged over 13% in premarket — set to add over $80 billion in market cap — as investors welcomed CEO Elon Musk’s forecast that EV sales could grow 20-30% next year. Amazon (AMZN), Meta (META), and other tech megacaps ticked higher after lagging the previous session.

Elsewhere in corporates, Boeing (BA) shares sagged almost 4% after striking workers rebuffed its pay deal, on the heels of planemaker’s $6 billion quarterly loss. It’s the latest in a string of rough news for stocks on the Dow.

Meanwhile, the 10-year Treasury yield (^TNX) fell back after topping 4.25% on Wednesday amid worries that the Federal Reserve won’t cut interest rates as quickly as anticipated. The yield dropped below 4.2%, losing hold of levels not seen since July.

Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards

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Live stock market coverage for Thursday, Oct. 24, 2024

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