On October 08, 2024, the bustling streets of New York City were alive with the energy of traders making their way to the New York Stock Exchange (NYSE) for another day of morning trading. The city that never sleeps was already buzzing with excitement as traders prepared for a day of action on the trading floor.
As the trading day began, the blue-chip index closed at a record high, setting a positive tone for the day ahead. Futures for the Dow Jones Industrial Average were nearly unchanged on Monday night, with futures linked to the 30-stock average showing a slight increase of 55 points, or 0.1%. Similarly, Nasdaq 100 futures and S&P 500 futures were trading close to their flatlines, indicating a steady start to the trading day.
The previous day on Wall Street had been a success, with both the S&P 500 and Dow reaching new intraday highs and closing at record levels. The Dow Jones finished above the 43,000 mark for the first time, with a gain of over 200 points. The S&P 500 was led by strong performances from information technology equities, which saw a nearly 1.4% increase. The surge was fueled by the rally of leading artificial intelligence company Nvidia, which saw a 2.4% increase and contributed to the overall positive momentum in the market.
Scott Chronert, Citi’s U.S. equity strategist, shared his views on the current market situation on CNBC’s “Closing Bell”. He noted that the S&P 500 may be slightly, if not substantially, overvalued, but the market could continue to perform well as long as positive news continues to support it.
Looking ahead, the focus for investors was on corporate earnings scheduled to be released on Tuesday. Major financial institutions such as Goldman Sachs, Citigroup, and Bank of America were set to report their earnings, along with companies like United Airlines, Walgreens Boots Alliance, and Johnson & Johnson. These earnings reports would be closely watched by investors as they provided insights into the performance of key sectors of the economy.
In addition to corporate earnings, investors were also monitoring economic data related to consumer expectations and manufacturing. Throughout the day, speeches were scheduled to be delivered by notable figures such as Fed Governor Adriana Kugler, Atlanta Fed President Raphael Bostic, and San Francisco Federal Reserve President Mary Daly. Their remarks were expected to provide further insights into the current economic landscape and potential monetary policy decisions.
Overall, it was shaping up to be an eventful day on Wall Street, with traders eagerly anticipating the outcomes of corporate earnings and economic data releases. The positive momentum from the previous trading day had set a strong foundation for the day ahead, and traders were prepared to capitalize on any opportunities that may arise in the dynamic and ever-changing world of the financial markets.
