Stock Market Update: Stocks Climb Amid Earnings Surge, Tech Giants Awaited

Stocks rise as earnings season kicks in. Bitcoin surges above $35,000. Stay updated with the latest market trends.

Oct 24, 2023 - 09:46
Oct 24, 2023 - 09:46
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Stock Market Update: Stocks Climb Amid Earnings Surge, Tech Giants Awaited
Stock Market Update: Stocks Climb Amid Earnings Surge, Tech Giants Awaited

Stocks made gains on Tuesday as the benchmark 10-year Treasury yield bounced back, with investors eagerly anticipating a wave of earnings reports from major tech companies and other industry leaders.

The Dow Jones Industrial Average (^DJI), the S&P 500 (^GSPC), and the Nasdaq Composite (^IXIC) all saw increases of about 0.5%.

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The 10-year yield (^TNX) reached 4.86%, recovering from a dip earlier in the day, signaling ongoing market volatility. Just the day before, the yield surged past 5%, reaching its highest point since 2007, only to see a sharp reversal.

All eyes are on the slew of prominent earnings releases. General Motors (GM) made waves by retracting its 2023 profit forecast due to escalating costs related to UAW strikes. Meanwhile, Spotify (SPOT) pleasantly surprised by posting a profit, defying earlier projections of a loss.

In the world of cryptocurrencies, bitcoin (BTC-USD) continued its upward trajectory, crossing the $35,000 mark, marking its highest point since the 2022 crypto market crash. Speculation is rife that the SEC is on the brink of approving an ETF tied to the digital token.

Also Read: Tech Giants' Earnings Spark Market Recovery and Bond Stability - Stock Market News Today

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