Sign InMonday Recap: Market Rises as Jobs Report Disappoints, Investors Eye Fed & Earnings
Alex Vellor
The Dow Jones Industrial Average rose 288.73 points, or 0.69%, on Friday, marking a positive start to November.
The S&P 500 added 0.41%, and the Nasdaq gained 0.8%. These gains came despite a disappointing jobs report that showed fewer new positions added than analysts had anticipated.
However, traders appeared to shrug off this economic data, looking forward instead to the upcoming U.S. election on Tuesday and the Federal Reserve’s two-day policy meeting, set for Wednesday and Thursday. Each of these events is poised to influence market sentiment and potentially affect interest rate policy.
Premarket Movers:
| Company | Stock Ticker | Stock Movement | Notes |
|---|---|---|---|
| Nvidia | NVDA | +1.5% | Will replace Intel in the Dow Jones Industrial Average. |
| Intel | INTC | -1.6% | Dropped due to removal from the Dow Jones Industrial Average. |
| Trump Media & Technology | DJT | -7.6% | Fell as investors reassess Trump's election prospects. |
| Marriott International | MAR | -2.3% | Cut annual profit forecast amid weak travel demand. |
| Boeing | BA | -0.1% | Minor drop as workers set to vote on contract offer. |
| Roblox | RBLX | +3.3% | Upgraded to ‘overweight’ by Morgan Stanley. |
| Phunware | PHUN | -11% | Slumped as CFO announced departure. |
| Sherwin-Williams | SHW | +4.6% | Rising after being included in the Dow Jones Industrial Average. |
| Viking Therapeutics | VKTX | +5.4% | Posted strong data on its oral weight-loss drug. |
Changes to the Dow Jones Industrial Average
The Dow Jones Industrial Average is undergoing a major reshuffle, with Nvidia (NASDAQ:NVDA) set to replace Intel on November 8.
Nvidia’s entry follows a surge of over 170% this year, propelled by its leadership in AI-driven technology. The company had already gained 240% in 2022, making it a standout in the chip industry. The decision to add Nvidia to the Dow highlights the growing role of AI and tech innovation in shaping market values.
Since the Dow is weighted by share price rather than market value, this new addition will have a meaningful impact on the index’s composition.
Earnings Season: Key Reports on Deck
With earnings season in full swing, over two-thirds of S&P 500 companies have already released their quarterly results. This week alone, nearly 100 companies are scheduled to report, drawing investor attention to each new indicator of corporate health and sector performance. Notably, the election has become a focal point in earnings calls, as companies discuss potential policy impacts on business.
According to FactSet, the term “election” was mentioned in 100 earnings calls from mid-September to the end of October—the highest number on record since 2004. Below are some of the most anticipated earnings reports for this week:
- Monday: Palantir Technologies (NYSE:PLTR) (after market close)
- Tuesday: Yum Brands Inc. (NYSE:YUM) (before market open)
- Wednesday: CVS Health (NYSE:CVS) (before market open); Qualcomm (NASDAQ:QCOM), Arm Holdings (NASDAQ:ARM), e.l.f. (NYSE:ELF
), AMC (NYSE:AMC) (after market close) - Thursday: Under Armour, Tapestry, Moderna (NASDAQ:MRNA), Warner Brothers Discovery (before market open); Airbnb, Block, Lucid, Capri Holdings, Rivian, DraftKings (after market close)
- Friday: Paramount (NASDAQ:PARA) (before market open)
Oil Market Forecasts: OPEC Stays Optimistic
In energy markets, OPEC has pushed back against “pessimistic” projections for oil demand.
While some market analysts forecast sluggish demand amid China’s slowing economy, OPEC expects demand to grow by 1.9 million barrels a day in 2024.
This upbeat forecast comes despite economic concerns that have weighed on demand expectations. OPEC’s outlook signals confidence that supply-and-demand fundamentals will balance out over the coming year, although global supply remains strong.
About The Author
Alex Vellor
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