Blue-Chip, Tech Stocks headlines last week of October
The last week of October brought favorable winds to Wall Street. Investor sentiment soared on Monday, with the Dow and the S&P 500 the recording closes, while the state-of-the-art Nasdaq notched a triple-digit victory on the heels of an optimistic earnings report from electric vehicle giant Tesla (TSLA). Optimism continued on Tuesday, helping the S&P 500 to a third consecutive record, amid a good profit season. Facebook’s (FB) post-profit spread weighed on the tech sector, however, although strong reports from United Parcel Service (UPS) and General Electric (GE) thwarted the woes of the name FAANG.
The major benchmarks paused on Wednesday, returning gains at the end of the session as investor sentiment faltered. The technology sector got some backing from Microsoft (MSFT) and Alphabet (GOOGL), which surged after releasing upbeat quarterly results. This decline did not last, with the score of the Dow and the Nasdaq three-digit pops Thursday, as the latter joined the S&P 500 by setting new records. Profits continued to steal the show on Friday, but this time for the worse, as traders digested lack of income from Apple (AAPL) and Amazon.com (AMZN). Nonetheless, the top three indices stayed on track for strong weekly and monthly gains.
Blue-chip stocks pour into church profits
The results file was filled with top-notch names this week. Among them was 3M (MMM), which slashed its earnings after lowering its full year forecast due to supply chain issues and inflation. Visa (V) collapsed after doing the same, despite announcing gains up and down, as analysts blasted him with price reductions. Conversely, McDonald’s (MCD) raised its outlook for the year as a whole, after third quarter results.
During this time, MSFT reached an all-time high in addition to nine target price increases, after substantial growth in its cloud computing unit, generated a quarterly victory. Coca-Cola (KO) also caught the attention of analysts after the results, with Credit Suisse naming the beverage company its The best choice. Pharmaceutical giant Merck (MRK) also saw an increase in profits and revenues, citing the good results of its cancer drugs.
What’s new in technology
The tech sector was also at the forefront. United Microelectronics (UMC) looked set for another rebound after flashing a historically bullish signal. Another semiconductor name in the spotlight was Nvidia (NVDA), which reached an all-time high on the heels of a bull note. ServiceNow (NOW) also hit an all-time high, following positive results from the cloud concern. Somewhere else, options bulls were watching Spotify Technologies (SPOT) ahead of the music stramer’s quarterly report.
Additionally, Match (MTCH) seemed like a safe bet for November, having reverted to a key trend line. Meanwhile, AMZN has obtained exploded bear notes due to its lack of revenue, while AAPL also has tumbled post-benefit.
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