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HomeStock market todayStock market today October 29, 2021

Stock market today October 29, 2021

Stock market today

The US stock market closed higher today, the last trading session of October 2021. The closing numbers for the US stock market today follow.

S&P 500: 4,605.38,+8.96(+0.19%)
Dow 30: 35,819.56,+89.08(+0.25%)
Nasdaq: 15,498.39,+50.27(+0.33%)
Russell 2000: 2,297.19,-0.79(-0.03%)

Stock market news

“Stocks ended at records on Friday as investors digested disappointing earnings results from Apple (AAPL) and Amazon (AMZN) that came during an otherwise solid quarterly reporting season from many major companies.

The S&P 500 set record intraday and closing highs. The index posted monthly gain of more than 6.5% in October, or its best single-month advance since November 2020. The consumer discretionary, energy and information technology sectors outperformed during the month.

The Nasdaq also eked out a fresh record level, even as a couple of heavily weighted technology giants saw shares dip.

Amazon shares dropped after the e-commerce juggernaut missed third-quarter expectations and forecasted a jump in expenses in the fourth quarter due to supply chain disruptions and rising costs for labor, materials and freight. These factors are expected to generate “several billion dollars of additional costs” to Amazon in the current quarter, the company said in its earnings statement.

Peer tech giant Apple also disappointed Wall Street in its fiscal first-quarter results, with key iPhone sales missing expectations even following the launch of its latest iPhone 13 handset series. Shares of Apple’s suppliers including Taiwan Semiconductor Manufacturing Co. (TSM), Qualcomm (QCOM) and Broadcom (AVGO) also fell immediately following the results.

For Wall Street, the results appeared to vindicate concerns that mounting supply chain disruptions, labor costs and materials shortages were impacting companies of all sizes heading into the holiday season, and were creating challenges for corporations to keep pace with rising demand. 

And for Apple, Amazon and some other technology companies, investors have been additionally fearful that these key members of last year’s lucrative “stay-at-home” trade would be unable to maintain lofty growth rates following a pandemic-induced surge in their businesses. Amazon’s sales grew 15% in the third quarter, slowing down markedly from 27% rate in the second quarter. “

Stock market data: Yahoo Finance

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