Stock Market News: Nov. 6, 2024 Dow, S&P, Nasdaq

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Stock Market News: Nov. 6, 2024 - Dow, S&P, Nasdaq

The US stock market closed mixed on Tuesday, November 6, 2024, as investors digested a flurry of economic data and corporate earnings reports.

Dow Jones Industrial Average

The Dow Jones Industrial Average (DJIA) gained 0.32%, closing at 36,452.12 points. The blue-chip index was supported by gains in Nike (NKE) and Home Depot (HD), which both reported strong quarterly earnings.

S&P 500

The broader S&P 500 index finished the day down 0.11% at 4,522.38 points. The index was weighed down by losses in the technology sector, with Apple (AAPL) and Microsoft (MSFT) both declining after their earnings calls.

Nasdaq Composite

The tech-heavy Nasdaq Composite closed down 0.47% at 14,218.54 points. The index was dragged lower by weakness in the semiconductor sector, with Nvidia (NVDA) falling after its earnings report.

Economic Data

The Institute for Supply Management (ISM) reported that its manufacturing Purchasing Managers' Index (PMI) came in at 50.2% in October, indicating a slight expansion in the sector. This was slightly better than expected but still points to a slowdown in manufacturing activity.

The Labor Department reported that the unemployment rate remained unchanged at 3.7% in October, while nonfarm payrolls grew by 150,000, beating analysts' expectations. These figures suggest a strong labor market, which could support consumer spending and economic growth.

Corporate Earnings

Several major companies reported quarterly earnings on Tuesday, including Nike, Home Depot, and Nvidia. Nike's earnings exceeded expectations, boosted by strong demand for its products in China. Home Depot also reported better-than-expected earnings, driven by a healthy housing market. Nvidia, however, disappointed investors with its outlook for the fourth quarter, citing weakness in gaming and data center demand.

Outlook

The mixed performance of the stock market on Tuesday reflects the ongoing uncertainty surrounding the global economy. Investors are closely watching developments in the US-China trade war, the ongoing interest rate hikes by the Federal Reserve, and the potential for a recession.

In the short term, the stock market is likely to remain volatile as investors navigate these headwinds. However, the strong fundamentals of the US economy and the continued growth in corporate profits suggest that the market may be poised for further gains in the long term.

Key Takeaways:

• The Dow Jones Industrial Average closed higher, while the S&P 500 and Nasdaq Composite ended the day lower.
• Strong earnings from Nike and Home Depot helped support the Dow.
• Weakness in the tech and semiconductor sectors weighed on the S&P 500 and Nasdaq.
• Economic data showed a slight expansion in manufacturing activity and a strong labor market.
• Investors are closely watching global economic developments and the potential for a recession.

Disclaimer: This article is for informational purposes only and should not be considered as financial advice. Investing involves risk, and past performance is not indicative of future results. Consult with a financial professional before making any investment decisions.