US shares show mixed performances last week
Date
10/27/2024 5:21:26 AM
(MENAFN) Last week, U.S. stock indices exhibited mixed performance, with the nasdaq achieving its seventh consecutive weekly gain, increasing by 0.2 percent and reaching an all-time high. This rise followed a strong close for the Nasdaq Composite Index, buoyed by the shares of major companies, as investors looked ahead to the upcoming quarterly earnings reports from some of Wall Street’s largest firms.
In contrast, the S&P 500 and Dow Jones Industrial Average both ended a six-week winning streak. The S&P 500 fell approximately 1 percent over the week, while the Dow posted a more significant decline of 2.7 percent. Meanwhile, Tesla's shares surged after a 22 percent jump the previous day, driven by optimistic sales forecasts, and both Apple and Microsoft also saw increases in their stock prices.
Nvidia's shares briefly overtook Apple Inc. in market value, making it the world's largest company at that moment. Additionally, the yield on the benchmark 10-year U.S. Treasury note rose, reaching a three-month high of 4.26 percent. This uptick in yield is leading investors to closely monitor employment data expected next week, as it may provide insights into the future direction of U.S. monetary policy.
In Europe, the benchmark index closed flat on Friday, ending the week with a loss following disappointing earnings reports from automakers such as Mercedes-Benz and Valeo, as well as appliance maker Electrolux. The European Stoxx 600 index remained largely unchanged for the second consecutive day, marking its first weekly loss in three weeks with a drop of 1 percent. Notably, real estate stocks were among the largest decliners, and the auto sub-index ended the session flat, with Mercedes-Benz shares decreasing by 1 percent after their core auto division’s third-quarter revenue fell significantly short of expectations.
MENAFN27102024000045015839ID1108821793
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.