TheDrop Market Analysis, 10/23/24
- Alexangel Ventura
- Oct 23, 2024
- 1 min read
Markets tumbled today as an accumulating variety of factors spread heat onto some of the largest companies on the S&P 500.
As expected, all major index funds are down, especially the Dow, which led today's decline. This can be attributed to the latest inflation report which showed a 0.2% increase in costs versus the 0.1% which most pundits had predicted. This now put the Fed into question, which was motivated by low price growth to cut rates. With inflation growing, it is uncertain which path the Fed will take: maintain the current rate or continue cutting it.
During market day, Tesla sank after news of the inflation report, but right after market close the stock surged by over 12% after a very good earnings report. DJT continues to look good as the stock continues its much needed surge.
Most stocks are down, but in the Nasdaq Nvidia and AMD led the pack. McDonald's sank once again, this time due to an E-Coli outbreak affecting one of the company's most popular items, the Quarter Pounder.
