TheDrop Market Analysis, 10/24/24

Markets rose by small margins today as a market-wide reaction to a Tesla surge.

The Nasdaq and S&P 500, the two largest beneficiaries of Tesla's surge, grew marginally, with the Dow falling behind. While Tesla and a handful of other companies surged, other companies remained unchanged, like Apple, which fell by 0.08%.

Tesla undoubtedly defined today's sequence of events, but its growth was quite substantial to say the least. A 22% rise in one day is clearly something overwhelming, especially for a company that is facing controversy over its politically active CEO Elon Musk, as well as its growing competition with Chinese EV companies. Its share price surpassed $260, even surpassing pre-July levels (before its disastrous earnings report which had months of implications).

Meanwhile, DJT started to level off today for the first time after a streak of constant growth. The company still remains very strong as Donald Trump gains an edge in national polling.

Nvidia and AMD made very small gains, while Apple and Microsoft fell. But, neither of these changes were very significant.