Published: Monday, November 4, 2024 · 11:10 PM | Updated: Monday, November 4, 2024 · 11:10 PM
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U.S. stock indices experienced declines, with the Dow Jones Industrial Average falling by 0.61%, the Nasdaq Composite by 0.33%, and the S&P 500 by 0.28%. Among major tech stocks, Tesla (TSLA) and Intel (INTC) both dropped over 2%, while Nvidia (NVDA, Financial) saw a slight increase, briefly reclaiming the title of the highest-valued company globally. Nvidia’s stock has risen 180% this year. Meanwhile, Trump-related stocks surged, with Trump Media & Technology Group up over 12%, while Pacific Air Cargo (PACS) fell more than 27% following a short-selling announcement by Hindenburg.
The Nasdaq Golden Dragon China Index closed up 1.1%, with top Chinese stocks like Yum China gaining over 7% after reporting record third-quarter revenues of $3.07 billion, marking a 5% increase from the previous year and a 22% rise in net income. Other Chinese stocks such as XPeng (XPEV) rose nearly 5%, while Tal Education and Trip.com gained more than 3%.
In commodities, international oil futures increased nearly 3%, with WTI crude oil futures rising by $1.98, or 2.85%, to $71.47 per barrel, and Brent crude oil futures advancing by $1.98, or 2.71%, to $75.08 per barrel.
Regarding corporate earnings, Palantir Technologies (PLTR) reported third-quarter revenue of $725.5 million, surpassing analysts’ expectations of $703.7 million. Their adjusted earnings per share were $0.10, also above the expected $0.09, leading to a post-market surge exceeding 10%. Palantir forecasts annual revenue of $2.805 billion to $2.809 billion, higher than the previous estimate of $2.74 billion to $2.75 billion.
As the U.S. election approaches, Wall Street remains cautious, with many opting for liquidity by holding cash. Analysts suggest waiting patiently in the absence of a clear election winner. Many predict significant volatility in the stock market, with strategies involving increased cash holdings in preparation for market fluctuations post-election. The Federal Reserve’s upcoming interest rate decision and various earnings reports, including Nvidia’s on November 20, are also on investors’ radars.
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