As of 11:47 AM ET, the Dow Jones Industrial Average (^DJI +0.77%) has climbed 0.51% to 51,493, the Nasdaq Composite (^IXIC +0.59%) is up 0.51% to 27,333, and the S&P 500 (^GSPC +0.57%) is trading 0.42% higher at 7,798 as major benchmarks recover from earlier volatility.
Today’s Change
Index Level
7,809.28
Gold is up 1.33% to $4,190.08, and the 10-Year Treasury yield is up 2 basis points 5.26%. Energy stocks are the standout sector gainers, with technology and industrial stocks trading lower.
Today’s biggest moves
Humana surged 13% this morning after improving its Medicare Advantage rating and getting an analyst upgrade. Delta Air Lines slipped after a guidance cut and earnings miss. AT&T and T-Mobile US slid on competition concerns from yesterday’s SpaceX spectrum deal. Apple fell following reports that the company reduced component orders for its next iPhone series due to weak demand.
What this means for investors
The S&P 500 edged upward this morning as yesterday’s artificial intelligence (AI) jitters eased somewhat. Crude oil retreated slightly, though energy prices remain elevated, and yield concerns linger. Investors are turning their attention to the upcoming earnings season, with expectations for robust corporate results.
Consumer sentiment fell again in October for the fifth month in a row, reaching 46.3, down 13.6% year-on-year. High gas prices and rising borrowing costs weighed on consumers, with only 31% saying they planned to spend as usual this year. The dual personality of U.S. indexes in record-high territory while consumers struggle is partly due to the heavy lifting being done by tech stocks. However, it is a risk that’s worth monitoring because consumer spending drives economic growth.
Emma Newbery has positions in Amazon, Apple, and Nvidia. The Motley Fool has positions in and recommends Amazon, Apple, and Nvidia. The Motley Fool recommends Delta Air Lines and T-Mobile US. The Motley Fool has a disclosure policy.
