Us Stocks Mixed; S&P 500, Nasdaq Gain On Upbeat Tesla Earnings

  • Posted on October 24, 2024
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Investing.com-- US stocks mostly rose Thursday, with the S&P 500 and the Nasdaq Composite helped by stronger-than-expected earnings from EV giant Tesla. At 09:35 ET (13:35 GMT), the Dow Jones Industrial Average traded 85 points, 0.2%, lower, while the S&P 500 index rose 11 points, or 0.2%, and NASDAQ Composite climbed 90 points, or 0.5%.Tesla posts stronger-than-expected Q3Tesla (NASDAQ:TSLA) rose 14% after the electric vehicle maker reported robust third-quarter profits and surprised investors with a prediction of 20-30% growth in sales next year.The earnings beat was fueled chiefly by improved margins, while the improved outlook for deliveries follows nearly a year of waning growth amid increased competition in major market China and saturating EV markets in the West.The company’s attempts to diversify beyond its core automobile business, with forays into robotaxis and artificial intelligence, had also largely underwhelmed earlier in October. The stock is the first of the so-called “Magnificent Seven” to report this earnings season, with its positive reading drumming up hopes of a similar trend from Tesla’s peers, which are due to report in the coming weeks. Alphabet (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT), Meta Platforms (NASDAQ:META) and Amazon  (NASDAQ:AMZN) are set to report earnings next week. Quarterly earnings pour inAround 29% of S&P 500 companies have reported results so far this quarter, according to data compiled by LSEG, with 81% beating earnings estimates.Boeing (NYSE:BA) stock fell 2.3% after striking machinists rejected a revised contract offer, extending a crippling labor action that is placing heavy pressure on new CEO Kelly Ortberg's plans to overhaul the jet manufacturer's ailing finances.

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