The stock market experienced a downturn this week, marking the end of a six-week winning streak for the S&P 500 and the Dow Jones Industrial Average. Despite this, the Nasdaq reached a new record high with the help of a rally in mega-cap tech stocks. The surge in bond yields presented a challenge for investors after a strong rally earlier in the month, signaling positive economic data and resilience in the market.
Looking ahead, investors are eagerly anticipating upcoming tech earnings reports, with a focus on AI monetization trends. Companies like Apple, Meta, Microsoft, and Amazon are set to announce their results, and analysts are expecting a mix of steady operational performance and revenue acceleration driven by AI innovation.
According to Global X research analyst Ido Caspi, the upcoming earnings reports are likely to demonstrate continued growth in generative AI and a shift towards widespread monetization. Currently, 36% of S&P 500 companies have reported results, with a majority beating profit and revenue estimates. Traders will also be keeping an eye on economic updates, including personal consumption expenditures and the October jobs report.
In the commodities market, West Texas Intermediate crude oil rose to $71.73 a barrel, while Brent crude reached $75.95 a barrel. Gold prices increased to $2,757.10 an ounce, and the 10-year Treasury yield rose to 4.246%. Bitcoin, however, experienced a slight decrease to $66,914.
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