Yahoo Finance Dow Notches Strongest Month of Trading Since 1976
Often times when we have big news weeks in the world of the stock market — and this week counts, with 1600+ earnings reports plus a slew of economic data all on deck — we don’t start off hot right away. This is one of those weeks. Only Chicago PMI is out this morning for economic prints (slightly lower than expected), with some important — but not necessarily key — Q3 earnings.
Take NXP Semiconductor NXPI, for instance: it comes from the very important, and struggling, semiconductor manufacturing industry, but at $40 billion in market cap it’s only slightly more than half the size of a company like Analog Devices ADI. This afternoon, Q3 earnings for NXP missed expectations — $2.79 per share versus $3.66 in the Zacks consensus — on sales that slightly outperformed expectations to $3.45 billion, or roughly +20% year over year. The company cited weakness in the macro consumer business, and shares are -1% in late trading.
Overall, though, October turned out to be a terrific month for the blue-chip Dow index. At +11% since the end of September, including today’s mild -0.39% sell-off, it’s the best October on record and the strongest single-month of trading since the U.S. Bicentennial. For the S&P 500, we saw its best trading month since July at over +5%, even with 10 of 11 sectors trading lower on the last day of the month (only Energy was up). In short, it was a strong bounce-back month from a September that stank to high heaven.
For the Nasdaq in October, we still closed in positive territory, +1.6%, though the tech-heavy index has a long way to go until it’s back to the start of the year -- even further to reach its all-time highs notched in November of last year. The Nasdaq is -30% year to date and an intimidating -6K points from its November highs. Companies like Meta META and Tesla TSLA were no help this month, trading down -31% and -14%, respectively.
Tuesday brings us a fresh month, as well as earnings reports from Big Pharma staples Pfizer PFE and Lilly LLY, Mondelez MDLZ, Sysco Foods SYY, Airbnb ABNB and Uber UBER, to name just a few. We’ll also see PMI and ISM Manufacturing for October, JOLTS for September, Construction Spending and Motor Vehicle Sales. This ought to hold us until Wednesday’s ADP ADP jobs report and the Fed’s latest rate hike.
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Analog Devices, Inc. (ADI) : Free Stock Analysis Report
Automatic Data Processing, Inc. (ADP) : Free Stock Analysis Report
Pfizer Inc. (PFE) : Free Stock Analysis Report
Eli Lilly and Company (LLY) : Free Stock Analysis Report
NXP Semiconductors N.V. (NXPI) : Free Stock Analysis Report
Sysco Corporation (SYY) : Free Stock Analysis Report
Tesla, Inc. (TSLA) : Free Stock Analysis Report
Mondelez International, Inc. (MDLZ) : Free Stock Analysis Report
Uber Technologies, Inc. (UBER) : Free Stock Analysis Report
Airbnb, Inc. (ABNB) : Free Stock Analysis Report
Meta Platforms, Inc. (META) : Free Stock Analysis Report
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