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Wall Street ended mixed on Tuesday as U.S. job openings dropped to their lowest level in over three years. Market participants also evaluated strong Q3 earnings results. The S&P 500 and the Nasdaq ended the day in positive territory, while the Dow Jones Industrial Average closed lower.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) fell 0.4% or 154.52 points to close at 42,233.05. Twenty-three components of the 30-stock index ended in negative territory, while seven ended in positive.
The tech-heavy Nasdaq Composite advanced 145.56 points or 0.8% to 18,712.75.
The S&P 500 gained 0.2%, or 9.45 points, to end at 5,832.97. Two broad sectors of the benchmark index closed in the green, while nine ended in the red. The Technology SPDR (XLK) and the Communication Services Sector SPDR (XLC) rose 1.4% and 0.9%, respectively.
The fear-gauge CBOE Volatility Index (VIX) decreased 2.3% to 19.34. A total of 12.59 billion shares were traded on Tuesday, higher than the last 20-session average of 11.5 billion. The S&P 500 posted 19 new 52-week highs and no new lows; the Nasdaq Composite recorded 93 new highs and 70 new lows.
U.S. Job Openings Fall to Lowest Level in Over Three Years
U.S. job openings fell sharply in September, reaching their lowest point in three and a half years. According to the Labor Department's Job Openings and Labor Turnover Survey (JOLTS) fell sharply in September, reaching 7.44 million, a decrease from the 7.86 million reported in August. The unfilled positions decreased by 418,000. While Hires increased by 123,000 to 5.558 million, layoffs rose by 165,000 to 1.833 million.
Strong Q3 Earnings Results
Cadence Design Systems, Inc. (CDNS - Free Report) reported that in the third quarter of 2024, adjusted earnings were $1.64 per share, outpacing the Zacks Consensus Estimate of $1.44 per share. The semiconductor IP company generated total revenues of $1.22 billion, beating the Zacks Consensus Estimate by 2.66%.
Tenet Healthcare Corporation (THC - Free Report) reported third-quarter 2024 adjusted earnings of $2.93 per share, surpassing the Zacks Consensus Estimate of $2.33 per share. The healthcare services company generated total revenues of $5.12 billion, beating the Zacks Consensus Estimate by 1.48%.
Royal Caribbean Cruises Ltd. (RCL - Free Report) reported third-quarter 2024 adjusted earnings of $5.20 per share, surpassing the Zacks Consensus Estimate of $5.05 per share. The cruise company generated total revenues of $4.89 billion, beating the Zacks Consensus Estimate by 0.57%.
Leidos Holdings, Inc. (LDOS - Free Report) reported third-quarter 2024 adjusted earnings of $2.93 per share, surpassing the Zacks Consensus Estimate of $1.96 per share. The defense and government services company generated total revenues of $4.19 billion, beating the Zacks Consensus Estimate by 3.59%.
Consequently, the stock price of Cadence Design Systems, Tenet Healthcare Corporation, Royal Caribbean Cruises and Leidos Holdings rose 12.5%, 16.7%, 3.2% and 9.5%, respectively. Leidos Holdings currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
Consumer Confidence Surges in October
Per a report by the Conference Board, consumer confidence for October came in at 108.7, significantly higher than the consensus of 99.5. The number for September was revised up to 99.2 from the previously reported 98.7.
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Stock Market News for Oct 30, 2024
Market News
Wall Street ended mixed on Tuesday as U.S. job openings dropped to their lowest level in over three years. Market participants also evaluated strong Q3 earnings results. The S&P 500 and the Nasdaq ended the day in positive territory, while the Dow Jones Industrial Average closed lower.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) fell 0.4% or 154.52 points to close at 42,233.05. Twenty-three components of the 30-stock index ended in negative territory, while seven ended in positive.
The tech-heavy Nasdaq Composite advanced 145.56 points or 0.8% to 18,712.75.
The S&P 500 gained 0.2%, or 9.45 points, to end at 5,832.97. Two broad sectors of the benchmark index closed in the green, while nine ended in the red. The Technology SPDR (XLK) and the Communication Services Sector SPDR (XLC) rose 1.4% and 0.9%, respectively.
The fear-gauge CBOE Volatility Index (VIX) decreased 2.3% to 19.34. A total of 12.59 billion shares were traded on Tuesday, higher than the last 20-session average of 11.5 billion. The S&P 500 posted 19 new 52-week highs and no new lows; the Nasdaq Composite recorded 93 new highs and 70 new lows.
U.S. Job Openings Fall to Lowest Level in Over Three Years
U.S. job openings fell sharply in September, reaching their lowest point in three and a half years. According to the Labor Department's Job Openings and Labor Turnover Survey (JOLTS) fell sharply in September, reaching 7.44 million, a decrease from the 7.86 million reported in August. The unfilled positions decreased by 418,000. While Hires increased by 123,000 to 5.558 million, layoffs rose by 165,000 to 1.833 million.
Strong Q3 Earnings Results
Cadence Design Systems, Inc. (CDNS - Free Report) reported that in the third quarter of 2024, adjusted earnings were $1.64 per share, outpacing the Zacks Consensus Estimate of $1.44 per share. The semiconductor IP company generated total revenues of $1.22 billion, beating the Zacks Consensus Estimate by 2.66%.
Tenet Healthcare Corporation (THC - Free Report) reported third-quarter 2024 adjusted earnings of $2.93 per share, surpassing the Zacks Consensus Estimate of $2.33 per share. The healthcare services company generated total revenues of $5.12 billion, beating the Zacks Consensus Estimate by 1.48%.
Royal Caribbean Cruises Ltd. (RCL - Free Report) reported third-quarter 2024 adjusted earnings of $5.20 per share, surpassing the Zacks Consensus Estimate of $5.05 per share. The cruise company generated total revenues of $4.89 billion, beating the Zacks Consensus Estimate by 0.57%.
Leidos Holdings, Inc. (LDOS - Free Report) reported third-quarter 2024 adjusted earnings of $2.93 per share, surpassing the Zacks Consensus Estimate of $1.96 per share. The defense and government services company generated total revenues of $4.19 billion, beating the Zacks Consensus Estimate by 3.59%.
Consequently, the stock price of Cadence Design Systems, Tenet Healthcare Corporation, Royal Caribbean Cruises and Leidos Holdings rose 12.5%, 16.7%, 3.2% and 9.5%, respectively. Leidos Holdings currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
Consumer Confidence Surges in October
Per a report by the Conference Board, consumer confidence for October came in at 108.7, significantly higher than the consensus of 99.5. The number for September was revised up to 99.2 from the previously reported 98.7.