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On October 24, 2023, U.S. stock indexes reached new all-time highs, with the S&P 500 up by +0.18%, the Dow Jones Industrials up by +0.40%, and the Nasdaq 100 up by +0.37%. These gains were driven by easing global trade tensions following President Trump’s suggestion to lower tariffs on Chinese goods from 20% to as low as 10% amid ongoing negotiations regarding fentanyl precursor chemicals.
The Federal Reserve is expected to announce a 25 basis point rate cut to a target range of 3.75%-4.00% following its two-day FOMC meeting, with markets projecting an 88% chance of another cut in December. In September, pending home sales remained unchanged, contrary to forecasts of a +1.2% increase, while MBA mortgage applications rose by +7.1% for the week ending October 24, aided by a decrease in the average 30-year fixed mortgage rate to 6.30%.
Notable earnings reports include Nvidia, which surged over +4% following discussions about AI processors with China, and Seagate Technology, which rose by over +16% after exceeding EPS forecasts. Conversely, Fiserv saw a significant decline of over -41% after revising its EPS estimates downward.
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