Daily Recap(10/29)

A recap of the general stocks market's swings and why it moved in the direction it did

Summary

The broader stock market closed lower than it opened. However, major indices did reach all-time highs during the day and did have a momentary drop during the day. These all signal the volatility of the market today which was most likely fueled by the Federal reserve’s interest rate cut and the contrasting commentary from Fed Chair Jerome Powell. Nasdaq 100 had a great day powered by the artificial intelligence boom. Overall we can clearly see the unevenness in the market since the Nasdaq had huge wins because of AI related stocks while the S&P500 and Dow Jones had strong weakness after Powell’s remarks.

• The Fed delivered a widely expected interest rate cut, for the second time in the year.

• Fed Chair, Jerome Powell stated that another rate cut in December was “far from it” and “not a foregone conclusion”.

• Bond market rose after Powell’s speech.

• The AI Boom continued to power the Nasdaq with Nvidia becoming the first company ever to reach a $5 trillion market capitalization.

• Several earnings reports from Alphabet(very positive), and Meta and Microsoft which had more disappointing earnings.

• Small caps underperformed because of Powell’s speech because higher rates generally hurt smaller companies more since they are more reliant on borrowing.

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Market & Index Overview

• S&P 500: +0.05%

• Nasdaq: +0.45%

• Dow Jones: -0.16%

• Russell 2000: -0.85%

• Sector highlights:

  • Tech: +0.68%

  • Financials: -1.74%

  • Energy: +0.55%

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Top Gainers & Losers

• CMBM - $2.95: +377.35%

  • Announced integration of its network solution with Starlink’s satellite internet services.

• PUMP - $11.10: +52.05%

  • Release of earnings report and they beat analysts’ estimates.

• MCTA - $19.14: +34.69%

  • A combination of events following its IPO.

• FI - $70.60: -44.04%

  • Disastrous earnings report.

• VRNS - $32.34: -48.67%

  • Disappointing third-quarter revenue.

• LRN - $70.05: -54.37%

  • The upgrades they implemented in their technology platform led to glitches which led to a drop in enrollments.

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The Magnificent Seven(a.k.a. Big Tech)

• Apple Inc.(AAPL) - $269.70: +0.26%

  • Earnings anticipation for tomorrow + Optimism for new iPhone sales.

• Microsoft Corp.(MSFT) - $541.55: -0.10%

  • High AI spending and investment losses from investments in OpenAI.

• Alphabet Inc.(GOOGL) - $274.57: +2.65%

  • Beat third-quarter estimates for both advertising and Google Cloud businesses, driven by AI demand. Alphabet invests heavily in its AI capabilities to meet customer demand.

• Amazon.com Inc.(AMZN) - $230.30: +0.46%

  • Earnings anticipation for the earnings report coming out tomorrow.

• NVIDIA Corp.(NVDA) - $207.04: +2.99%

  • Continued AI dominance and news of a deal to supply Meta Platforms with AI computing power.

• Tesla Inc.(TSLA) - $461.51: +0.21%

  • Moved in a tight range as it continued to consolidate its gains.

• Meta Platforms(META) - $751.67: +0.03%

  • Boosted capital expenditure guidance for 2026 in order to remain competitive in the AI race.

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Upcoming News

• Watch out for huge earnings reports tomorrow!!

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Final Note

Very mixed day - we had tech stocks as shown through the Nasdaq go crazy high because of the AI boom, led by Nvidia becoming the first company to reach a market cap higher than $5 trillion. Small cap stocks and the financials sectors greatly underperformed on the other hand.

I would really appreciate any feedback on these daily stock market recaps! Should I include more charts? Would you guys be interested in technical analysis in addition to fundamental analysis? Are there some sections that are less useful than others? Please this helps me provide better stock market analysis for all of you.