## Global Markets Recap: Tesla Boost Fuels Nasdaq, Dow Dips Despite Jobless Claims Drop
Thursday’s US market close presented a mixed picture, with the Nasdaq and S&P 500 experiencing gains fueled by Tesla’s surge and optimistic earnings forecasts. The electric vehicle giant’s strong performance added a whopping $140 billion to its market capitalization. However, despite easing Treasury yields, a cautious sentiment prevailed as other sectors saw declines due to mixed corporate results.
The economic data revealed a decrease in U.S. initial jobless claims, falling by 15,000 to 227,000 for the week ending October 19, a figure lower than the anticipated 242,000. October’s S&P Global flash manufacturing PMI saw a rise to 47.8, while the services PMI climbed to 55.3, indicating a mixed picture for the US economy.
Across sectors, the S&P 500 experienced largely negative performance, with materials, industrials, and utilities registering the most substantial losses. However, consumer discretionary and communication services stocks defied the trend, closing the day higher. The Dow Jones Industrial Average ended the day down 0.33% at 42,374.36, the S&P 500 gained 0.21% to close at 5,809.86, and the Nasdaq Composite finished at 18,415.49, up 0.76%.
A Look at Global Markets:
Asia markets saw mixed performance on Friday. Japan’s Nikkei 225 closed lower by 0.76% at 37,889.00, primarily due to losses in the Power, Paper & Pulp, and Communication sectors. Australia’s S&P/ASX 200, on the other hand, gained 0.06% to close at 8,211.30, driven by gains in the IT, Healthcare, and Metals & Mining sectors. India’s Nifty 50 traded down 0.77% at 24,207.00, while the Nifty 500 closed down 1.16% at 22,523.50. In China, the Shanghai Composite rose 0.59% to close at 3,299.70, and the Shenzhen CSI 300 gained 0.70% to finish at 3,956.42. Hong Kong’s Hang Seng index closed the session at 20,590.15, up 0.49%.
European Markets at 06.00 AM ET:
European markets were generally positive early Friday morning. The European STOXX 50 index was up 0.11%. Germany’s DAX gained 0.11%, while France’s CAC fell slightly by 0.03%. The U.K.’s FTSE 100 traded higher by 0.07%.
Commodities at 06.00 AM ET:
Crude oil prices saw a rise, with WTI trading up 0.47% at $70.53/bbl, and Brent up 0.47% at $74.72/bbl. Natural gas, however, fell 0.44% to $2.511. Precious metals traded lower, with gold down 0.54% at $2,733.85, silver declining 1.27% to $33.370, and copper sliding 0.28% to $4.3390.
US Futures at 06.00 AM ET:
Early Friday morning, US futures showed a positive trend. Dow futures were up 0.19%, S&P 500 futures rose 0.24%, and Nasdaq 100 Futures increased 0.27%.
Forex at 06.00 AM ET:
The U.S. Dollar Index saw a minor dip, falling 0.01% to 104.06. The USD/JPY pair was up 0.10% at 151.97, and USD/AUD gained 0.15% to 1.5082.
Overall, Thursday’s US markets demonstrated mixed sentiment, with Tesla’s performance influencing the tech-heavy sectors. Global markets displayed varied trends, with Asia showing mixed performance, while European indices traded largely positive. Commodities and forex markets also experienced minor fluctuations.
