Wall Street saw a volatile week, one in which the performance of all three major averages differed significantly from each other. The benchmark S&P (SP500) halted its longest weekly win streak of the year, a span in which it took its number of record closes for 2024 to 47.
Meanwhile, the blue-chip Dow (DJI) slumped for the week, weighed down by disappointing quarterly results and negative updates from its constituents. Conversely, the Nasdaq Composite (COMP:IND) extended its weekly win streak to seven and took out a new record intraday high after 74 trading days.
The S&P and Dow were dragged down by disappointing quarterly performances from industrial giants such as GE Aerospace (GE), 3M (MMM), Honeywell (HON), and Boeing (BA), and a slide in McDonald’s (MCD) due to the fast-food giant being linked to an E. coli outbreak.
Additionally, a bond sell-off driven by a recalibration of Federal Reserve rate-cut expectations also put pressure on equities.
The Nasdaq, on the other hand, got a boost from Tesla (TSLA). The electric vehicle giant ended up being a headline-maker after posting one of its strongest quarterly reports in a while and projecting as much as 30% deliveries growth in 2025. The stock soared to its best day in over a decade, adding more to its market cap than the combined valuations of General Motors (GM) and Ford (F).
The earnings season shifts into top gear next week, with investors receiving financial figures from five of the Magnificent 7 firms. That represents $12T in market cap, or 23.2% of the S&P 500 alone, as per Deutsche Bank.
For the week, the S&P (SP500) slipped -1.0%, and the Dow (DJI) slid -2.7%, while the Nasdaq Composite (COMP:IND) gained +0.2%. Read a preview of next week’s major events in Seeking Alpha’s Catalyst Watch.
