Nasdaq Near Lows as Earnings Wave Looms; Microsoft, Meta, Google In Focus | Stock Market Today | Summary and Q&A

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October 20, 2023
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Investor's Business Daily
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Nasdaq Near Lows as Earnings Wave Looms; Microsoft, Meta, Google In Focus | Stock Market Today

TL;DR

The stock market ended the week with significant weakness, with the NASDAQ breaking below the 13,000 level. Earnings from Microsoft, Google, and Meta will be closely watched next week.

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Questions & Answers

Q: What are the major indexes that experienced declines?

The NASDAQ, S&P 500, Russell 2000, and Dow all saw declines, with the NASDAQ reaching its lowest point since May.

Q: What factors contributed to the negative market sentiment?

Investor caution due to the Hamas War and rising treasury yields played a role in the market's weakness.

Q: What technical patterns indicate a potential third wave down for the NASDAQ?

The NASDAQ has been displaying lower lows and lower highs, which may indicate a continuation of the downward trend. The 200-day line is the next level of support to watch.

Q: How has earnings season been so far?

While there have been a few winners, the majority of earnings reports have been disappointing. Poor performance from these companies has had a negative impact on other stocks as well.

Summary & Key Takeaways

  • The major indexes, including the NASDAQ, S&P 500, Russell 2000, and Dow, all experienced declines, with the NASDAQ reaching its lowest point since May. Treasury yields and investor caution over the Hamas War contributed to the negative market sentiment.

  • The NASDAQ's technical patterns indicate a potential third wave down, with the 200-day line serving as the next level of support. The market's momentum is currently to the downside.

  • Earnings season has been mixed so far, with some winners but mostly losers. The performance of these companies has negatively affected other stocks as well.

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