The markets closed out the volatile October on a relatively high note but still well in the red. For the month the Nasdaq 100 has lost about 9% and the S&P 500 has sold off 7% as investors continue to weigh the economy and earnings.
For the day the Dow 30 nearly closed back above the 200-day moving average, with a gain of 242. The S&P 500 closed higher by 28 and the Nasdaq 100 closed higher by 144. Next Tuesday is the midterm election day here in the States, which means this market volatility isn't over yet.
Sector News
Banks enjoyed another strong day today which helped support the overall markets. Technical traders note the move back towards the downtrend will likely be a sticking point, at least in the short term for the space.
Consumer discretionary stocks enjoyed a nice bounce today as well thanks to a strong recovery from Amazon (AMZN ) and some of the other major leaders in the space. The attention was mostly on Amazon as it recovered more than half of its losses from Monday's decline.
Stock News
General Motors (GM ) was the latest automaker to report earnings, which returned a profit of $1.87 a share. This was well above the $1.25 that was expected by Wall Street. Revenue also came in higher thanks to higher prices here in the states. This sent shares higher on the day and to their highest price all month long. The company also said the'll cut back their domestic workforce.
Yum Brands (YUM ) which owns popular food chains like KFC and Taco Bell announced earnings that beat expectation as well. Revenue was higher than expected, which sent shares higher on the day. The only blemishes on the report was slower sales at their Pizza Hut brand.
T-Mobile US (TMUS ) shares headed back towards highs of the year today as the company reported earnings. The company beat on earnings and revenue and showed that they added 774,000 new phone customers during the quarter. Shares are higher by about 7% on the year, which has been good for the company.
