Nasdaq's Resilience Amidst Broader Market Jitters Stock Market Update Friday October 27, 2023 The Nasdaq managed to bounce back last Friday, even though the numbers didn't look too great for both its main index and the top 100 stocks. However, the rest of the stock market wasn't as lucky. There was quite a bit of unease because of recent events, like the news about the U.S. military taking action against groups in Syria linked to Iran.
You might've heard the saying that "war can be good for stocks." Well, that might be true once things are in full swing and outcomes look more predictable. But when there's just talk of conflict, it can make investors nervous.
The DJIA, a major stock index, took the hardest hit. One of the main reasons was Chevron, a big oil company, which reported disappointing earnings. JP Morgan, a leading bank, also saw its stock drop. This happened after the news came out that its CEO, Jamie Dimon, along with his family, would be selling a lot of their shares. The bank tried to reassure investors, saying this was all planned out. But it seems Wall Street wasn't buying it. By midday, while Nasdaq was up by 1%, the Dow and the S&P were pretty much the same. Come afternoon, the market dipped again, resulting in minor losses overall.
Looking beyond stocks, the value of the U.S. dollar stayed pretty much the same, and the bond market showed mixed results. Interestingly, metals like gold and silver have been behaving in a pattern. They've been going up during the early hours, then dropping in New York. But by the end of the session, they managed to shoot up again, both gaining 1%. The companies that mine these metals also ended the day on a slightly positive note.
Lastly, here's a thought for those interested in making bold investment choices: If you're trying to spot great deals in the market, it often means going against the crowd and feeling uncomfortable. Because let's face it, if everyone was optimistic, there wouldn't be any bargains to scoop up.
In Our Live Day Trading Room in Discord, we are still in a short parallel downtrend since October 25th