Pick Up.

U.S. stocks finished mixed on Thursday as earnings reports and falling Treasury yields boosted sentiment following Wednesday's dismal session.

?? DJIA -0.33%, ?? S&P 500 +0.21%, NASDAQ +0.76%

Stocks traded mixed on Thursday. The S&P 500 and tech-heavy Nasdaq traded in positive territory for most of the day, while the Dow Industrials dropped for a fourth day in a row.

The S&P 500 and Nasdaq were supported by stronger-than-expected earnings from Tesla, the electric vehicle giant, who reported after Wednesday's closing bell. Meanwhile, the Dow Jones Industrial Average drop was primarily attributed to shares of IBM and Honeywell falling after weak earnings reports and guidance.

U.S. Treasury yields slipped as demand from overseas buyers pushed yields lower after the 10-year yield settled at 4.24% on Wednesday, the highest level since July. Separately, the U.S. Treasury auctioned $24 billion in 5-year Treasury Inflation Protected Securities on Thursday afternoon—demand was lackluster.

In the commodity complex, oil futures retreated after U.S. Secretary of State Antony Blinken suggested progress was being made on an Israel-Hamas ceasefire. Gold futures settled at a new record on Thursday as the BRICS nations proposed to create a gold-backed alternative to the SWIFT international payment system at their summit.

Finally, in economic data, initial jobless claims reported on Thursday for the week ending on October 19 fell for a second week in a row. The number of Americans seeking unemployment benefits dropped by 15,000 to 227,000. Also reported on Thursday, S&P Global's PMI surveys revealed that the U.S. economy had a solid start in the fourth quarter.

Trading on Thursday:

• The U.S. 10-year yield fell 3.9 basis points to end at 4.201%.
• NYMEX WTI crude oil fell 0.82%, settling at $70.19 a barrel.
• COMEX gold settled 0.76% higher at $2,734.90 t oz.
• The U.S. dollar retreated as Fed interest rate policy and election uncertainty weighed.

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Looking Ahead

Investors were slightly more upbeat on Thursday than in the prior session, when the S&P 500 and Dow Jones fell nearly 1% and the Nasdaq dropped 1.6%, respectively. While the Dow fell again today, the S&P 500 was in the green for the first time this week, reclaiming its 5,800 level.

As we said yesterday, all fears were fully displayed during Wednesday's session. However, developments during Thursday's session calmed concerns on various fronts.

Labor and business activity data were strong, implying strength for the U.S. economy. Foreign buyers stepped into the U.S. bond market, easing advancing Treasury yields. With roughly 29% of S&P 500 companies having reported over 81% earnings beats, the outlook on corporate profits seems pretty solid.

The only remaining fears are forecasting the depth of Fed rate cuts and the outcome of the U.S. elections. On the Fed, rate cuts may be smaller than originally thought. Regarding the election, expectations of a Republican sweep for the White House and Congress may be solidifying on Wall Street despite polls showing a tight race.??

We remain positive on financial markets.

OUR FIRM

MCF Capital Management, LLC is an independent, family-run, financial advisory firm that manages investment portfolios for individuals and businesses through Quantitative Market Data Analysis.

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THIS ARTICLE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INVESTMENT ADVICE.?

???SOURCES:?LSEG Workspace, Dow Jones NewsPlus, MarketWatch, Wall Street Journal, Barron’s, FinancialJuice, Investing .com, CNBC, Reuters, Wells Fargo Investment Institute, TradingView, Zacks