Market Brief 31 October, 2024
Good evening, investors and traders! The markets experienced a volatile day, with the Nasdaq 100 Index (NDX) closing down by -2.52% at 19,892.21 and the S&P 500 Index (GSPC) ending the day down by -1.85% at 5,702.25. Several key economic reports were released, including the U.S. PCE Price Index, which edged closer to the Fed's 2% target, keeping the FOMC on track to cut interest rates. Microsoft and Meta Platforms earnings disappointed investors, leading to a tech selloff and a plunge in U.S. stocks. BlackRock's Bitcoin ETF saw record net inflows, fueled by speculation surrounding the upcoming U.S. election. Amidst these market movements, several companies announced earnings reports, including Coinbase Global Inc, which saw a decline in revenue and a drop in its share price.
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