Tech stocks up in late trading as Tesla surges 9%
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On October 24, 2024, tech stocks rose in late trading, led by Tesla Inc. which surged 9% after reporting solid earnings and anticipating strong delivery volumes for the year. A $300 billion ETF tracking the Nasdaq 100 gained post-market. Analysts, including David Laut from Abound Financial, expressed optimism about the earnings season, while Daniel Skelly from Morgan Stanley noted potential volatility due to upcoming events like the US election and Fed meetings. Jonathan Krinsky at BTIG warned of downside risks for equities, predicting an SPX pullback to the 5,500-5,650 range. Treasury yields rose to 4.23%, and concerns about the Fed's rate cuts were highlighted by Andrew Brenner at NatAlliance Securities. Tiffany Wilding from PIMCO cautioned against overreacting to rising bond yields, citing historical trends. Nicholas Colas from DataTrek Research remained bullish on US large caps despite challenges, while Jose Torres from Interactive Brokers noted the fragility of the equity market amid high valuations.

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