“From the surge in tech shares to the fate of retail giants, Jim Cramer’s insightful analysis of the top 10 things to watch in the stock market on Tuesday will keep investors on their toes, providing valuable insights and potential opportunities.”
In today’s blog, we’ll be discussing the top 10 things to watch on Tuesday, October 24th.
1. U.S. stock futures are on the rise as we await the first quarterly earnings reports from mega-cap tech stocks. Keep an eye out for our alerts after the bell for announcements from Microsoft (MSFT) and Alphabet (GOOGL). We’re eager to see what Microsoft has in store for us.
2. Over the weekend, we highlighted the five risks facing the stock market and emphasized that this is not a Great Recession situation. We also shared our 5 ways to stay objective when investing during periods of higher risk in the market.
3. Reuters recently reported that Nvidia (NVDA) is working on designing central processing units (CPUs) for Microsoft’s (MSFT) Windows operating system, using technology from Arm Holdings (ARM). While this move may not have a significant impact on Nvidia, it could pose a threat to rival Intel (INTC). This development could be positive for Arm shares.
4. Cadence Design (CDNS), a partner of Nvidia in the field of AI, has provided a less optimistic forecast for chip design. However, we believe that this concern is unwarranted and that it’s not worth raising guidance in the current environment.
5. Bitcoin has broken out, reaching its highest level since May 2022, fueled by hopes of an approval for a Bitcoin ETF. The cryptocurrency has crossed the $34,000 mark and shows no signs of slowing down.
6. With oil prices stabilizing, it may be a good time to consider investing in oil stocks. Despite the recent decline in commodity prices and the mergers of companies like Exxon Mobil (XOM)/Pioneer Natural Resources (PXD) and Chevron (CVX)/Hess (HES), there are opportunities in this sector.
7. General Electric (GE) saw a more than 5% increase in the premarket after delivering better-than-expected performance across all its business lines. The industrial conglomerate has also raised its full-year guidance due to increased demand for its aerospace unit.
8. Agricultural sciences company FMC Corporation (FMC) has experienced multiple downgrades and price target cuts after revising its Q3 and FY23 guidance. The company’s destocking, particularly in Latin America, was greater than anticipated. This downturn has also affected Corteva (CTVA).
9. Jefferies has lowered the price target on identity management company Okta (OKTA) following recent headlines about a customer support breach. This development suggests that Okta may be facing some challenges. Canaccord has also cut its price target.
10. Despite beating Wall Street expectations for its third-quarter earnings, Spotify (SPOT) saw a 2.5% decline in premarket trading. This highlights the current challenges in the market, where even positive results may not guarantee a rise in stock prices.
That wraps up today’s top 10 things to watch. Remember to sign up for our Top 10 Morning Thoughts on the Market email newsletter for more insights. (Please note that the information provided in connection with the CNBC Investing Club is subject to our Terms and Conditions, Privacy Policy, and Disclaimer. There is no fiduciary obligation or duty created by receiving this information, and no specific outcome or profit is guaranteed.) Stay informed and have a great day of investing!
