London: On October 30, 2024, global stock markets showed mixed trends as investors remained cautious ahead of critical US economic data and tech earnings. In midday trading, the Dow was lower, the S&P was little changed, while the Nasdaq rose. European shares closed mostly lower, with the London market down 0.8% as investors awaited the UK’s new Labour government's budget.
In the US, five major tech companies, including Alphabet and Amazon, are set to report earnings this week, which analysts believe could significantly impact market sentiment. The upcoming release of third-quarter GDP growth estimates, inflation data, and the labor market report is also anticipated to provide insights into the US economy's health and the Federal Reserve's interest rate policy.
US Treasury yields rose above 4.3%, the highest since July, signaling expectations for limited rate cuts from the Federal Reserve. This rise in yields could deter investment in the stock market, as higher rates typically hurt corporate earnings.
In corporate news, Boeing's stock increased nearly 2% after announcing an oversubscribed stock offering. Adidas shares surged nearly 4% in Frankfurt after raising its full-year revenue forecast. However, Banco Santander fell nearly 3% following a delay in UK results due to a major ruling affecting motor finance commissions.
Overall, the mixed market reactions reflect underlying concerns about geopolitical tensions, upcoming economic reports, and ongoing uncertainties surrounding the US presidential elections.