Wall Street Stocks Trade Mixed, Dow Industrials Close at Record

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Key Takeaways

Wall Street stocks mostly decline, Dow Jones edges higher to a new all-time high
Bitcoin trades near $63,000 after notching a fresh peak of $67,000 last week

What’s on Focus in the Markets?

The Dow Jones Industrial Average index climbed to a new all-time high Friday as investors digested the ongoing earnings season. Moreover, the 30-stock benchmark logged its third straight week of gains after a weak performance in September.

With that in mind, the two other stock gauges couldn’t find enough buying momentum on Friday. The S&P500 slipped about 0.1%, while the Nasdaq Composite declined 0.8%. As a result, the broader S&P500 snapped a seven-day winning streak.

Despite the minor decline on Friday for the Nasdaq and the S&P500, all three indexes notched weekly gains. The Dow Jones added 1.1% over the week, while the Nasdaq was up about 1.3%. In addition, the S&P500 gained 1.6% Monday through Friday.

What’s New Around the Markets?

Stocks on Wall Street have performed mostly positive in recent days, powered by stronger-than-expected third-quarter earnings data. Most of the S&P500 companies that have so far reported their financial figures have beat analyst estimates.

That said, quarterly reports from Tesla and Netflix, for example, showed companies have been able to overcome supply-chain struggles. Still, some companies have chosen to pass down higher prices to customers as a way to navigate surging inflation.

Against that backdrop, economists point to the strong growth posted by corporations as an indicator that the outlook remains bright. Adding to the positive market environment, stocks have been trading relatively calm over the past sessions. In turn, traders could choose to invest in the market and to capture moves in individual stocks or other assets.

What’s the Latest News on Bitcoin?

That naturally leads to the single most volatile asset this month, bitcoin. Market participants continue to pile into the original cryptocurrency. On that note, the price of bitcoin skyrocketed to a new all-time high last week.

The price of bitcoin rose to $67,000, beating the previous high of $64,800 set in mid-April. Largely responsible for the move was the launch of the first-ever Bitcoin futures ETF packaged by ProShares.

However, a day after bitcoin set a fresh record, its price slipped about 10% in the next two days. Over the weekend, the orange coin drifted mostly sideways but stayed near $60,000. On Monday, the price of bitcoin is gravitating toward $63,000 per coin.

What’s the Price of Gold?

The price of gold is presently trading near $1,800 per troy ounce. The precious metal has been grinding higher over the past four straight days. Investors have been increasingly looking to hedge their portfolios against higher inflation.

What’s Next for Traders and Investors?

Looking ahead into the week, market participants are bracing for volatility. The earnings season is about to hit full steam with the reports of Big Tech giants. In more detail, third-quarter reports will arrive from Apple, Amazon, Facebook, Microsoft, and Google parent Alphabet.