S&P 500 Gains Momentum as Corporate Earnings Drive Market

The S&P 500 added 0.2% on Thursday, Oct. 24, 2024, following strong quarterly results from Tesla and a slew of other corporate earnings. This positive momentum comes after a week of mixed performance, with traders closely watching the health of the world's largest companies.

Stocks rose for the first time this week, with traders parsing a slew of corporate earnings for clues on the health of the world's largest. General Motors stock rallied after raising outlook, while GE Aerospace slid, highlighting the mixed bag of results.

Molina Healthcare easily beat quarterly estimates for earnings and revenue, adding to the positive sentiment in the market. However, U.S. stocks fell on Wednesday, extending Wall Street's losing streak as the market struggled under the weight of rising challenges.

Despite recent fluctuations, analysts are sticking with their 5,800 year-end target for the S&P 500, while remaining bullish with a target of 6,300 next year. The S&P 500 Index is nearing 6000 points, driven by a strong economy, disinflation, and an easing Federal Reserve, although there are signs of a possible reversal.

Major U.S. stock indexes turned in a mixed performance on Thursday as investors digested a barrage of earnings reports from major companies. One underrated ETF to watch has beaten the SPX over the last year and may be poised for further growth.