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US stock indices rise in trading on Monday

24 October 2022
2 min.
US stock indices rise in trading on Monday

Company stocks on Monday

The US stock market rose steadily on Monday. Thus, the Dow Jones Industrial Average was up 414.01 points (1.33%) at 31496.57 points by 2:55 p.m. East Time on Monday.

The Standard and Poor's 500 rose 36.70 points (0.98%) to 3,789.45 points.

The Nasdaq Composite added 9.78 points (0.09%) to 10,869.50.

The first results of the reporting season of the American companies for the third quarter did not bring much comfort to nervous investors, writes The Wall Street Journal.

About 20% of companies whose shares are included in the calculation of the stock index S P 500, have already published financial results for the third quarter, in 72% of cases earnings exceeded analysts' consensus forecasts. This is below the five-year average of 77%.

This week, investors will await the results of Apple Inc (NASDAQ: AAPL), Alphabet (NASDAQ: GOOGL) Inc, Amazon.com Inc (NASDAQ: AMZN). and Microsoft Corp (NASDAQ: MSFT).

Meanwhile, almost two-thirds of experts believe the US economy is either already in recession or has a high chance of facing one within the next year, a National Association for Business Economics (NABE) survey showed.

Shares in Irish company Medtronic are up 1.2%. The company, which is one of the world's largest medical device makers, plans to spin off its respiratory interventions and patient monitoring division into a separate firm.

U.S. oilfield services company Schlumberger, one of the world's largest, announced it would rebrand itself as SLB. Its shares are up 1.2% in trading.

Amazon is down 0.1 per cent. Analysts at MKM Partners lowered their price target for the company to $165 from $170 per share.

Tesla (NASDAQ:TSLA) Inc. shares are down 5.3 percent on a Bloomberg report that the electric car maker has lowered prices in China.

Also, as far as Tesla is concerned, it's worth noting that the company has slashed prices on its electric cars for the first time this year after a previous rise amid rising production costs. It then faced increased competition from Chinese electric car makers, including BYD, Nio and Xpeng (NYSE:XPEV).

The price of the locally made Tesla Model 3 base model has been slashed from 279,900 yuan to 265,900 yuan, which is $36,774. The starting price of the Model Y SUV made in China has been reduced from 316,900 yuan to 288,900 yuan.

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Rating companies
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JP Morgan Chase
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