Nasdaq Up, Goldman & BofA Exceed Expectations

Last updated: November 19, 2023

In a rollercoaster day for Wall Street, the Nasdaq finished on a high note, while Goldman Sachs and Bank of America exceeded third-quarter earnings and revenue forecasts.

Wall Street Whirlwind: Nasdaq Rises, Goldman Sachs and Bank of America Surpass Expectations
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Treasury yields soared to their highest levels since 2007, following a sharper-than-anticipated 0.7% rise in September’s retail sales.

The day started with stocks in the red, but Richmond Fed President Tom Barkin’s comments sparked a brief rally. Barkin suggested that inflation could reach the Federal Reserve’s 2% target, a “plausible story” that momentarily buoyed investor spirits.

However, the initial enthusiasm waned, leaving the business market to grapple with Wall Street earnings and the ongoing Israel-Hamas conflict.

Despite the Pentagon’s budget battle, Lockheed Martin remained optimistic about its sales growth this year. Johnson & Johnson also upped its full-year sales guidance.

The day’s close saw little change in stocks after a tumultuous session. The Nasdaq dipped by 0.3%, while the Dow and the S&P 500 remained relatively stable.

Treasury yields continued their upward trajectory, with the 10-year yield settling at 4.846%, a record high since July 2007.

The S&P 500’s worst performer was Nvidia, with the chipmaker’s shares dropping nearly 5%. VF, the owner of Vans and The North Face, saw a 14% increase after reports of an activist investor building a stake in the company and pushing for changes.

Oil prices fluctuated, with Brent crude prices inching 0.3% higher to settle just under $90 a barrel. Overseas stocks had a mixed day, with the European Stoxx 600 edging lower while Asian stocks mostly gained.

In the words of one Wall Street veteran, “It’s a wild ride, but that’s the game we play.”

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