Thursday, October 24, was a day full of surprises in the stock market. The S&P 500 was trying to bounce back from a losing streak, thanks to lower bond yields. This gave some relief to stocks, which had been suffering from rising yields despite the Federal Reserve's efforts to ease monetary policy. Tesla's shares shot up by 14. 5% after the electric vehicle (EV) maker beat quarterly earnings expectations. Although it missed on revenue, Elon Musk's forecast for vehicle growth next year sparked investor enthusiasm.

On the other side, shares of Honeywell and Dover dropped after they released their quarterly results. Honeywell adjusted its earnings guidance but lowered its sales outlook, while Dover's guidance was complicated by changes in its operations.

Nvidia's CEO, Jensen Huang, revealed that their long-time Taiwanese manufacturing partner TSMC helped correct a design flaw in their upcoming Blackwell AI chips, which had been causing production issues. At an AI summit in India, Nvidia announced plans to supply AI chips to local companies.

Lam Research, a semiconductor equipment maker, beat earnings and revenue estimates, causing its stock to jump by 5%. This was in contrast to a weak performance by ASML, which had previously affected the sector. However, TSMC’s strong results provided a boost.

Oppenheimer raised its price target for Salesforce to $330 per share, keeping its "outperform" rating. Analysts noted mixed results from a survey of 33 Salesforce customers but saw potential benefits from industry and macroeconomic trends.

In the labor sector, Boeing machinists rejected a new contract with significant wage increases, leading to a prolonged walkout that halted aircraft production. Meanwhile, Southwest Airlines and Elliott Investment Management reached a settlement to avoid a boardroom fight. As part of the deal, the activist investors got more director seats and accelerated the retirement of the executive chairman. The agreement kept CEO Bob Jordan in his role, and Southwest reported strong earnings.

United Parcel Service's shares soared after the company beat earnings and revenue expectations in the third quarter. Both U. S. package delivery revenue and other segments met or exceeded estimates.

T-Mobile reported better-than-expected core adjusted EBITDA, earnings per share, and revenue in the third quarter. The company also beat expectations for total wireless net additions and raised its guidance for postpaid net customer additions for the full year.

Stock Market Movers: What’s Hot and What’s Not on Thursday?

Actions