Stock market today: The owner of Versace and Jimmy Choo just lost half its value in 24 hours—and Wall Street ended its six-week winning streak

By Investor Empires On Oct 25, 2024

Wall Street called off a six-week winning streak at the market close on Friday, with Treasury yields rising and investors grappling with soaring valuations amid mixed earnings. One of the biggest losers on Friday was Capri Holdings Ltd., which lost nearly half its value after a federal judge blocked its acquisition by Tapestry.

Standard & Poor’s 500: 5,808.12 ⬇️ down 0.030%
Nasdaq Composite: 18,518.61 ⬆️ increased by 0.56%
Dao Jones industrial average: 42,114.40 ⬇️ down 0.61%
Stokes Europe 600: 518.81 ⬇️ down 0.033%
CSI 300: 3,956.42 ⬆️ increased by 0.70%
Nikki 225: 37,913.92 ⬇️ down 0.60%
Bitcoin: $66,748.76 ⬇️ down 2.08%

we: The Nasdaq rises on strong technology stocks while the Dow Jones and S&P fall on mixed expectations
The S&P 500 fell 0.03%, breaking its longest weekly winning streak this year, while the Dow Jones Industrial Average also lost ground, down 0.61%. The Nasdaq Composite rose only 0.56%, led by a strong performance in technology stocks. Capital One rose more than 6% after beating third-quarter earnings expectations, while Deckers Outdoor rose more than 10% after raising annual expectations. But the shares of luxury brand Capri Holdings, which owns Jimmy Choo, Versace and Michael Kors, fell by more than 48%, adding new uncertainty to the company’s outlook. Rising Treasury yields also weighed on sentiment, with the 10-year bond yield rising to 4.24%, making selling stocks more difficult.

Europe: Stocks fall as weak earnings drag markets
European stocks closed lower on Friday after several companies missed their earnings expectations. The Stoxx Europe 600 index fell 0.033%, and German automaker Mercedes-Benz shares fell almost 4% after disappointing quarterly results. French shares of Remy Cointreau also fell about 1% after adjusting its guidance downwards due to weak demand in China. Despite SAP’s strong performance earlier this week, European sentiment remained cautious, with Britain’s FTSE 100 losing 0.25%.

China: Gains as focus shifts to US elections
Chinese markets rose, with the CSI 300 rising 0.70%, as investors monitored the heated US election race and digested limited local news. The People’s Bank of China kept its medium-term lending rate at 2%, following a big rate cut last month, which helped support market sentiment. Hong Kong’s Hang Seng Index also rose modestly by 0.49%, as investors remained optimistic about stable political conditions.

Japan: Stocks decline ahead of weekend elections
Japan’s Nikkei 225 fell 0.60% as investors remained cautious ahead of Sunday’s election. The LDP’s majority status remains uncertain, casting doubt on future economic policies. Core inflation in Tokyo fell to 1.8%, its lowest level in five months, raising hopes that the Japanese central bank may avoid raising interest rates. In a mostly red market, Mazda Motor stock was a rare bright spot, rising 1.56%.