Stock Market Rebounds After October Plunge
Three consecutive days of gains in the stock market haven't made up for the nearly double-digit losses suffered last month, but they're a start.
Goodbye red October, hello green November!
The Entrepreneur Index™ was up 1.8 percent today, its third day in a row of rising more than 1 percent. The Dow and S&P 500 index were both up 1.06 percent, while the Nasdaq 100 index gained 2.31 percent.
The FANG stocks, undisputed leaders of this 10-year bull market, didn't all join in on the rally today. Amazon.com and Netflix were up 4.23 percent and 5.17 percent respectively, but Alphabet Inc. (-0.63 percent) and Facebook (-0.03 percent) were down slightly. Amazon and Netflix took the bigger beating last month -- down 18 percent and 16%, while Alphabet and Facebook were down 10 percent and 9 percent. Apple, often included in the FAANG club, will report earnings after the market closes today.
Most other tech stocks were up for the day. Chipmaker Analog Devices posted the second biggest gain in the sector, rising 5.12 percent. Semiconductor stocks have been hammered of late. Analog Devices was down more than 20 percent since late August before a more than 10 percent rebound in the last week.
Wynn Resorts had a big score today, posting the biggest gain on the Entrepreneur Index™ at 11.96 percent. The casino operator's stock is down 33 percent this year, largely due to worries about a slowing Chinese economy and volatile financial markets there. That hasn't slowed Chinese gamblers, however. October gambling revenues in Macau reported today were up 2.6 percent to a record $3.38 billion -- the 27th month in row of increases. Wynn operates three casinos in the former Portuguese colony.
Estee Lauder Companies (3.27 percent) was up again today. It too credited strong demand in Asia for raising forward guidance yesterday when its stock was up 4.74 percent.
Biotech stocks, which have been battered lately, were up sharply. Alexion Pharmaceutical, which develops drugs to treat rare diseases, surged 6.81 percent. The stock was down 14 percent in October. Regeneron Pharmaceuticals also posted a nice 4.68 percent gain.
Under Armour Inc. continues to be one of the more volatile stocks on the index -- mostly in a good way. The sportswear maker vaulted 28 percent after destroying earnings estimates two days ago, then had the biggest decline yesterday at 4.82 percent and was back up 5.56 percent today -- the third biggest gain on the index. Tyson Foods also recovered from a nearly 4 percent decline yesterday with a 4.07 percent gain today.
Ford Motor Co. posted the biggest decline on the Entrepreneur Index™, falling 2.72 percent today, despite better than expected October sales in the U.S.
Intercontinental Exchange gave back 1.53 percent of the 5.39 percent gain it had yesterday after reporting strong earnings. Shopping center real estate investment trust Kimco Realty was also down 1.43 percent.
The Entrepreneur Index™ collects the top 60 publicly traded companies founded and run by entrepreneurs. The entrepreneurial spirit is a valuable asset for any business, and this index recognizes its importance, no matter how much a company has grown. These inspirational businesses can be tracked in real time on Entrepreneur.com.
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