S&P 500 Kicks Off October With Gain; Mattel Surges on Deal
The S&P 500 rose 0.2% to open October as Micron rebounded post-earnings and Mattel popped on acquisition news.
October is off to a solid start for bulls. The S&P 500 climbed 0.2% on the session, with the benchmark index finding a key technical foothold at its 50-day moving average — a level traders watch closely as a line in the sand between uptrends and breakdowns. The Dow and Nasdaq also crept into positive territory, though neither matched the S&P's move.
Micron Technology was a stock to watch. Shares initially dropped after the chipmaker reported quarterly results, but buyers stepped in and erased those losses. That kind of reversal — bad open, strong close — is exactly the price action momentum traders want to see. It signals the bad news was already priced in.
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Mattel was the session's headline grabber. The Barbie maker exploded higher on deal news, making it one of the standout single-stock movers of the day. M&A catalysts like this one tend to reprice a stock fast, and if you weren't already in, you were chasing.
The 50-day moving average holding as support on Thursday is no small detail. It tells you institutional money is still defending this market at key levels rather than running for the exits. Watch whether the S&P can build on this early October momentum or whether this is just a dead-cat bounce before the next test of support.
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