On a day in which mega-cap values remain under pressure and while investors analyze quarterly results and a series of mixed data.
The main Wall Street indices plunged Thursday as mega-cap stocks remained under pressure as investors focused on quarterly earnings season and a mixed bag of data.
The Industrial Average Dow Jones It lost 211.92 points, or 0.6%, to 32,824.01 units. Meanwhile, the S&P 500 loses 52.25 points, or 1.3%, to 4,134.52 units; and the Nasdaq Composite down 268.91 points, or 2.1%, to 12,552.32 units.
Although its third quarter results exceeded expectations, Meta Platforms yields 5%, since the matrix of Facebook forecast 2024 spending above estimates and suggested the Middle East conflict could slow fourth-quarter sales.
He 10-year Treasury bond yield still hovered around the 5% mark despite some relief after the data, dragging down mega-cap stocks like tesla and Microsoft to a decrease of 3.5% and 3.8%.
Amazon.com gives up 2.4% pending its results, which will be known after the markets close, while the parent company Google, Alphabetremains 3%, adding to the 9.5% collapse on Wednesday.
Key economic data
In terms of data, durable goods rose 4.7% in September, above the 1.7% estimate, while jobless claims rose to 210,000 in the week ending October 21, versus to the expected 208,000.
The operators joined the bets that the Federal Reserve will maintain its monetary policy throughout this year and will begin cutting interest rates in mid-2024even though the US economy grew in the third quarter at its fastest pace in almost two years.
“Jobless claims have been worse than expected, which gives the Fed some cover to do nothing more in November or, hopefully, December, and then we have consumer staple prices, which add to that narrative,” he said Thomas Hayesfrom Great Hill Capital LLC.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
