U.S. stocks traded lower this morning, with the Nasdaq Composite falling more than 400 points on Thursday.
Following the market opening Thursday, the Dow traded down 0.42% to 52,256.49 while the NASDAQ fell 1.65% to 26,112.17. The S&P 500 also fell, dropping, 0.48% to 7,707.13.
Leading and Lagging Sectors
Health care shares jumped by 2.7% on Thursday.
In trading on Thursday, communication services stocks fell by 6.8%.
Top Headline
Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) shares tumbled around 13% on Thursday after the company posted downbeat financial results for the third quarter.
Alphabet reported third-quarter revenue of approximately $127.58 billion, missing analyst estimates of $128.20 billion, according to Benzinga Pro. The Google parent company reported third-quarter earnings of $2.12 per share, which may not compare to estimates of $3.02 per share.
Equities Trading UP
- Nuburu Inc (NYSE:BURU) shares shot up 45% to $0.26 fter the company announced it regained NYSE compliance.
- Shares of Netcapital Inc (NASDAQ:NCPL) got a boost, surging 38% to $1.52 after dipping 16% on Wednesday.
- Cemtrex Inc (NASDAQ:CETX) shares were also up, gaining 42% to $2.51 after the company reported preliminary fourth-quarter revenue of $22.7 million, up 23% from the third quarter.
Equities Trading DOWN
- Ocean Power Technologies Inc (NYSE:OPTT) shares dipped 43% to $0.38 after the company priced offering of up to 9,375,000 shares and warrants at $0.64/unit.
- Shares of Xerox Holdings Corp (NASDAQ:XRX) were down 41% to $1.64 following third-quarter results.
- Nexera Technologies Ltd (NASDAQ:NEXR) was down, falling 28% to $0.34 after the company announced a 1-for-5 reverse stock split scheduled to take effect Nov. 6.
Commodities
In commodity news, oil traded down 2% to $100.71 while gold traded down 0.4% at $4,035.80.
Silver traded down 2.1% to $52.535 on Thursday, while copper fell 1.3% to $6.5875.
Euro zone
European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.9%, while Spain’s IBEX 35 Index fell 0.3%, London’s FTSE 100 gained 0.7%, Germany’s DAX gained 1.3%, while France’s CAC 40 surged 1.2%.
Asia Pacific Markets
Asian markets closed mixed on Thursday, with Japan’s Nikkei 225 surging 1.10%, Hong Kong’s Hang Seng index falling 0.59%, China’s SSE Composite Index declining 0.82% and India’s BSE Sensex gaining 1.24%.
Economics
- U.S. initial jobless claims declined by 1,000 to 194,000 in the week ending Oct. 24, compared to market expectations of 199,000.
- The U.S. core Personal Consumption Expenditures price index, the Fed’s preferred gauge of underlying inflation, increased 0.3% month-over-month in September, in-line with August’s increase.
- The U.S. economy grew at an annualized rate of 3.4% in the third quarter, following a 2.2% gain in the second quarter and above market estimates of 3.2%.
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