U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling around 4.5% on Thursday.
The Dow traded down 2.51% to 52,016.25 while the NASDAQ dipped 4.51% to 24,576.49. The S&P 500 also fell, dropping, 3.33% to 7,432.77.
Leading and Lagging Sectors
Consumer staples shares rose by 0.1% on Thursday.
In trading on Thursday, information technology stocks fell by 5.7%.
Top Headline
Cardinal Health, Inc. (NYSE:CAH) shares gained around 3% on Thursday after the company reported better-than-expected first-quarter financial results and raised its FY27 adjusted EPS guidance above estimates.
Cardinal Health reported quarterly earnings of $3.26 per share which beat the analyst consensus estimate of $2.94 per share. The company reported quarterly sales of $67.513 billion which beat the analyst consensus estimate of $66.588 billion.
Equities Trading UP
- Applovin Corp (NASDAQ:APP) shares shot up 32% to $357.60 as the company reported better-than-expected third-quarter financial results and issued its fourth-quarter sales guidance above estimates.
- Shares of Xeris Biopharma Holdings Inc (NASDAQ:XERS) got a boost, surging 28% to $13.36 after the company reported better-than-expected third-quarter financial results and raised its FY26 sales guidance above estimates.
- Krispy Kreme Inc (NASDAQ:DNUT) shares were also up, gaining 27% to $4.46 following strong quarterly earnings.
Equities Trading DOWN
- MNTN Inc (NYSE:MNTN) shares dipped 54% to $4.82 after the company reported worse-than-expected quarterly financial results and lowered its FY2026 sales guidance below estimates.
- Shares of Veracyte Inc (NASDAQ:VCYT) were down 55% to $23.68 after the company reported third-quarter financial results and narrowed its FY26 sales guidance below estimates.
- Purecycle Technologies Inc (NASDAQ:PCT) was down, falling 35% to $1.80 after the company reported worse-than-expected third-quarter sales results.
Commodities
In commodity news, oil traded up 2.1% to $89.99 while gold traded up 1.2% at $4,122.80.
Silver traded down 0.1% to $52.230 on Thursday, while copper fell 1.4% to $6.3395.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 gained 0.1%, while Spain’s IBEX 35 Index jumped 0.9%, London’s FTSE 100 rose 0.4%, Germany’s DAX rose 0.01%, while France’s CAC 40 climbed 0.5%.
Asia Pacific Markets
Asian markets closed mostly higher on Thursday, with Japan’s Nikkei 225 falling 1.79%, Hong Kong’s Hang Seng index gaining 3.67%, China’s SSE Composite Index rising 0.10% and India’s BSE Sensex gaining 2.60%.
Economics
- U.S. initial jobless claims declined by 6,000 to 189,000 in the final week of October, compared to market estimates of 196,000 and versus a revised reading of 195,000 in the previous week.
- U.S. nonfarm business sector labor productivity rose by 3.6% in the third quarter, beating market estimates of a 2.8% gain.
- Unit labor costs fell 0.7% in the third quarter, missing market estimates of a 0.6% gain.
- U.S.-based employers announced job cuts of 43,994 in October, versus 43,281 cuts in the previous month.
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