US open: Stocks lower following Q3 earnings, PCE data

31st Oct 2024 14:40

(Sharecast News) - Wall Street stocks were firmly in the red early on Thursday as market participants were again zeroed in on Q3 earnings and a number of key data points.

As of 1500 GMT, the Dow Jones Industrial Average was down 0.69% at 41,849.72, while the S&P 500 lost 1.30% to 5,738.21 and the Nasdaq Composite came out the gate 2.06% weaker at 18,224.38.

The Dow opened 291.82 points lower on Thursday, extedning losses recorded in the previous session after a preliminary GDP reading showed the US economy had grown at a 2.8% annualised clip in Q3, falling short of the 3.1% print expected by analysts.

Corporate earnings were again in focus early on Thursday, with Meta Platforms trading lower after missing expectations for user growth and warning that capital expenditures would increase in 2025, while Microsoft issued revenue guidance that disappointed investors.

Still to come, tech earnings will again be in focus on Thursday, with both Apple and Amazon slated to report earnings after the close.

On the macro front, US employers announced 55,597 job cuts in October, according to Challenger, Gray and Christmas, down from September's reading of 72,821 but markedly higher than 36,836 at the same time a year earlier.

Elsewhere, Americans lined up for unemployment benefits at a decelerated pace in the week ended 26 October, according to the Labor Department. Initial jobless claims fell by 12,000 to 216,000 last week, well below market expectations for a reading of 230,000, reinforcing the view that the US labour market remains resilient to the Federal Reserve's restrictive interest rate policy, adding weight to the argument that the central bank will likely steer clear of making any further aggressive rate cuts at its upcoming meetings.

On another note, the US personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, rose 0.2% in September, according to the Commerce Department, putting the 12-month inflation rate at 2.1%.

Finally, the Chicago Fed's purchasing managers index sank to 41.6 in October, according to the Institute of Supply Management, down from 46.6 in September and well and truly short of expectations for a reading of 47.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Visa Inc. (V) $295.23 1.75%

Verizon Communications Inc. (VZ) $41.92 1.54%

Walt Disney Co. (DIS) $96.27 1.25%

Amgen Inc. (AMGN) $318.87 1.06%

Chevron Corp. (CVX) $148.92 0.59%

Unitedhealth Group Inc. (UNH) $565.62 0.47%

Walmart Inc. (WMT) $81.75 0.44%

International Business Machines Corporation (CDI) (IBM) $205.68 0.38%

Home Depot Inc. (HD) $393.73 0.31%

JP Morgan Chase & Co. (JPM) $224.76 0.16%

Dow Jones - Fallers

Microsoft Corp. (MSFT) $410.79 -5.03%

Merck & Co. Inc. (MRK) $101.27 -3.40%

Intel Corp. (INTC) $21.75 -2.49%

Boeing Co. (BA) $151.75 -1.65%

Nike Inc. (NKE) $75.37 -1.41%

Salesforce.Com Inc. (CRM) $292.46 -1.33%

Cisco Systems Inc. (CSCO) $54.89 -1.26%

Walgreens Boots Alliance, Inc. (WBA) $9.15 -1.03%

American Express Co. (AXP) $271.85 -0.81%

Apple Inc. (AAPL) $228.58 -0.66%

S&P 500 - Risers

International Paper Co. (IP) $55.39 12.97%

Entergy Corp. (ETR) $150.69 12.12%

Gen Digital Inc. (GEN) $29.68 10.31%

Norwegian Cruise Line Holdings Ltd (NCLH) $25.89 8.60%

Altria Group Inc. (MO) $53.91 6.75%

Ametek Inc. (AME) $180.23 6.70%

Booking Holdings Inc. (BKNG) $4,745.69 6.31%

ConocoPhillips (COP) $108.32 5.19%

Marathon Oil Corp. (MRO) $27.42 5.16%

Bristol-Myers Squibb (BMY) $55.30 5.01%

S&P 500 - Fallers

Estee Lauder Co. Inc. (EL) $71.18 -18.32%

Teleflex Inc. (TFX) $202.49 -13.91%

Regeneron Pharmaceuticals Inc. (REGN) $833.66 -9.66%

MGM Resorts International (MGM) $37.74 -8.85%

Idexx Laboratories Inc. (IDXX) $416.88 -7.58%

MetLife Inc. (MET) $77.03 -7.39%

eBay Inc. (EBAY) $58.06 -7.30%

CH Robinson Worldwide Inc (CHRW) $103.24 -5.84%

Intercontinental Exchange Inc (ICE) $157.29 -5.55%

Microsoft Corp. (MSFT) $410.79 -5.03%

Nasdaq 100 - Risers

Gen Digital Inc. (GEN) $29.68 10.31%

Booking Holdings Inc. (BKNG) $4,745.69 6.31%

Cognizant Technology Solutions Corp. (CTSH) $76.85 3.36%

Comcast Corp. (CMCSA) $43.26 2.41%

DENTSPLY Sirona Inc. (XRAY) $23.75 1.43%

Charter Communications Inc. (CHTR) $335.95 1.40%

T-Mobile Us, Inc. (TMUS) $225.68 1.31%

Seagate Technology Plc (STX) $100.96 1.18%

Amgen Inc. (AMGN) $318.87 1.06%

Monster Beverage Corp (MNST) $53.10 0.95%

Nasdaq 100 - Fallers

Regeneron Pharmaceuticals Inc. (REGN) $833.66 -9.66%

Idexx Laboratories Inc. (IDXX) $416.88 -7.58%

eBay Inc. (EBAY) $58.06 -7.30%

Microsoft Corp. (MSFT) $410.79 -5.03%

Broadcom Inc. (AVGO) $169.22 -4.20%

Nvidia Corp. (NVDA) $134.32 -3.60%

Micron Technology Inc. (MU) $100.34 -3.59%

Skyworks Solutions Inc. (SWKS) $86.90 -3.42%

KLA-Tencor Corp. (KLAC) $669.60 -3.21%

Analog Devices Inc. (ADI) $223.55 -2.86%