Nasdaq Gains with Amazon’s Earnings, Dow Struggles due to Energy Sector : 27 Oct

 

Dow Jones & Nasdaq LIVE 27 Oct 2023: The US stock market indexes opened mixed on Friday, as strong quarterly earnings from the e-commerce giant Amazon lifted the Nasdaq Composite index. 

Dow Jones Industrial Average (DJIA) opened edge lower by 1.9 points at the 32782.40 level, while the S&P 500 made a positive opening of 15.7 points at the 4152.93 level. The Nasdaq Composite index opened higher by 123.09 points at the 12718.69 level.

 

Dow & Nasdaq Live Updates Today

 

At 11.55 a.m. EDT, The US stock market indexes are trading mixed at this moment. Dow Jones Industrial Average (DJIA) extended losses soon after opening and is trading lower by 134.86 points or 0.41 percent at the 32649.44 level while the S&P 500 trimmed early gains but trading positive by 7.78 points or 0.19 percent at 4145.01 levels. The tech-heavy Nasdaq Composite extended its early gains and is trading higher by 141.50 points or 1.12 percent at 12737.10 levels. 

 

US Market News

 

The US stock market indexes are trading mixed as technology stocks are trying to recover some weekly losses. Shares of Amazon gained more than 7% after the e-commerce major reported strong quarterly earnings and this boosted the tech-related stocks on Friday. The Nasdaq composite declined sharply in the previous two trading sessions after Alphabet and Meta disappointed their quarterly results.

Federal Reserve’s preferred inflation gauge Personal Consumption Expenditures (PCE) reading showed Core PCE rose 0.3% in September and 3.7% YoY basis, which is in line with the expectation. However, consumer spending increased by 0.7% slightly higher than the expectation of 0.5%, while personal income rose by 0.3%

Traders still think that the Federal Reserve is likely to pause on another interest rate hike in next week’s meeting even after the higher-than-expected Q3 GDP report, which was fueled by consumer spending. 

The 10-year Treasury yield is trading steady at 4.863% near its previous session’s closing at 4.849% on Thursday.

 

US Stocks In News

 

Shares of Intel jumped more than 9% after the chip marker reported better-than-expected quarterly earnings with strong revenue guidance as the personal computer market shows signs of recovery. 

Ford’s shares declined 9% as the automaker missed expectations for adjusted earnings per share and automotive revenue. The carmaker has withdrawn its full-year guidance due to the impact of the United Auto Worker strike that ended last Wednesday.

Shares of Enphase Energy tanked 15% after the solar stock reported disappointing fourth-quarter guidance and mixed third-quarterly results

Oil giant Exxon Mobil declined 2% as reported mixed third-quarter results, the company reported $2.27 earnings per share less expectation, however revenue topped expectations at $90.76 billion.

 

Crude Oil Prices

 

Crude oil prices are gaining on Friday on concerns of further escalation of the Israel-Hamas conflict, which could impact the crude oil supply from the oil-rich region. The crude prices rose after the Pentagon confirmed that the US had launched air strikes on two facilities in eastern Syria. 

The oil prices also got a boost after the stronger-than-expected US GDP data, which showed that the US economy is resilient.

The US WTI crude is trading higher by 1.05% at $84.08 per barrel while London-based Brent crude oil is trading higher by 1.02% at $88.83 per barrel.

 

US Markets at Close

 

The US stock market indexes closed mixed on Friday, as the Nasdaq index closed higher, boosted by Amazon’s quarterly earnings. Meanwhile, the Dow Jones closed sharply lower as the energy stocks including Chevron and Exxon Mobil dragged the energy sector lower after disappointing quarterly results. Dow Jones Industrial Average (DJIA) fell 1.12 percent while the S&P 500 was down by 0.48 percent, the tech-heavy Nasdaq Composite Index trimmed intraday gains and closed higher by 0.38 percent on Friday.

 

Also, read –  Indian Stock Market in Freefall – Weekly Review (23-27 Oct 2023)

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