Markets Experience a Mixed Day Amid Earnings Reports and Economic Indications
The S&P 500 recovered from a three-day decline on Thursday, while the Nasdaq saw a substantial increase after Tesla (TSLA) exceeded quarterly projections. In contrast, the Dow fell by 140 points, marking its fourth consecutive day of losses, largely due to IBM (IBM) experiencing a revenue shortfall and dropping over 6%. At the same time, Treasury yields began to ease, with the 10-year note pulling back from three-month highs as investors weighed potential interest rate cuts.
Keep reading for more insights on today’s market performance, including:
Key Highlights from Today’s Market
- Mortgage rates have climbed back up to nearly 7%. (MarketWatch)
- Yum Brands (YUM) is recalling onions from its Taco Bell, KFC, and Pizza Hut outlets following an E. coli outbreak linked to McDonald’s (MCD). (CNBC)
- An analyst has decided to steer clear of Verizon Communications stock.
- Shares of Boeing stock are faltering amid ongoing strike threats.
- Two biotech stocks experienced notable activity today.
Geopolitical Concerns Push Gold Prices Higher
On Thursday, oil futures closed lower after fluctuating around breakeven for most of the day. November-dated West Texas Intermediate (WTI) crude dropped by 58 cents, or 0.8%, settling at $70.19 per barrel.
Gold prices rose due to geopolitical tensions. Furthermore, palladium—a rare metal crucial for catalytic converters—drew attention as the U.S. and its allies contemplated sanctions on Russian metals. Gold for December delivery increased by 0.7%, trading at $2,749.10 at last check.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
