Credit: Unsplash
U.S. stock markets saw declines today as investors reacted to a mix of corporate earnings reports and economic data, along with heightened anticipation for major tech companies’ results. The Nasdaq Composite fell by 0.6%, closing near session lows after briefly hitting a record high earlier in the day. The S&P 500 and Dow Jones Industrial Average also slipped by 0.3% and 0.2%, respectively.
Among tech stocks, Super Micro Computer (SMCI) took the hardest hit, plunging over 32% after news that its auditor resigned, casting concerns over the company’s accounting practices. Meanwhile, Advanced Micro Devices (AMD) dropped 11% due to disappointing earnings, while Alphabet (GOOGL) rose 2.8% following a positive earnings surprise. Shares of Microsoft (MSFT) and Meta Platforms (META) showed minimal change as investors await their earnings, set to be released after the market close.
Other notable gainers included Garmin (GRMN), whose shares surged 23% after strong quarterly results and improved outlook, and Reddit (RDDT), which shot up 42% following its robust performance report and a promising future outlook. Pharma giant Eli Lilly (LLY) fell 6.3% after its third-quarter results missed expectations.
Today’s economic data revealed a mixed outlook. While private payrolls rose more than expected, initial GDP figures for the third quarter were weaker than forecast. Investors are closely following these numbers ahead of the Federal Reserve’s upcoming decisions on interest rates and tomorrow’s report on the Fed’s preferred inflation measure.
In the commodities market, gold reached a record high of $2,800 per ounce, driven by ongoing economic uncertainties. Meanwhile, bitcoin settled slightly lower at $72,300 after nearing an all-time high yesterday.
This week promises more action, with earnings from big players like Amazon and Apple expected tomorrow evening and Friday’s anticipated October jobs report, all of which could impact markets as investors seek insights into the health of the economy and future interest rate moves.
