ASML Posts Major Miss, Market Holds on During Earnings Beats and Busts | Moovin Stonks
Good morning, traders. Happy Tuesday, October 15th. The market is climbing barely; bank stocks pulled in more earnings that came in above expectations, but tech and healthcare service earnings were pulling down indexes from recent records.
My name is Kevin Travers; here stonks and stories you have to know about on Wall Street Today.
$Citigroup (C.US)$ reported Q3 earnings Tuesday of $1.51 per diluted share, down from $1.63 a year earlier. It beat estimates of $1.30, but not enough to get the stock to climb.
$Walgreens Boots Alliance (WBA.US)$ posted a $3 billion quarterly loss on Tuesday, driven largely by tax charges and a loss on its investment in a Chinese pharmacy chain. The stock was climbing 12%, the highest on the S&P 500 The firm said it would close 1,200 stores in the next three years, including about 500 in the next year.
$Goldman Sachs (GS.US)$ reported higher third-quarter earnings, with a profit of 45% to $2.99 billion. That amounted to $8.40 per share, which was better than expected. Revenue rose 7% to $12.7 billion. $Bank of America (BAC.US)$ climbed 1.9% on earnings estimate beats of its own.
$UnitedHealth (UNH.US)$ shares fell 6%, the lowest on the Dow, after Tuesday's earnings beat expectations but missed estimates of the medical cost ratio. This healthcare metric compares a firm's healthcare costs to its revenue. UNH showed 85.2% compared to forecasts of 84.4%.
$ASML Holding (ASML.US)$ fell 13%, the lowest in semiconductors after the Dutch semi-making lithography machine firm reported Q3 orders of EUR2.63B but had forecast EUR5.59B.
Within industries tracked by moomoo, Semiconductor equipment and semis fell heavily. Chinese stocks pulled back overnight, and HK stocks fell during U.S. trading on moomoo.
$Crude Oil Futures(JAN5) (CLmain.US)$ fell 5% to $70/barrel, with no recent turbulence or Chinese stimulus to draw up prices.
$Bitcoin (BTC.CC)$ hovered $65k. Gold and silver climbed $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ boith fell.
Just past 11:23 am ET the $S&P 500 Index (.SPX.US)$ fell 0.29%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.18%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.73%.
Monday, Fed Gov. Chris Waller said the economy is much stronger than previously thought, and the labor market remains quite healthy, speaking at Stanford University in California. Waller noted that the Fed and Wall Street had been fooled by reports over the summer that indicated the economy was slowing, according to MarketWatch.
"To remind you of how bad the markets viewed the July data, some Fed watchers were calling for an emergency [Fed] meeting to discuss a rate cut," Waller said.
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Yesterday, Dan’l commented on some helpful links to donate to hurricane relief funds to help those hit in the Carolinas and Florida storms. North Carolina: Best Ways to Donate in the Wake of Hurricane Helene Georgia: Donations & Volunteers Florida: Hurricane Milton -- I do NOT know if these are reputable links, but I appreciate the sentiment!
Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!
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