Thursday, Halloween Market Falls in Scary Reaction to Earnings | Wall Street Today
The market fell Thursday after both Meta and Microsoft reported they spent a lot on AI data centers in the past quarter, a bad sign to come for the remaining Mag Seven stocks. Investors are digesting Amazon's earnings and Apple's revenue and earnings beat. It was the largest one-day decline for Microsoft in 2024.
Just past the 4 pm ET close the $S&P 500 Index (.SPX.US)$ fell 1.86%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.90%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 2.76%.
MACRO
In macro, the Core PCE index came in a little higher than estimated- 2.7% vs estimates of 2.6%. The regular PCE price index came in at 2.1%, the lowest year-over-year price change since 2021, and nearly on top of the Fed's 2% target. All eyes are on labor numbers tomorrow to see if the other half of the Fed's dual mandate is reacting well to interest rate cuts.
SECTORS
Within industries tracked by moomoo, Sewmiconductros began to fall after the market punished capex in Meta and Microsoft. $Arm Holdings (ARM.US)$ fell 7%. Software infrastructure also fell following Microsoft's downturn.
$Crude Oil Futures(DEC4) (CLmain.US)$ climbed 2.57% to $70/barrel. $Bitcoin (BTC.CC)$ fell back from near highs, gold and silver fell, alongside the $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$.
MOOVERS
$Amazon (AMZN.US)$ shares rise after the company earnings and revenue beat estimates. The company reported earnings per share of $1.43, surpassing Bloomberg consensus that called for $1.16. Revenue reached $158.9 billion, above estimates of 157.3 billion
$Apple (AAPL.US)$ reported Q4 adjusted earnings of $1.64/share, vs estimates of $1.60/share, on revenue of $94.93 vs estimates of $94.37B. Investors watched for product revenue segments, with recent news predicting weaker demand for Apple's iPhone 16 and new Apple Intelligence services. iPhone sales came in at $46.22B, vs estimates of $45.04B for the quarter.
$Meta Platforms (META.US)$ shares slipped 2% Thursday after the company raised the low end of its capital expenditures outlook, overshadowing the earnings and revenue beat for the third quarter.
$Microsoft (MSFT.US)$ reported Q1 revenue that came in 1.67% above estimates, but shares fell 5% Thursday after the firm said it spent $14.92B on investments like AI data centers after spending $9.92 billion last quarter. Microsoft was the highest decliner on the Dow.
$Coinbase (COIN.US)$ fell 7% after its earnings after the bell Wednesday came in at a miss, showing earnings of $0.28/share, below estimates of $0.42. The crypto trading firm showed sales were lower at $1.21 B than estimates of $1.26B. Both numbers were dramatically higher than a year ago- sales grew by 78%.
$Super Micro Computer (SMCI.US)$ fell a further 14% after the firm's accounting agency denounced its practices Wednesday.
Shares of $Intel (INTC.US)$ are trading higher shortly after 4:15 PM ET on Thursday, following the company’s post-market Q3 results announcement. The company reported quarterly earnings of $0.12 per share which beat the analyst consensus estimate of $-0.02 by 700%.
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Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See this link for more information.
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Stock_Drift : $Intel (INTC.US)$ $Amazon (AMZN.US)$
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