U.S. stocks faced a downturn at the opening despite robust economic growth figures, overshadowed by the less-than-encouraging earnings reports from major tech companies, affecting the overall mood in the equity market.
Right after the market opened, the Dow Jones Industrial Average experienced a drop of 25.26 points, or 0.1%, standing at 33,010.67. The S&P 500 saw a slight decrease of 8.71 points, or 0.2%, positioning itself at 4,178.06, while the Nasdaq Composite witnessed a decline of 41.74 points, or 0.3%, reaching 12,779.48.
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Meta’s shares opened with a 3.5% loss, marking yet another technology titan failing to meet market expectations despite revealing revenues and earnings that surpassed projections. Alphabet’s shares also receded, falling an additional 1.9% after a substantial 9.5% decrease on Wednesday.
On a different note, the U.S. saw a significant increase in orders for durable goods in September, marking the largest upswing since July 2020, propelled by heightened spending in the aircraft sector, although other indicators of demand remained unchanged.
According to data from the Census Bureau, orders for durable goods, which encompass items like cars, washing machines, and aircraft, surged by 4.7% in September compared to August. This rise comes on the heels of a 0.1% dip in August and has surpassed the 1.7% increase anticipated by economists.
Investors are also navigating through a flood of earnings reports, with Bristol-Myers Squibb’s shares dipping by 2.9% following a reported downturn in sales of its widely-used blood cancer medication, Revlimid.
