US Stocks Turn Lower; Dow Tumbles Over 100 Points

U.S. stocks turned lower toward the end of trading, with the Dow Jones dropping more than 100 points on Thursday.

The Dow traded down 0.42% to 30,295.69 while the NASDAQ fell 0.91% to 10,583.77. The S&P 500 also fell, dropping, 0.96% to 3,659.84.

Also check this: Market Volatility Increases As Dow Drops 100 Points

Leading and Lagging Sectors

Communication services shares climbed 0.2% on Thursday. Leading the sector was strength from FingerMotion, Inc. FNGR and Skillz Inc. SKLZ.

In trading on Thursday, utilities shares dipped 2.8%.

Top Headline

AT&T Inc T company reported better-than-expected Q3 EPS and sales results.

AT&T reported third-quarter FY22 operating revenues of $30.00 billion, down 4.1% year-over-year, beating the consensus of $29.86 billion. Adjusted EPS of $0.68 beat the consensus of $0.61.

Equities Trading UP

• NextPlay Technologies, Inc. NXTP shares shot up 130% to $0.4599 after the company announced its NextFintech division received commitment for a $15 million strategic investment.
• Shares of NGM Biopharmaceuticals, Inc. NGM got a boost, shooting 22% to $4.50. NGM Biopharmaceuticals Director David Goeddel V bought a total of 130,000 shares at an average price of $3.56.
• Cabaletta Bio, Inc. CABA shares were also up, gaining 32% to $1.7211. Cabaletta Bio President and CEO Steven Nichtberger acquired a total of 8,127 shares at an average price of $1.25.

Equities Trading DOWN

• Talaris Therapeutics, Inc. TALS shares tumbled 45% to $1.3301 after the company announced it received a report of a patient death, which triggered a pre-specified, temporary stopping requirement and review by the FREEDOM-1 Data Monitoring Committee.
• Shares of Rumble Inc. RUM were down 19% to $6.65 after The Bear Cave issued a cautious report on the stock.
• First Internet Bancorp INBK was down, falling 19% to $24.99 following downbeat quarterly earnings.

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Commodities

In commodity news, oil traded up 0.9% to $86.33, while gold traded down 0.1% at $1,633.40.

Silver traded up 1.3% to $18.605 on Thursday while copper rose 2.5% to $3.3995.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.26%, London’s FTSE 100 rose 0.27% while Spain’s IBEX 35 Index rose 0.8%. The German DAX gained 0.20%, French CAC 40 rose 0.76% and Italy’s FTSE MIB Index gained 1.07%.

The Eurozone recorded a current account deficit of EUR 20.21 billion in August versus a year-ago surplus of EUR 21.05 billion. Producer prices in Germany rose by 2.3% from a month ago in September, versus a 7.9% increase in the prior month, while annual producer inflation in the country stood at 45.8% in September.

The manufacturing climate indicator in France climbed to 103 in October from a 1-1/2-year low level of 102 in the previous month. Construction output in Italy surged 9.7% year-over-year in August versus a revised 7% increase in the prior month.

Economics

• US initial jobless claims declined by 12,000 to 214,000 in the week ending October 15th, compared to market estimates of 230,000.
• The Philadelphia Fed Manufacturing Index rose 1 point to a reading of negative at -8.7 in October.
• Existing home sales in the US declined 1.5% to an annual rate of 4.71 million in September.
• The index of leading economic indicators declined 0.4% for September.
• US natural-gas stocks increased 111 billion cubic feet during the week ended October 14th, versus market expectations of a 105 bcf gain, the Energy Information Administration said.

Check out this: Investor Fear Eases Slightly Ahead Of Earnings Results

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 98,987,010 cases with around 1,092,030 deaths. India confirmed a total of at least 44,636,510 cases and 528,940 deaths, while France reported over 36,418,720 COVID-19 cases with 156,180 deaths. In total, there were at least 631,630,250 cases of COVID-19 worldwide with more than 6,577,340 deaths.