Nasdaq Falls 100 Points; AT&T Posts Upbeat Earnings

U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite falling around 100 points on Thursday.

The Dow traded down 0.43% to 33,520.17 while the NASDAQ fell 0.75% to 13,214.04. The S&P 500 also fell, dropping, 0.62% to 4,287.95.

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Leading and Lagging Sectors

Communication services shares climbed by 1% on Thursday.

In trading on Thursday, consumer discretionary shares fell by 1.7%.

Top Headline

AT&T Inc T reported better-than-expected third-quarter financial results.

AT&T reported third-quarter FY23 operating revenues of $30.35 billion, up 1% year-over-year, beating the consensus of $28.69 billion. Adjusted EPS of $0.64 beat the consensus of $0.59.

AT&T now expects full-year adjusted EBITDA growth of better than 4% versus prior guidance of 3%+.

Equities Trading UP

SAB Biotherapeutics, Inc. SABS shares shot up 27% to $0.7899 after the company announced it received Australian approval to commence the Phase 1 clinical trial of SAB-142.

Shares of Spectral AI, Inc. MDAI got a boost, shooting 32% to $3.4099 after the company announced that its DeepView SnapShot Wound Imaging System was marked for use in the U.K. and received Class 1 medical device classification with the FDA.

PTC Therapeutics, Inc. PTCT shares were also up, gaining 19% to $24.42 after the company announced an agreement with Royalty Pharma to monetize up to $1.5 billion of the Evrysdi Royalty Stream.

Equities Trading DOWN

Nxu, Inc. NXU shares dropped 38% to $0.0431 after the company announced a $3 million public offering of common stock of 86 million shares at $0.035 per share.

Shares of Semtech Corporation SMTC were down 22% to $15.45 after the company announced a $250 million private placement offering.

Generation Bio Co. GBIO was down, falling 31% to $1.66 after TD Cowen downgraded the stock from Outperform to Market Perform.

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Commodities

In commodity news, oil traded up 0.9% to $89.14 while gold traded up 0.8% at $1,984.50.

Silver traded down 0.3% to $23.03 on Thursday while copper rose 0.3% to $3.5985.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 1.19%, London’s FTSE 100 fell 1.17% while Spain’s IBEX 35 Index fell 0.72% The German DAX fell 0.33% French CAC 40 declined 0.64%, while Italy’s FTSE MIB Index declined 1.38%.

The Eurozone recorded a current account surplus of EUR 30.67 billion in August versus a year-ago deficit of EUR 26.57 billion. Spain's trade deficit narrowed to EUR 4.4 billion in August from EUR 7.9 billion in the year-ago month. The manufacturing climate indicator in France fell to 98 in October versus 99 in the prior month.

Asia Pacific Markets

Asian markets closed lower on Thursday, with Japan’s Nikkei 225 falling 1.91%, China’s Shanghai Composite Index falling 2.46% and Hong Kong’s Hang Seng Index falling 1.74%. India’s S&P BSE Sensex, meanwhile, fell 0.25%.

Japan posted a trade surplus of JPY 62.44 billion in September compared to a deficit of JPY 2,099 billion in the year-ago period. Hong Kong's unemployment rate came in unchanged at 2.8% in the three months ending September. Average new home prices in China declined by 0.1% year-over-year in September.

Economics

The Philadelphia Fed Manufacturing Index rose -9 in October from -13.5 a month ago, versus market estimates of -6.4.

U.S. jobless claims declined by 13,000 from the previous week to 198,000 in the week ending October 14, compared to market expectations of 212,000.

U.S. natural-gas supplies climbed 97 billion cubic feet last week, the EIA said.

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