Dow Falls Over 100 Points; Alphabet Shares Tumble After Q3 Results

U.S. stocks traded lower toward the end of trading, with the Dow Jones index falling more than 100 points on Wednesday.

The Dow traded down 0.35% to 33,025.71 while the NASDAQ fell 2.45% to 12,817.76. The S&P 500 also fell, dropping, 1.48% to 4,184.98.

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Leading and Lagging Sectors

Consumer staples shares rose by 0.3% on Wednesday.

In trading on Wednesday, communication services shares dipped by 5.9%.

Top Headline

Alphabet Inc GOOGL shares fell around 10% on Wednesday on the heels of the company's third-quarter financial results.

Alphabet said revenue increased 11% year-over-year to $76.69 billion, which beat the consensus estimate of $75.94 billion. The company reported quarterly earnings of $1.55 per share, which also beat analyst estimates. However, the company recorded downbeat performance for its cloud computing unit.

Equities Trading UP

Abri SPAC I, Inc. ASPA shares shot up 122% to $27.75 after the company announced its stockholders approved of the proposed merger with DLQ, Inc.

Shares of BioXcel Therapeutics, Inc. BTAI got a boost, shooting 21% to $2.84 after announcing positive findings from an independent third party audit of the data integrity at TRANQUILITY II Phase 3 trial site.

Stride, Inc. LRN shares were also up, gaining 18% to $52.65 after the company reported first-quarter results.

Equities Trading DOWN

Sonnet BioTherapeutics Holdings, Inc. SONN shares dropped 28% to $1.2961 as the company reported pricing of $4.55 million underwritten public offering.

Shares of Appreciate Holdings, Inc. SFR were down 24% to $0.1125. Appreciate Holdings received a notice from Nasdaq regarding delisting.

Vicor Corporation VICR was down, falling 28% to $38.20 after reporting results for the third quarter.

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Commodities

In commodity news, oil traded up 1.7% to $85.12 while gold traded up 0.4% at $1,994.50.

Silver traded down 0.3% to $23.04 on Wednesday while copper fell 1% to $3.5880.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 rose 0.04%, London’s FTSE 100 rose 0.33% while Spain’s IBEX 35 Index rose 0.10% The German DAX gained 0.08% French CAC 40 gained 0.31%, while Italy’s FTSE MIB Index fell 0.52%.

The Ifo Business Climate indicator for Germany increased by 1.1 points from the earlier month to a reading of 86.9 in October. Bank lending to households in the Eurozone increased by 0.8% year-over-year in September, down from market estimates of 1%. Producer prices in Spain declined by 8.6% year-over-year in September versus a revised 9.9% drop in the previous month.

Asia Pacific Markets

Asian markets closed mostly higher on Wednesday, with Japan’s Nikkei 225 rising 0.67%, Hong Kong’s Hang Seng Index rose 0.55% and China’s Shanghai Composite Index gaining 0.40%. India’s S&P BSE Sensex, meanwhile, fell around 0.8%.

The index of leading economic indicators in Japan fell to 109.2 in August versus a flash reading of 109.5, while the index of coincident economic indicators rose to 114.6 in August versus a preliminary reading of 114.3. Australian inflation rate declined to 5.4% year-over-year in the third quarter compared to 6.0% in the earlier period.

Economics

Mortgage applications in the U.S. declined by 1% in the week ending Oct. 20.

Building permits in the U.S. fell by 4.5% to an annual rate of 1.471 million in September.

U.S. new home sales climbed by 12.3% to an annualized rate of 759,000 in September versus a revised 676,000 in the prior month.

Crude oil inventories in the U.S. climbed by 1.371 million barrels in the week ending Oct. 20, following a 4.491 million decline in the prior period.

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