| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 41763.46 | -378.08 | -0.90% |
| S&P 500 | 5705.45 | -108.22 | -1.86% |
| Nasdaq | 18095.15 | -512.78 | -2.76% |
| VIX | 23.16 | 2.81 | 13.81% |
| Gold | 2756.80 | 8.10 | 0.30% |
| Oil | 70.54 | 1.26 | 1.82% |
US MARKET
On Thursday, U.S. stock indexes declined for the second consecutive day as earnings from major tech companies left investors with mixed sentiments. Microsoft, despite surpassing earnings expectations, fell over 4% after warning of slower cloud growth, while Meta declined more than 2% following projections of “significant” capital expenditure growth for next year.
Earlier in the week, Alphabet saw a more favorable market reaction after reporting strong earnings, with CEO Sundar Pichai noting the “payoff” of the company’s AI investments. Attention now shifts to Apple and Amazon, whose results are anticipated to reveal insights on AI’s impact on iPhone demand and potential strong performance for Amazon.
Economic data released on Thursday added complexity to the market’s outlook. The Federal Reserve’s preferred inflation gauge, the personal consumption expenditures (PCE) index, eased to 2.1% in September, edging closer to the Fed’s 2% target. However, the core PCE index—which excludes food and energy prices—registered a slightly higher-than-expected 2.7%.
As of shortly after the market’s open, the S&P 500 was down 1.84%, the Dow had fallen 0.90%, and the Nasdaq was down 2.50%, with investors evaluating both corporate performance and economic indicators to gauge the trajectory ahead.
LOCAL MARKET
Australian shares are set to open lower, mirroring Wall Street’s decline after underwhelming earnings reports from key U.S. tech firms.
Futures indicate a 0.6 percent drop, or a 52-point slide, for the S&P/ASX 200 at today’s opening, after the index eased 0.3 percent on Thursday to close October down 1.3 percent.
In commodities, oil prices surged as increased Israeli airstrikes and a report of a potential retaliatory move by Iran heightened concerns over Middle East supply risks. Iron ore prices edged lower despite positive signals from China’s real estate sector, where residential property sales rose in October, the first year-on-year increase this year, and the steel industry’s PMI reached its highest level since July 2018.