Last update: 4:36 pm EST
Stock indices ended today's session in the red, as the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) fell 1.89%, 1.18% and 0.76%, respectively.
The communication services sector (XLC) was the biggest loser of the session, falling 2.18%. On the contrary, the real estate sector (XLRE) was the leader of the session, with a gain of 2.11%.
Additionally, the 10-year US Treasury yield saw a slight decline to 4.85%. Similarly, the two-year Treasury yield also did not change much, hovering around 5.05%.
Last update: 3:05 pm EST
The stock is in the red so far in today's trading session. Additionally, WTI crude oil is down, hovering around $83.25 per barrel. The recent downward trend in raw materials has led to prices at the pump gaining downward momentum across the country.
In fact, the national average for regular gasoline was $3.66 per gallon, down from last week's reading of $3.706. The highest prices can be found in California, where prices are substantially higher than the national average, at $5,355 per gallon. On the other hand, Georgia is the state with the lowest gasoline prices, $2,995 per gallon.
Last update: 12:20 pm EST
Shares are in the red so far in today's trading. On Thursday, the National Association of Realtors released its Pending Home Sales report, which measures the month-over-month change in the number of home sales that have not yet closed but are contracted for sale. This measure excludes newly built homes.
During September, pending home sales increased by 1.1% compared to August, which was better than the expected decrease of -1.8%. This is after a -7.1% decline in the previous report.
However, the pending home sales index reached 72.6, down from a reading of 80.8 at the same time last year. This equates to an approximate 10.1% year-over-year decrease.
Last update: 9:30 am EST
Stocks opened lower Thursday morning after data indicated U.S. GDP grew at its fastest pace in the past two years. The Nasdaq 100 (NDX) and the S&P 500 (SPX), are down 0.03% and 0.08%, respectively, while the Dow Jones Industrial Average (DJIA) was up 0.11% at 9:30 am EST on October 26.
The US economy's GDP grew at an annualized rate of 4.9% in the third quarter, beating economists' forecasts for a 4.2% increase and above the 2.1% increase in the second quarter. This was the strongest quarter since the fourth quarter of 2021. GDP growth was increasingly driven by consumer spending, businesses stocking up on inventory, exports, and state and local government spending.
Meanwhile, initial jobless claims for the week ending October 21 rose by 10,000 to 210,000, higher than the consensus estimates of 208,000 and 198,000 from the previous week. Continuing jobless claims stood at 1.79 million, compared to forecasts of 1.73 million and previous figures of 1.74 million.
Durable goods orders rose 4.7% in September to $297.2 billion, compared to forecasts for a 1.7% increase. This increase in orders came after two consecutive months of declines. Core durable goods orders (excluding transportation) rose 0.5%, higher than consensus forecasts of 0.2%.
First Posted: 4:08 am EST
US futures are falling Thursday morning as tech gains continue to weigh on investor sentiment. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were down 1.18%, 0.66%, and 0.24%, respectively, as of 4:05 a.m. EST on October 26.
The three major averages ended the trading day in the negative zone on October 25. Meanwhile, the 10-year US Treasury yield continues to rise, floating near 4.97% at the time of writing. And WTI crude oil futures are around $85.30 per barrel at last check.
Today, traders await weekly jobless claims data, preliminary third-quarter GDP numbers and durable goods orders data. Furthermore, the Third quarter earnings report from the e-commerce giant Amazon.com (AMZN) will take center stage. Another notable earnings release today includes Ford Motor (F), Mastercard (MOTHER), Intel (INTC), UPS (UPS) and Chipotle (CMG), among others.
Meanwhile, metaplatforms (GOAL) shares fell in after-hours trading yesterday despite posting a Solid Q3 FY23 Pace. The forecast of the management of Increasing losses at Reality Labs The split could be one of the reasons for the share price drop. Additionally, Meta warned of growing legal and regulatory obstacles. Additionally, Alphabet stock (GOOGLE) lost 9.5% yesterday after it reported a slowdown in cloud business performance in Third Quarter FY23 Results. Additionally, Align Technology shares (ALGN) plummeted 25.5% in extended trading on disappointing estimates for the third quarter and poor orientation.
In a strategic move, just ahead of its earnings, Ford (F) announced a Tentative labor agreement with the UAW union, ending the several-week strike at its plants. The contract is subject to approval by UAW workers, but UAW President Shawn Fain has asked employees to return to duty while the ratification process continues. The deal puts additional pressure on General Motors (G.M.) and Stellantis (STLA) to reach a labor agreement as soon as possible.
Elsewhere, European indices are trading in the red on Thursday as traders analyze disappointing corporate earnings. Additionally, the European Central Bank will announce its interest rate decision today, and markets are largely expecting a pause in the rate hike cycle.
Asia-Pacific markets end mostly lower on Thursday
Most Asia-Pacific indices finished lower on Thursday, following their US counterparts. Australian shares fell to 52-week lows after the country's inflation figure for the September quarter came in higher than expected yesterday.
Hong Kong's Hang Seng Index closed down 0.24%, while China's Shanghai Composite and Shenzhen Component Indices bucked the trend and ended up 0.48% and 0.40%, respectively.
Similarly, Japan's Nikkei and Topix indices closed with falls of 2.14% and 1.34%, respectively.
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