Nasdaq continues its fall as tech stocks decline; HON, CAT surge

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Nasdaq slumped for a second straight day on Thursday, October 27, as the market participants seemed to have assessed the gloomy results from the tech leaders and stronger-than-anticipated economic data.

The S&P 500 fell 0.61 per cent to 3,807.30. The Dow Jones was up 0.61 per cent to 32,033.28. The NASDAQ Composite lost 1.63 per cent to 10,792.67, and the small-cap Russell 2000 rose 0.11 per cent to 1,806.32.

According to the Commerce Department report of October 27, the US GDP grew 2.6 per cent annually, snapping its contraction for the two consecutive starting quarters. The data also suggested that the economy remained strong despite the aggressive moves by the central bank, subsiding concerns over a recessionary period.

On the other hand, the downbeat corporate earnings from the technology leaders suggested that the higher rates and strong dollar among other concerns have weighed on their profits. The latest is Meta Platforms, Inc. (NASDAQ: META), which reported a decline in its revenue for the second straight quarter on Wednesday.

The industrial sector, which is cyclical in nature and moves in tandem with the health of the economy, was the top percentage gainer in the S&P 500 index on Thursday. Six of the 11 segments of the index stayed in green, with the technology sector declining the most.

Shares of Honeywell International Inc. (NASDAQ: HON) rose over three per cent in the intraday session on Thursday, after the industrial conglomerate firm reported strong quarterly earnings results while raising its annual profit guidance.

Caterpillar Inc. (NYSE: CAT) jumped over seven per cent in the intraday trading on October 27, after the construction equipment manufacturer reported robust earnings results for the third quarter, citing strong demand for its products.

In the industrials sector, Raytheon Technologies Corporation (RTX) surged 1.52 per cent, Lockheed Martin Corporation (LMT) advanced 2.08 per cent, and The Boeing Company (BA) gained 4.42 per cent. 3M Company (MMM) and L3Harris Technologies, Inc. (LHX) were up 1.01 per cent and 1.15 per cent, respectively.

In technology stocks, Apple Inc. (AAPL) slipped 3.05 per cent, Microsoft Corporation (MSFT) slumped 1.98 per cent, and ASML Holding N.V. (ASML) declined 2.00 per cent. Broadcom Inc. (AVGO) and Intel Corporation (INTC) plummeted 1.25 per cent and 3.45 per cent, respectively.

Futures & Commodities

Gold futures were down 0.22 per cent to US$1,665.55 per ounce. Silver decreased by 0.07 per cent to US$19.473 per ounce, while copper fell 0.89 per cent to US$3.5133.

Brent oil futures increased by 0.82 per cent to US$94.56 per barrel and WTI crude was up 0.71 per cent to US$88.53.

Bond Market

The 30-year Treasury bond yields were down 2.34 per cent to 4.067, while the 10-year bond yields fell 2.70 per cent to 3.906.

US Dollar Futures Index increased by 0.84 per cent to US$110.472.



 


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