AUS
NZ
UK
CA
USA
IND
_07_12_2023_11_05_52_936360.jpg)
S&P 500 and Nasdaq Composite index closed lower for fifth-consecutive sessions on Tuesday, October 11, as investors await the key economic data and third-quarter corporate earnings to take its pace, which might also set the stage for future trading of the market.
The S&P 500 fell 0.65 per cent to 3,588.84. The Dow Jones was up 0.12 per cent to 29,239.19. The NASDAQ Composite lost 1.10 per cent to 10,426.19, and the small-cap Russell 2000 rose 0.06 per cent to 1,692.92.
Several major companies like PepsiCo, Inc. (PEP), UnitedHealth Group Incorporated (UNH), and Morgan Stanley (MS), among others, are scheduled to report their quarterly earnings results this week. The earnings would provide cues on how the companies have tackled the rising prices, higher policy rates, and other uncertainties in the market.
In addition to that, the market participants would also keep a close watch on the inflation data, which is due to release on Thursday. The consumer-price-index or CPI data, a preferable gauge to measure inflation, is expected to help investors understand how aggressively the Fed is likely to walk in the coming days.
On Tuesday, October 11, seven of the 11 segments of the S&P 500 index stayed in the negative territory, with consumer staples and real estate sectors as the highest percentage gainers. The information technology and consumer discretionary sectors were the bottom movers.
Shares of Leggett & Platt, Incorporated (NYSE:LEG) declined over seven per cent in the intraday session on Tuesday, after the industrial manufacturer trimmed its annual sales and earnings guidance. The company cited the soaring prices and other economic challenges to have an impact on its earnings.
Stocks of Zscaler, Inc. (NASDAQ:ZS) tumbled nearly six per cent, a day after the information technology security company announced that Amit Sinha has resigned from the president role of the firm, and he would continue to be on the company's board.
AZZ Inc. (NYSE:AZZ) plummeted nearly 22 per cent on Tuesday after the galvanizing and metal coating solutions provider reported its second-quarter fiscal 2023 earnings results before the opening bell.
In the consumer staples sector, Walmart Inc. (WMT) increased by 2.66 per cent, Costco Wholesale Corporation (COST) rose by 1.25 per cent, and Philip Morris International Inc. (PM) surged by 2.13 per cent. Mondelez International, Inc. (MDL) and Altria Group, Inc. (MO) advanced 1.20 per cent and 1.97 per cent, respectively.
In real estate stocks, Prologis, Inc. (PLD) gained 2.06 per cent, Realty Income Corporation (O) added 1.32 per cent, and Simon Property Group, Inc. (SPG) soared 2.51 per cent. VICI Properties Inc. (VICI) and Welltower Inc. (WELL) ticked up 1.20 per cent and 1.43 per cent, respectively.
In the technology sector, Apple Inc. (AAPL) declined 1.06 per cent, Microsoft Corporation (MSFT) fell 1.73 per cent, and Broadcom Inc. (AVGO) plunged 1.67 per cent. ASML Holding N.V. (ASML) and Accenture plc (ACN) decreased by 5.45 per cent and 2.01 per cent, respectively.
Futures & Commodities
Gold futures were down 0.11 per cent to US$1,673.30 per ounce. Silver decreased by 2.40 per cent to US$19.145 per ounce, while copper fell 0.31 per cent to US$3.4200.
Brent oil futures decreased by 2.66 per cent to US$93.63 per barrel and WTI crude was down 2.80 per cent to US$88.58.
Bond Market
The 30-year Treasury bond yields were up 1.80 per cent to 3.911, while the 10-year bond yields rose 1.38 per cent to 3.939.
US Dollar Futures Index increased by 0.09 per cent to US$113.177.
