Nasdaq Dips Over 400 Points; Alphabet Shares Tumble After Downbeat Q3 Results

U.S. stocks traded lower this morning, with the Nasdaq Composite falling more than 400 points on Thursday.

Following the market opening Thursday, the Dow traded down 0.42% to 52,256.49 while the NASDAQ fell 1.65% to 26,112.17. The S&P 500 also fell, dropping, 0.48% to 7,707.13.

Leading and Lagging Sectors

Health care shares jumped by 2.7% on Thursday.

In trading on Thursday, communication services stocks fell by 6.8%.

Top Headline

Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) shares tumbled around 13% on Thursday after the company posted downbeat financial results for the third quarter.

Alphabet reported third-quarter revenue of approximately $127.58 billion, missing analyst estimates of $128.20 billion, according to Benzinga Pro. The Google parent company reported third-quarter earnings of $2.12 per share, which may not compare to estimates of $3.02 per share.

Equities Trading UP
           

• Nuburu Inc (NYSE:BURU) shares shot up 45% to $0.26 fter the company announced it regained NYSE compliance.
• Shares of Netcapital Inc (NASDAQ:NCPL) got a boost, surging 38% to $1.52 after dipping 16% on Wednesday.
• Cemtrex Inc (NASDAQ:CETX) shares were also up, gaining 42% to $2.51 after the company reported preliminary fourth-quarter revenue of $22.7 million, up 23% from the third quarter.

Equities Trading DOWN

• Ocean Power Technologies Inc (NYSE:OPTT) shares dipped 43% to $0.38 after the company priced offering of up to 9,375,000 shares and warrants at $0.64/unit.
• Shares of Xerox Holdings Corp (NASDAQ:XRX) were down 41% to $1.64 following third-quarter results.
• Nexera Technologies Ltd (NASDAQ:NEXR) was down, falling 28% to $0.34 after the company announced a 1-for-5 reverse stock split scheduled to take effect Nov. 6.

Commodities 

In commodity news, oil traded down 2% to $100.71 while gold traded down 0.4% at $4,035.80.

Silver traded down 2.1% to $52.535 on Thursday, while copper fell 1.3% to $6.5875.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.9%, while Spain’s IBEX 35 Index fell 0.3%, London’s FTSE 100 gained 0.7%, Germany’s DAX gained 1.3%, while France’s CAC 40 surged 1.2%.

Asia Pacific Markets

Asian markets closed mixed on Thursday, with Japan’s Nikkei 225 surging 1.10%, Hong Kong’s Hang Seng index falling 0.59%, China’s SSE Composite Index declining 0.82% and India’s BSE Sensex gaining 1.24%.

Economics

• U.S. initial jobless claims declined by 1,000 to 194,000 in the week ending Oct. 24, compared to market expectations of 199,000.
• The U.S. core Personal Consumption Expenditures price index, the Fed’s preferred gauge of underlying inflation, increased 0.3% month-over-month in September, in-line with August’s increase.
• The U.S. economy grew at an annualized rate of 3.4% in the third quarter, following a 2.2% gain in the second quarter and above market estimates of 3.2%.

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