Dow Falls 150 Points; Tesla Posts Upbeat Earnings

Benzinga
2024-10-24

U.S. stocks traded mixed this morning, with the Dow Jones index falling around 150 points on Thursday.

Following the market opening Thursday, the Dow traded down 0.41% to 42,339.29 while the NASDAQ rose 0.52% to 18,371.25. The S&P 500 also rose, gaining, 0.13% to 5,804.31.

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Leading and Lagging SectorsConsumer discretionary shares rose by 2.5% on Thursday.

In trading on Thursday, materials shares fell by 0.7%.

Top Headline

After the closing bell on Wednesday, Tesla Inc. (NASDAQ:TSLA) reported stronger-than-expected earnings for its third quarter, while sales missed estimates.

The automaker reported third-quarter earnings per share of 72 cents, beating a Street consensus estimate of 58 cents per share

Equities Trading UP                       

  • Nxu, Inc. (NASDAQ:NXU) shares shot up 233% to $0.8444. Nxu and Verde Bioresins reported a proposed merger.
  • Shares of Linkage Global Inc (NASDAQ:LGCB) got a boost, surging 123% to $0.5889. Linkage Global recently appointed Hanson Ji as new Chief Financial Officer.
  • TuanChe Limited (NASDAQ:TC) shares were also up, gaining 93% to $2.80.

Equities Trading DOWN

  • Orangekloud Technology Inc. (NASDAQ:ORKT) shares dropped 76% to $1.80.
  • Shares of Marinus Pharmaceuticals, Inc. (NASDAQ:MRNS) were down 72% to $0.4654 after the company announced its Phase 3 TrustTSC trial of Oral Ganaxolone did not meet its primary endpoint.
  • Lilium N.V. (NASDAQ:LILM) was down, falling 58% to $0.23.

CommoditiesIn commodity news, oil traded up 0.5% to $71.15 while gold traded up 0.9% at $2,752.60.

Silver traded up 1.2% to $34.235 on Thursday, while copper rose 0.5% to $4.3600.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.5%, Germany's DAX gained 0.8% and France's CAC 40 rose 0.7%. Spain's IBEX 35 Index rose 0.3%, while London's FTSE 100 rose 0.6%.

The S&P Global UK composite PMI declined to 51.7 in October from 52.6 in September, while Eurozone composite edged higher rose to 49.7 in October versus 49.6 in the previous month.

The HCOB Germany composite PMI increased to 48.4 in October versus 47.5 in September, while French composite PMI slipped to 47.3 in October from 48.6 in September.

Asia Pacific Markets

Asian markets closed mostly lower on Thursday, with Japan's Nikkei 225 gaining 0.10%, Hong Kong's Hang Seng Index falling 1.30%, China's Shanghai Composite Index falling 0.68% and India's BSE Sensex falling 0.02%.

The HSBC India composite PMI rose to 58.6 in October from 58.3 in the prior month. The au Jibun Bank Flash Japan composite PMI declined to 49.4 in October compared to a final reading of 52.0 in September.

Economics

  • The Chicago Fed National Activity Index fell to a reading of -0.28 in September compared to a revised level of -0.01 in August.
  • U.S. initial jobless claims declined by 15,000 from the prior week to 227,000 during the period ending Oct. 19, compared to market estimates of 242,000.
  • U.S. building permits declined by 3.1% to an annual rate of 1.425 million in September.

Now Read This:

  • Jim Cramer Says He Would Not Buy This Health Care Stock At This Level: ‘Wait For A Pullback’

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