Home Business New York Stock Market: Dow Closes 266.19 Points | RYT9

New York Stock Market: Dow Closes 266.19 Points | RYT9

by news dir

The Dow Jones Industrial Average closed lower overnight (Oct. 27), pressured by plunging energy and banking stocks. However, the Nasdaq closed flat after Alphabet and Microsoft. Reveal better-than-expected earnings Meanwhile, investors keep an eye on US economic data this week. This includes the third quarter gross domestic product (GDP) figure.

The Dow Jones Industrial Average closed at 35,490.69, down 266.19, or -0.74%, the S&P500 closed at 4,551.68, down 23.11, or -0.51%, and the Nasdaq closed at 15,235.84, up 0.12, or 0.00%.

Nine of the 11 stocks calculated in the S&P500 closed in negative territory, led by energy stocks tumbling 2.86 percent after WTI crude slid more than 2 percent overnight, with Halliburton down 3.98 percent. Son Mobil was down 2.6 percent, Chevron was down 1.79 percent, and ConocoPhillips was down 2.79 percent.

Banking stock indexes fell 1.69 percent after yields on U.S. 10-year and 30-year Treasury bonds fell overnight. This makes investors worried about the profitability of the banking sector in a low interest rate environment. Goldman Sachs was down 1.59 percent, Bank of America was down 1.92 percent, JPMorgan was down 2.05%, Morgan Stanley was down 1.55 percent, Wells Fargo was 1.12 percent.

Merck & Co. shares, a major U.S. pharmaceutical company, fell 0.86 percent after Merck allowed pharmaceutical companies worldwide to produce molnupiravir without a royalties. This will cause the company to lose a lot of revenue.

The United Nations (UN) Patent Drug Organization (MPP) said yesterday that the MPP has reached a drug patent agreement with Merck. and Ridgeback Company biotherapeutics The two companies will allow pharmaceutical companies worldwide to produce molnupiravir to give poor countries access to the drug. Merck and Ridgeback will not charge royalties. hit by a company that manufactures molnupiravir As long as the World Health Organization (WHO) is of the opinion that COVID-19 It remains an international public health emergency.

Boeing shares fell 1.53 percent after it posted a third-quarter loss of 60 cents a share, beating analyst estimates of 20 cents a share, weighed down by production problems with its 787 Dreamliners. Causing the company to delay the delivery of the said aircraft.

Robinhood shares, an online brokerage company that offers free app-based stock trading. The market closed down 10.44 percent after the company posted $365 million in third-quarter revenue, below expectations of $431.5 million, hit by a plunge in cryptocurrency trading volumes.

However, the Nasdaq closed flat after Alphabet and Microsoft posted better-than-expected results. Alphabet shares closed up 4.96% after the company posted third-quarter profit of $27.99 a share, higher than Refinitiv analysts’ $23.48 a share forecast. Microsoft shares were up $4.21. % after the company disclosed revenue for the first quarter ended Sept. 30, 2021, rose to 453.2 billion dollars. from the same period last year, which was $371.5 billion. and higher than analysts’ estimates of $4397 billion. This was driven by higher demand for cloud services.

Coca-Cola shares jumped 1.95 percent after the company reported third-quarter profit of 65 cents a share, beating expectations of 58 cents a share.

For the US economic data released last night. The US Commerce Department said Orders for durable U.S. goods such as planes, cars and heavy machinery that last three years or more fell 0.4% in September, hurt by a drop in car and plane orders.

Investors will keep an eye on US economic data due this week, including weekly unemployment claims, 3Q21 gross domestic product (preliminary estimate), pending home sales contracts. pending home sales in September, personal income and spending in September, personal consumption expenditure price index (PCE) in September, and consumer confidence index. Consumed Oct. from the University of Michigan.


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