US Stocks end mixed on Thursday

28 Oct 2022 , 09:13 AM

The US stocks were mostly lower for second straight session on Thursday, 27 October 2022, with the tech-heavy Nasdaq and the S&P 500 indexes settling on opposite sides of the unchanged line, amid steep drop by Meta Platforms after the company reported weaker than expected third quarter earnings and provided disappointing guidance. The Dow closed higher for the fifth straight session, thanks to stronger than expected results from construction equipment maker Caterpillar, Honeywell, McDonald, and Merck. The blue chip index also benefited from the Commerce Department report showing U.S. real gross domestic product shot up by 2.6% in the third quarter following a 0.6% drop in the second quarter and a 1.6% slump in the first quarter. At the close of trade, the Dow Jones Industrial Average index advanced 194.17 points, or 0.61%, to 32,033.28. The S&P500 index fell 23.30 points, or 0.61%, to 3,807.30. The tech-heavy Nasdaq Composite Index decreased 178.32 points, or 1.63%, to 10,792.67. Total 6 of 11 S&P500 sectors inclined, with energy (up 1.36%) issue was top gainer, followed by healthcare (up 1.1%), while communication service (down 4.75%) issue tumbled the most, followed by information technology (down 2.2%). Shares of Meta plunged 24.5% as investors digested the companys third-quarter earnings miss and a weak fourth-quarter outlook. The parent company of Facebook reported quarterly revenue of $27.7 billion Wednesday, a decline of more than 4% year over year and its second straight quarterly decline. Its profit plummeted 52% to $4.4 billion. Meta warned the fourth quarter would be more of the same, issuing a weaker-than-expected outlook. Its expecting revenue for the fourth quarter to be $30 billion to $32.5 billion. Amazon shares plummeted 13% in extended trading on Thursday after the company issued a disappointing fourth-quarter forecast and missed on revenue estimates. The Company expects to post fourth-quarter revenue between $140 billion and $148 billion, representing year-over-year growth of 2% to 8%. Shares of Caterpillar surged 5.1% after the company reported earnings that beat on the top and bottom lines. The construction machinery and equipment maker posted earnings of $3.95 per share on revenue of $14.99 billion. Honeywell shares advanced 4.6% after the industrial company beat earnings expectations for third quarter, citing strong growth in advanced materials, commercial aerospace and building products businesses. Among Indian ADR, Dr Reddys Labs added 1.06% to $54.55, WNS Holdings added 0.61% to $84.28, INFOSYS was up 0.2% at $18.51, Tata Motors added 0.04% to $24.76, and Azure Power Global added 4.2% to $5.46. HDFC Bank fell 0.9% to $60.89, Wipro fell 0.85% to $4.68, and ICICI Bank fell 1.6% to $22.50. Powered by Capital Market – Live News