US Stocks end softer on earnings disappointment

27 Oct 2022 , 08:00 AM

The US stocks were mostly lower on Wednesday, 26 October 2022, with the tech-heavy Nasdaq and the S&P 500 indexes settling below neutral line after closing higher for previous three straight sessions, while the Dow managed to hold positive territory. The weak finish of the Wall Street came as earnings from big tech disappointed investors against hopes the Federal Reserve will slow its aggressive pace of interest rate hikes. At the close of trade, the Dow Jones Industrial Average index advanced 2.37 points, or 0.01%, to 31,839.11. The S&P500 index fell 28.51 points, or 0.74%, to 3,830.60. The tech-heavy Nasdaq Composite Index decreased 228.12 points, or 2.04%, to 10,970.99. 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 Microsoft tumbled by 7.7% after the software giant reported the slowest revenue growth in five years and disappointed on its sales outlook. Google parent Alphabet also plunged by 9.1% after reporting third quarter results that disappointed on ad sales amid a broader decline for the digital advertising business. Meta Platforms Inc, which also depends on digital advertising for revenue, is due to report after the closing bell. Its stock was down 3.9%. Shares of Visa advanced after the credit card giant reported better than expected third quarter results. ECONOMIC NEWS: The Commerce Department released a report showing new home sales in the U.S. tumbled by 10.9% to an annual rate of 603,000 in September after soaring by 24.7% to a revised rate of 677,000 in August. Among Indian ADR, Dr Reddys Labs added 0.8% to $53.98, HDFC Bank added 0.56% to $61.44, WNS Holdings added 0.7% to $83.77, Wipro added 0.43% to $4.72, INFOSYS was up 0.3% at $18.68, Tata Motors added 1.6% to $24.75, and ICICI Bank inclined 0.35% to $22.87. Azure Power Global fell 1% to $5.24. Powered by Capital Market – Live News