Major US stock indexes closed lower across the board today. The day started negatively after meta platforms reported higher spending and slightly lower revenue after yesterday’s close.
The declines accelerated after stronger-than-expected inflation in the U.S. GDP report. Even though prices closed lower, the major indexes pared their losses until the close. Nonetheless, the three-day winning streak in the broader indexes was snapped today:
A snapshot of closing levels shows:
- The Dow industrial average fell -375.14 points or -0.98% to 38,085.79. At the session’s low, the index was down -706.55 points.
- The S&P index fell -23.21 points or -0.46% to 5048.41
- The NASDAQ index fell -100.99 points or -0.64% to 15611.76
The small-cap Russell 2000 index fell -14.30 points or 0.72% to 1981.11
Shares of Meta Platforms lost another -$52.12 or -10.56% to $441.38. Caterpillar also saw a sharp decline, dropping -$25.52 or -7.02% after its disappointing results yesterday.
Southwest Airlines announced disappointing results this morning, down -6.96%, as did Bristol-Myers Squibb, whose share price fell -8.51%.
Today’s winners include:
- Chipotle, +6.47%. Their profit expectations.
- Tesla, +4.97%
- Super MIcro Computers rebounds with a gain of 4.33%
- Delta Airlines, +4.09%
- Nvidia, +3.71%
- Broadcom, was 2.99%
- Merck, +2.92%
After-hours, large-cap tech companies get a boost from Alphabet and Microsoft profits beat expectations. Alphabet shares are up 12.44% and Microsoft shares are up 4.88%.
Nvidia and Super Micro Computers are following suit and trading higher, with Nvidia shares up 2.13% and SMCI up 2.24%. Amazon, whose shares lost -1.65% today, rose 3.49% after hours.
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