The US stock market ended seven straight days of gains. On Wednesday, major stock market indices opened slightly higher, but gradually retreated. This is what it looks like at 20.00 Norwegian time:
- The Dow Jones Industrial Average, which consists of 30 carefully selected stocks, fell 0.2%.
- The Nasdaq Composite Index, which is dominated by technology companies, fell 0.1 percent
- The S&P 500 collective index, which includes 500 of the largest listed companies, fell 0.1 percent
The interest rate on ten-year US government bonds, often referred to as the most important interest rate in the world, fell by six basis points to 4.51 percent. Meanwhile, the price of US light oil (WTI) fell more than two percent to below $76 per barrel.
Federal Reserve Chairman Jerome Powell gave a speech Wednesday afternoon, but did not say anything specific about the economic outlook or the key interest rate. Investors now turn their attention to Thursday, when Powell will participate in a panel discussion at the International Monetary Fund conference.
The market now believes that the interest rate has peaked, but there is a 50 percent chance that the interest rate will actually be cut in May next year. The interest rate currently ranges between 5.25 and 5.5 percent.
Warner Bros. She backs down
Media company Warner Bros. Discovery, which among other things owns HBO and a number of TV channels, fell 17 percent after the company reported third-quarter numbers.
The company lost $417 million, which was more than expected. The number of subscribers also decreased to 95.1 million, a decrease of 700 thousand from the second quarter. Archrival Disney provides the numbers after stock market closing time on Wednesday.
Pre-trade, electric vehicle maker Rivian expected a nine percent increase after the company revised its full-year production guidance. However, the stock opened regular trading with an increase of only 2%, and after a few hours of trading, the stock fell by 3%.
Online brokerage Robinhood’s stock fell nearly 15 percent after the company reported lower trading volume last quarter. The company had lower turnover and larger losses than analysts expected.
Games company available
On the other hand, the shares of the oil company Occidental Petroleum rose by about three percent after it presented stronger numbers than initial estimates. Warren Buffett’s Berkshire Hathaway controls more than a quarter of Occidental shares.
Shares of gaming company Roblox rose 14 percent after reporting for the third quarter. The number of users of the video game platform reached 70.2 million daily users, an increase of 20 percent over the previous year.
About 80% of S&P 500 companies that reported third-quarter numbers beat earnings estimates, according to CNBC. About 59 percent of companies exceeded turnover estimates.(conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using links that lead directly to our pages. No copying or other use of all or part of the Content may be permitted except with written permission or as permitted by law. For more terms see here.
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