The major US stock indices closed lower across the board today. The day got off to a negative start after Meta Platforms reported higher expenses and slightly lower revenues going forward after the close yesterday.
Declines were accelerated after stronger-than-expected inflation in the US GDP report. Although prices closed lower, the major indices did pare their losses into the close. Nevertheless the three-day win streak in the broader indices was snapped today:
A snapshot of the closing levels shows:
- Dow industrial average fell -375.14 points or -0.98% at 38085.79. At session low’s, the index was down -706.55 points.
- S&P index fell -23.21 points or -0.46% at 5048.41
- NASDAQ index fell -100.99 points or -0.64% at 15611.76
The small-cap Russell 2000 fell -14.30 points or 0.72% at 1981.11
Shares of Meta Platforms still lost -$52.12 or -10.56% to $441.38. Caterpillar was also a big decline or with a fall of $-25.52 or -7.02% after their disappointing earnings yesterday.
Southwest Airlines reported disappointing earnings this morning fell -6.96%, as did Bristol-Myers Squibb whose price fell -8.51%.
Some winners today included:
- Chipotle, +6.47%. Their earnings expectations.
- Tesla, +4.97%
- Super MIcro Computers rebounded with a gain of 4.33%
- Delta Airlines, +4.09%
- Nvidia, +3.71%
- Broadcom, was 2.99%
- Merck, +2.92%
In after-hours trading, large-cap tech are getting a boost from Alphabet and Microsoft earnings beat expectations. Alphabet shares are up 12.44%, and Microsoft shares are up 4.88%.
Nvidia and Super Micro Computers are riding the coattails, and are trading higher with Nvidia shares up 2.13% and SMCI trading up 2.24%. Amazon whose shares lost -1.65% in trading today has risen 3.49% in after-hours trading.