Wall Street opens lower as Nasdaq 100 drops 1.36% after GDP data
The S&P 500 was down 0.40% and the Nasdaq 100 down 1.36% at 9:45 a.m. in New York, after third-quarter GDP growth of 3.4% against a 3.2% estimate.
- 01S&P 500 at 7712.88 at 9:45 a.m. New York time, down 0.40% from 7743.98
- 02Nasdaq 100 at 29407.49, down 1.36% from 29813.16
- 03US Q3 GDP growth of 3.4% against a 3.2% estimate; previous 2.2%
- 04VIX at 16.97, up from 16.91
US stocks opened lower on Thursday, October 29, with the S&P 500 at 7712.88 at 9:45 a.m. in New York, down 0.40%. The Nasdaq 100 fell 1.36% to 29407.49.
What happened
The S&P 500 stood 31.1 points below its previous close of 7743.98. The Nasdaq 100 was down 405.67 points from a previous close of 29813.16. The CBOE Volatility Index stood at 16.97, up 0.06, or 0.35%, from 16.91.
Third-quarter US GDP growth came in at 3.4% against a 3.2% estimate, after 2.2% in the previous quarter. Core PCE prices for September rose 0.3% on the month against a 0.3% estimate, with the previous reading also at 0.3%. On a yearly basis, core PCE was 3.1% against a 3.1% estimate, after 3% before.
Personal income rose 0.2% in September against a 0.3% estimate; the previous figure was 0.3%. Personal spending rose 0.5% against a 0.6% estimate, after 0.9% previously.
Why it matters
The Nasdaq 100 fell more than three times as much as the S&P 500 at this point in the session, so the drop was concentrated in the index with the larger technology weight. The VIX moved only slightly, from 16.91 to 16.97.
Labor data were firm. Initial jobless claims were 194 K for the week to October 24 against a 199 K estimate, after 195 K. Continuing claims were 1701 K against a 1720 K estimate, after 1722 K. The four-week average was 196.75 K against a 197 K estimate, after 198 K.
Company results added to the mix. Bristol-Myers Squibb reported EPS of 1.35 USD against a 1.1 USD estimate, and revenue of 13.07 billion USD against 12.72 billion USD. Ameriprise Financial posted EPS of 11.26 USD against an 11.77 USD estimate, and revenue of 5.08 billion USD against 5.1 billion USD. For investors, the session so far shows a split between solid economic data and a weaker equity tape.
What to watch next
The pack schedules no further releases for the session, which runs until 4:00 p.m. in New York. Several companies have already reported before the open, and their results are part of today's trading.
Ares Management reported EPS of 1.26 USD against a 1.25 USD estimate, and revenue of 1.43 billion USD against 1.24 billion USD. Alnylam Pharmaceuticals posted EPS of 16.26 USD against a 1.66 USD estimate, and revenue of 1.46 billion USD against 1.43 billion USD. Bunge reported EPS of 2.56 USD against a 2.41 USD estimate, and revenue of 23.8 billion USD against 23.28 billion USD.
Sources:UCapital Markets (ucapital.com)
UCapital24 S.p.A. or group companies may have commercial relationships with the companies mentioned. This content is not financial advice.
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