Global markets today: Wall Street, European stocks dip on cloudy earnings

World markets today: Global stock markets slid on Thursday on mounting worries over escalation in the Israel-Hamas conflict and amid cloudy earnings.

The MSCI’s gauge of stocks across the globe shed 0.75%.

Wall Street

The US stocks fell on Thursday dragged by tech and tech-adjacent shares.

The Dow Jones Industrial Average fell 251.83 points, or 0.76%, to 32,784.1, the S&P 500 lost 49.59 points, or 1.18%, to 4,137.18 and the Nasdaq Composite dropped 225.62 points, or 1.76%, to 12,595.61.

Shares of Alphabet tumbled 9.5% and Microsoft rose 3.1%.

The yield on the 10-year treasury fell to 4.84% from 4.96% late Wednesday. 

Data showed that the US economy grew 4.9% in third quarter.

US earnings

Meta Platforms Q3 earnings: Stock dropped 2.6% despite the company reported fatter profit and revenue.

UPS Q3 earnings: Stock sank 4.9% after it cut its forecasts for full-year results.

IBM Q3 earnings: Stock rose 5% after reporting stronger profit and revenue.

MastercardQ3 earnings: Stock fell 5.62% despite revenue rose 14% at $6.5 billion 

Harley-Davidson Q3 earnings: Stock shed 6.45% after its profit plunged 24% due to drop in discretionary spending

Hasbro Q3 earnings: Stock slid 11.65% after its quarterly results missed Wall Street estimates on sales and earnings.

Currencies

The US dollar rose to 150.38 Japanese yen from 150.03. The euro fell to $1.0561 from $1.0567.

Energy prices 

The US crude oil benchmark for December delivery fell $2.18 to $83.21 a barrel on Thursday. Brent crude for December delivery fell $2.20 to $87.93 a barrel.

Natural gas for November delivery rose 20 cents to $3.21 per 1,000 cubic feet. 

Europe

European shares pared early losses on Thursday after the European Central Bank (ECB) kept its interest rates steady.

The pan-European STOXX 600 index ended 0.5% lower.

Britain’s FTSE 100 edged down 0.8% at 7,354.57. Germany’s DAX shed 1.1% at 14,731.05. France’s CAC 40 fell 0.4% at 6,888.96.

The ECB  left interest rates unchanged at 4%, snapping an unprecedented streak of 10 consecutive hikes.

European earnings

Standard Chartered Q3 earnings: Stock slumped 12.4% as the bank’s third quarter pre-tax profit dropped 33%.

Swedbank earnings: Stock shed 6.9% after third quarter net interest income fell short of expectations.

Mercedes-Benz earnings: Stock declined by 5.8% post a drop in third quarter profit. 

Asia

In Asian stock markets, Hong Kong’s Hang Seng Index fell 0.2% at 17,044.61. China’s Shanghai Composite added 0.5% at 2,988.30.

Japan’s Nikkei 225 slid 2.1% at 30,601.78.

Australia’s S&P/ASX 200 index fell 0.6% to 6,812.3. New Zealand’s benchmark S&P/NZX 50 index fell 0.3% to 10,848.54 points.

Bullion 

Gold for December delivery rose $2.50 to $1,997.40 an ounce. Silver for December delivery fell 10 cents to $22.91 an ounce. 

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Updated: 27 Oct 2023, 01:56 AM IST