Tesla’s biggest surge in over a decade propelled the Nasdaq higher on Thursday, while a sharp drop in IBM dragged the Dow into the red. The S&P 500 managed a slight gain, snapping a three-day losing streak as investors digested mixed earnings reports. After hours, the market moved dramatically on more earnings reports from Honeywell, Capital One and others.
- S&P 500: 5,809.86 ⬆️ up 0.21%
- Nasdaq Composite: 18,415.49 ⬆️ up 0.76%
- Dow Jones Industrial Average: 42,374.36 ⬇️ down 0.33%
- STOXX Europe 600: 518.98 ⬆️ up 0.027%
- CSI 300: 3,928.83 ⬇️ down 1.12%
- Nikkei 225: 38,143.29 ⬆️ up 0.10%
- Bitcoin: $68,338.69 ⬆️ up 02.51%
U.S.: Nasdaq shines as Tesla rockets higher but Dow slumps on IBM weakness
U.S. markets finished Thursday with mixed results. The Nasdaq gained 0.76%, buoyed by Tesla’s stellar 21.9% jump after the EV maker delivered stronger-than-expected profits. Meanwhile, the Dow Jones fell by 0.3% as IBM posted its worst drop in six months following revenue that missed estimates. The S&P 500 edged up 0.2%, breaking a three-day slide, as roughly half of its stocks advanced. Capri Holdings Ltd. plummeted after hours, dropping 0.53% after a judge approved the Federal Trade Commission’s request to block a planned merger between Capri and competitor Tapestry. Capital One meanwhile soared after closing, gaining 3.99% after the bank reported a third-quarter net income of $1.8 billion, or $4.41 per diluted common share. That's compared to a net income of $597 million, or $1.38 per diluted common share in the second quarter of 2024.
Europe:
European markets managed modest gains, with the STOXX Europe 600 up slightly as traders processed mixed U.S. economic data. The FTSE 100 was up 0.13% while the Dax was up 0.34%. The tech and auto sectors helped counterbalance lingering inflation concerns, though investors remain cautious about the Federal Reserve’s next moves. A resilient U.S. economy provided some comfort, but uncertainties about interest rates continue to loom.
China: Stocks slide amid U.S. election tensions and economic uncertainty
Chinese markets fell Thursday as worries about economic growth and an increasingly tense U.S. election campaign dragged on investor sentiment. The CSI 300 dropped 1.12%, and the Hang Seng lost 1.30%. In contrast, Horizon Robotics saw a strong IPO debut in Hong Kong, with its shares jumping 6.3% after an initial surge earlier in the session.
Japan: Nikkei edges higher as weak Yen boosts exporters
Japan’s Nikkei 225 managed a 0.10% gain, lifted by a 2.93% rise in shares of Seven & i Holdings. A weakening yen, now at a three-month low against the U.S. dollar, supported export-driven sectors. However, broader optimism was tempered by disappointing PMI data, as both manufacturing and services activity contracted to their lowest levels in two years.
