The US stock market experienced a dip on Wednesday, with major indices recording losses. The Dow Jones Industrial Average fell by 0.63%, losing over 250 points, to close at 42,654.26. The NASDAQ Composite Index followed suit, dropping 0.47% to 18,486.46. The S&P 500 also finished the day in the red, declining 0.33% to 5,831.63.
Contributing to the market’s downward trajectory was Boeing’s disappointing third-quarter earnings report. The aerospace giant announced a loss for the period, marking a 1% year-over-year revenue decline to $17.854 billion, falling short of analysts’ expectations of $17.931 billion. The adjusted loss per share also widened to $10.44 from $3.62 in the same quarter of 2023, missing the consensus estimate of $10.34.
The technology sector also faced headwinds on Wednesday, with consumer discretionary shares dropping by 0.9%. However, there were some bright spots in the market, with utility shares rising by 0.5% for the day.
In the realm of individual stock performance, La Rosa Holdings Corp. (LRHC) saw a significant surge, its shares skyrocketing by 164% to $1.3300 following the company’s announcement of a preliminary 120% year-over-year revenue growth for the nine-month period. CNS Pharmaceuticals, Inc. (CNSP) also witnessed a major jump, its shares soaring 90% to $0.2979, attributed to the company’s request for a panel hearing scheduled for November 5, 2024. The hearing will address a potential suspension or delisting decision, with the company receiving a reprieve until then. Virax Biolabs Group Limited (VRAX) shares followed suit, gaining 87% to $3.1197 after the company revealed a distribution agreement with Europa Biosite to commercialize the ImmuneSelect research-use portfolio in the United Kingdom and Ireland.
However, not all equities were on an upward trajectory. Alto Neuroscience, Inc. (ANRO) shares plummeted 62% to $5.53 after the company announced that topline results from a Phase 2b trial evaluating ALTO-100 as a treatment for major depressive disorder failed to meet the primary endpoint. Ensysce Biosciences, Inc. (ENSC) and Aptevo Therapeutics Inc. (APVO) also experienced substantial losses, with their shares falling 26% to $0.3960 and $0.2616, respectively.
Commodities markets also saw mixed performance. Oil prices dropped 1.3% to $70.80, while gold prices declined 0.5% to $2,747.40. Silver prices fell further, dropping 2.5% to $34.180 on Wednesday, while copper prices slipped 1.3% to $4.3240.
European markets mirrored the negative trend seen in the US, with most major indices ending the day in the red. The eurozone’s STOXX 600 fell 0.2%, Germany’s DAX dropped 0.2%, and France’s CAC 40 declined 0.5%. Spain’s IBEX 35 Index, however, bucked the trend, rising 0.1%, while London’s FTSE 100 fell 0.5%.
Across the Pacific, Asian markets closed mixed. Japan’s Nikkei 225 fell 0.80%, while Hong Kong’s Hang Seng Index gained 1.27%. China’s Shanghai Composite Index rose 0.52%, and India’s BSE Sensex slipped 0.17%. Singapore’s annual inflation rate eased to 2.0% in September, down from 2.2% in the previous month.
In the US, mortgage applications declined by 6.7% from the previous week during the third week of October, following a 17% dip in the earlier period.
