US Stocks See Minor Downturn as Dow Jones Falls 0.1%, Energy Gains While Real Estate Lags
The US stock market experienced a slight dip on Thursday, with the Dow Jones Industrial Average falling by 0.1%. This decline saw the Dow trading down 0.09% at 43,917.98, while the NASDAQ fell 0.12% to 19,208.13. The S&P 500 also mirrored the downward trend, dropping 0.15% to 5,976.46.
Energy Stocks Rise While Real Estate Struggles
Amidst this general market dip, a notable highlight was the performance of energy shares, which saw a modest increase of 0.1% on Thursday. This upward trajectory stands in contrast to the real estate sector, which experienced a more substantial decline of 0.6%.
Cisco Delivers Positive Earnings, Raising Guidance
In a positive development for the tech sector, Cisco Systems Inc. (CSCO) reported impressive results for its first quarter, exceeding revenue and earnings expectations. The networking equipment maker announced first-quarter revenue of $13.84 billion, surpassing the consensus estimate of $13.77 billion. Cisco also reported adjusted earnings of 91 cents per share, beating analyst estimates of 87 cents per share. To top it off, the company raised its full-year 2025 guidance.
Tech Stocks See Mixed Performance
While Cisco’s results were a bright spot, the tech sector overall experienced a mixed bag of results.
Equities Trading UP
Several companies saw significant gains in their share prices, including:
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AgEagle Aerial Systems, Inc. (UAVS):
Shares soared 159% to $4.2101 following the announcement of 17 new purchase orders for its eBee TAC drones from US defense and security customers.*
Elevai Labs Inc. (ELAB):
The company’s share price surged 58% to $0.0389 after the announcement of its second-quarter results.*
Gaxos.ai Inc. (GXAI):
Shares climbed 47% to $2.12 after the company’s board approved the purchase of up to $1 million in Bitcoin as a treasury reserve asset.Equities Trading DOWN
Other companies in the tech sector experienced substantial losses in their share prices:
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Nuvectis Pharma, Inc. (NVCT):
Shares dropped 48% to $5.55 after the company released data from its Phase 1b study evaluating NXP800.*
Sow Good Inc. (SOWG):
Shares were down 41% to $5.82 following the release of worse-than-expected quarterly financial results.*
Vislink Technologies, Inc. (VISL):
The company’s share price fell 43% to $3.75 after reporting worse-than-expected third-quarter financial results.Commodities Show Mixed Performance
In the commodities market, oil traded up 0.9% to $69.05, while gold saw a decline of 0.7%, trading at $2,568.70. Silver also traded down 0.9% to $30.400 on Thursday, while copper fell 0.1% to $4.0830.
Eurozone Markets Rise While Asian Markets Decline
European markets saw a positive day, with the eurozone’s STOXX 600 gaining 1.2%. Germany’s DAX climbed 1.5%, and France’s CAC 40 gained 1.4%. Spain’s IBEX 35 Index also gained 1.2%, while London’s FTSE 100 rose 0.6%.
In contrast, Asian markets closed lower on Thursday, with Japan’s Nikkei 225 falling 0.48%. Hong Kong’s Hang Seng Index fell 1.96%, China’s Shanghai Composite Index dipped 1.73%, and India’s BSE Sensex fell 0.14%
US Economic Indicators
US economic data released on Thursday provided a mixed picture. Initial jobless claims declined by 4,000 from the previous week to 217,000 in the week ending November 9, compared to market estimates of 223,000. This decline suggests a continued strong labor market.
On the other hand, US producer prices rose 0.2% month-over-month in October, compared to a revised 0.1% gain in September. This increase aligns with market expectations.
