Wall Street closed in the red on Wednesday as investors grappled with mixed signals from the economic landscape. The Dow Jones Industrial Average dipped 0.2% to 42,141.54, the S&P 500 edged down 0.3% to 5,813.67, and the Nasdaq Composite saw a steeper decline of nearly 0.6% to 18,607.93.
While the ADP report delivered encouraging news, revealing a strong increase of 233,000 jobs added in private payrolls for October, exceeding forecasts, the U.S. economy’s growth in the third quarter fell short of expectations, expanding by 2.8% instead of the projected 3%.
Despite the broader market downturn, several individual stocks attracted attention throughout the trading day:
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Meta Platforms Inc. (META):
The social media giant closed with a slight decrease of 0.25% at $591.8. Despite the dip, Meta exceeded analyst estimates in its third-quarter report, posting revenue of $40.59 billion and adjusted earnings of $6.03 per share.*
Microsoft Corporation (MSFT):
Microsoft’s stock saw a marginal increase of 0.13%, closing at $432.53. The tech giant delivered a strong first-quarter report, reporting revenue of $65.60 billion, up 16% year-over-year and beating the Street consensus estimate of $64.51 billion.*
Robinhood Markets Inc. (HOOD):
Robinhood ended the day with a modest 0.64% increase at $28.21. The online brokerage platform met analyst expectations for its quarterly earnings, reporting 17 cents per share. However, its quarterly revenue of $637 million missed the analyst consensus estimate of $650.67 million.*
Super Micro Computer Inc. (SMCI):
The stock plummeted by a staggering 32.68% to close at $33.07 after its auditor, Ernst & Young, resigned, citing concerns about governance, transparency, and ethical issues. Super Micro’s board has responded by appointing a special committee to investigate these allegations.*
Coinbase Global Inc. (COIN):
The cryptocurrency exchange closed down 3.61% at $211.74. Coinbase’s third-quarter revenue of $1.21 billion missed the Street consensus estimate of $1.26 billion.The mixed economic data and the performance of individual stocks highlight the continued volatility in the market. Investors are closely monitoring economic indicators and company earnings reports to gauge the trajectory of the market in the coming weeks.
