The three major U.S. equity indexes closed just barely mixed on Wednesday after a choppy trading session that reached a daily high at around noon and then spent the afternoon sagging. The Dow Jones industrials ended the day up 0.01%, the S&P 500 closed 0.74% lower and the Nasdaq fell by 2.04%. Six of 11 sectors closed higher, led by energy (1.36%) and health care (1.12%). Communications services and tech lagged (down 4.75% and 2.23%, respectively).
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The advance estimate (first of three) on third-quarter gross domestic product is due before markets open on Thursday. Economists’ consensus estimate calls for a year-over-year increase of 2.3%. On Friday, the monthly report on personal consumption expenditures (PCE) will be released before U.S. markets open. Income is expected to rise by 0.3%, and core PCE inflation is forecast to rise by 0.4%. Both estimates match August readings.
The three major indexes traded mixed again in Thursday’s premarket. The Dow was up 0.57%, while the S&P 500 and the Nasdaq traded lower by 0.16% and 0.67%, respectively.
After U.S. markets closed Wednesday, Meta Platforms missed the consensus adjusted earnings per share (EPS) estimate and beat on revenue. Large advertisers are spending less while smaller ones have been more consistent. The ad slowdown, combined with capital spending, did not please investors, who took the shares down by about 24% in Thursday’s premarket.
EQT also missed the consensus EPS estimate, and shares traded down about 4.5% early Thursday.
Antero Resources missed on EPS and beat the consensus revenue estimate. Shares traded down by almost 1% early Thursday.
Ford broke even for the quarter on slightly better-than-expected revenue. In its outlook statement, the company guided EBIT at the low end of its prior range and raised adjusted free cash flow guidance sharply from a range of $5.5 billion to $6.5 billion to a new range of $9.5 billion to $10 billion. Shares traded down about 1.8% Thursday morning.
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