US Stocks Steady as Investors Await Fed Chair’s Speech
The US stock market steadied on Thursday following the previous session’s losses. Investors are eagerly awaiting a key speech from Federal Reserve Chair Jerome Powell, hoping for insights into future monetary policy.
Tesla’s Disappointing Results Weigh on Stock
Tesla stock fell 7% after the electric vehicle manufacturer reported disappointing quarterly results. The company’s recent wave of electric vehicle price cuts impacted margins, raising concerns about its ability to sustain its previous growth.
Netflix Surges on Strong Subscriber Growth
Netflix stock surged 13% as the streaming giant announced a significant increase in paid subscribers for the third quarter. The company’s efforts to restrict sharing of accounts led to a rise of 8.76 million subscribers, surpassing expectations.
Philip Morris Slightly Misses Revenue Expectations
Philip Morris stock fell 0.4% after the tobacco giant’s third-quarter revenue slightly disappointed. However, the company exceeded expectations for quarterly profit due to lower costs of tobacco and labor, as well as robust demand for its heated tobacco products.
Blackstone’s Earnings Decline Impacts Stock
Blackstone stock dropped 4.2% after the world’s largest private equity firm reported a 12% year-on-year decrease in third-quarter distributable earnings. The decline was primarily attributed to a decrease in asset sales from its real estate business.
American Airlines Rebounds Despite Quarterly Loss
American Airlines stock rose 1.1% despite reporting a quarterly loss of $545 million. The loss was mainly driven by costs related to jet fuel and new labor contracts. However, the stock managed to rebound after sharp losses in the previous session.
Foot Locker Downgraded by Goldman Sachs
Foot Locker stock fell 7.1% after Goldman Sachs downgraded the sportswear retailer from ‘neutral’ to ‘sell’. The downgrade was based on concerns over the performance of the Champs Sports brand.
Canada Goose Receives Downgrades Ahead of Earnings
Canada Goose stock dropped 8.6% as both TD Cowen and Wells Fargo downgraded their ratings on the winter clothing manufacturer. The downgrades were issued ahead of the company’s upcoming earnings report on November 1.
Truist Financial Reports Profit Decline
Truist Financial stock rose 0.5% despite a near 31% drop in third-quarter profit. The decline was primarily due to decreased interest income from mortgages and credit-card debt. Additionally, the company allocated more funds towards rainy-day reserves to cover potential sour loans.
Lam Research’s Revenue Forecast Falls Short
Lam Research stock fell 3% after the chip manufacturing equipment supplier projected second-quarter revenue slightly below Wall Street estimates. The company cited weak memory chip demand as the primary reason, despite its booming business in China.
The US stock market continues to face various challenges, with each company experiencing unique obstacles. Investors eagerly await Powell’s speech to gain insights into the future trajectory of monetary policy, which could significantly impact market sentiments and individual stock performance.
