The US stocks saw sideways moves yesterday and ended on a slightly negative note as investors assessed earnings and economic news. After reaching a new record intraday high in early trading, the tech-heavy Nasdaq dropped 104.82 points or 0.6 percent to 18,607.93. The S&P 500 also dipped 19.25 points or 0.3 percent to 5,813.67, while the Dow slipped 91.51 points or 0.2 percent to 42,151.54.
Caterpillar tanked by 2.1 percent after it reported weaker than expected third quarter earnings. The global construction and mining equipment giant saw a 4% year-over-year decline in sales and revenues for the third quarter of 2024, totaling $16.1 billion. The company managed to maintain a steady adjusted operating profit margin of 20% and an adjusted profit per share of $5.17.
On the U.S. economic front, payroll processor ADP released a report showing private sector employment in the U.S. shot up by much more than anticipated in the month of October. ADP said private sector employment surged by 233,000 jobs in October after jumping by an upwardly revised 159,000 jobs in September.
Commerce Department data showed U.S. economic growth slowed in the third quarter. The Commerce Department said gross domestic product rose by 2.8 percent in the third quarter after surging by 3.0 percent in the second quarter.
Investors also awaited a key U.S. inflation report that could shed more light on the Federal Reserve's interest rate outlook.
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