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The US stock market has ended seven consecutive days of gains. On Wednesday, the leading stock market indices opened slightly higher, but gradually turned down. This is how it looks at 20.00 Norwegian time:
The Dow Jones Industrial Average, made up of 30 hand-picked supposedly important stocks, falls 0.2 percent The Nasdaq Composite, which is dominated by technology companies, falls 0.1 percent The composite S&P 500 index, made up of 500 of the largest listed companies, falls 0.1 percent
The interest rate on US government bonds with a maturity of ten years, often referred to as the world’s most important interest rate, fell six basis points to 4.51 per cent. At the same time, the price of American light oil (WTI) falls by more than two percent to below 76 dollars a barrel.
Federal Reserve Chairman Jerome Powell gave a speech on Wednesday afternoon, but did not say anything specific about the economic outlook or the key interest rate. Investors are now turning their attention to Thursday, when Powell will take part in a panel debate at an IMF conference.
The market now believes that the interest rate peak has been reached, but there is a 50 percent probability that the interest rate will be cut already in May next year. At the moment, the interest rate is between 5.25 and 5.5 percent.
Warner Bros. plummets
The media company Warner Bros. Discovery, which among other things owns HBO and a number of TV channels, plunges 17 percent after the company presented figures for the third quarter.
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The company lost $417 million, which was more than expected. The number of subscribers also fell to 95.1 million, down 700,000 from the second quarter. Arch-rival Disney presents figures after the stock exchange’s closing time on Wednesday.
In pre-trade, the electric car manufacturer Rivian expected an increase of nine percent after the company revised up its production guidance for the whole year. However, the share opened ordinary trading with an increase of only two percent, and after a few hours of trading the share is down three percent.
The online broker Robinhood falls almost 15 percent after the company reported lower trading volume last quarter. The company had lower turnover and greater losses than the analysts had foreseen.
Gaming company available
On the other hand, the oil company Occidental Petroleum is up around three percent after presenting figures that were stronger than preliminary estimates. Warren Buffett’s Berkshire Hathaway controls more than a quarter of Occidental shares.
Game company Roblox rises 14 percent after presenting the report for the third quarter. The video game platform had 70.2 million daily users, an increase of 20 percent from the previous year.
Around 80 percent of the S&P 500 companies that have reported figures for the third quarter have beaten earnings estimates, according to CNBC. Around 59 percent of the companies beat the turnover estimates. (Terms) Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using links, which lead directly to our pages. Copying or other forms of use of all or part of the content may only take place with written permission or as permitted by law. For further terms see here.
2023-11-08 19:14:59
#Flat #Wall #Street #Warner #Bros #plunges
