Jakarta, CNBC Indonesia – The United States (US) stock exchange, Wall Street, simultaneously opened red on Wednesday (18/10/2023) local time amidst investors waiting for the release of company earnings reports for the third quarter of 2023.
The Dow Jones Index fell 0.59%, the S&P 500 minus 0.87%, and the Nasdaq Composite fell 1.06%.
Wall Street continues to assess the impact of the ongoing Israel-Hamas war and its effect on assets safe-haven.
Investors are also analyzing the latest third-quarter earnings as the reporting season ramps up to gauge the impact of inflation and high interest rates on the business world.
United Airlines shares fell more than 6% on less optimistic guidance, while shares of Procter & Gamble rose more than 2% after beating analyst expectations for the quarter.
Then, Netflix and Tesla shares are one of the big names that will release their third quarter performance after the market closes.
More than 10% of companies in the S&P 500 have reported results, according to FactSet. Of these reports, about 78% have exceeded analyst expectations.
“It’s not surprising that earnings are likely to top analyst estimates” given companies are facing already low headwinds, Anthony Saglimbene, chief market strategist at Ameriprise Financial, was quoted as saying CNBC InternationalWednesday (18/10/2023).
“It’s more about the outlook, and the direction of interest rates that will really provide information on the direction of stocks in the short to medium term,” he added.
(trp/trp)
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2023-10-18 15:05:10
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