Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Stock Market»Stock market today: Wall Street opens lower as its recent rally cools some more | Business
    Stock Market

    Stock market today: Wall Street opens lower as its recent rally cools some more | Business

    October 23, 20244 Mins Read


    NEW YORK (AP) — Stocks are opening lower as more momentum comes out of Wall Street’s record-breaking rally. The S&P 500 was 0.3% lower early Wednesday. It’s coming off two small losses since setting an all-time high on Friday. The Dow Jones Industrial Average was down 222 points, or 0.5%, and the Nasdaq composite was 0.5% lower. Starbucks fell 2.1% after reporting weaker sales trends at its U.S. stores. McDonald’s dropped 6.3% after regulators reported that an E. coli outbreak linked to the fast food giant’s Quarter Pounder hamburgers sickened dozens of people across the U.S., including one who died. Treasury yields rose.

    THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

    Wall Street is on track to open with losses Wednesday as more high-profile companies roll out quarterly financial results.

    Futures for the S&P 500 fell 0.2% before the opening bell, while futures for the Dow Jones Industrial Average gave up 0.5%.

    McDonald’s tumbled 7% in extended hours after U.S. regulators reported that an E. coli outbreak linked to the fast food giant’s Quarter Pounder hamburgers sickened dozens of people across the U.S., including one who died. The U.S. Centers for Disease Control and Prevention said 49 people in 10 states reported eating at McDonald’s before falling ill and most mentioned eating Quarter Pounders.

    Boeing shares were unchanged ahead what could be one of the most consequential days in years for the troubled aerospace manufacturer. The company is expected to report a huge third-quarter loss, introduce its new CEO on his first earnings call, and learn if machinists will end a strike that has crippled the company’s aircraft production for more than a month. Boeing shares are down nearly 40% this year.

    Starbucks skidded 4.7% overnight after the Seattle coffee chain’s fourth-quarter profits fell well short of Wall Street’s targets and pulled its 2025 guidance. Starbucks said its expanded fall product offerings — such as its Pumpkin Spice Latte — did not drive store visits, with same store sales declining 6% year-over-year. The results were preliminary, with final fourth-quarter results coming next week.

    Shares of Spirit Airlines took off on reports that the budget airline and Frontier had revived merger talks. Its shares rose 25% before the bell.

    Reporting later today are Coca-Cola and Tesla.

    In Asia, Japan’s benchmark Nikkei 225 slipped 0.8% to close at 38,104.86 as the dollar rose against the Japanese yen.

    Tokyo Metro Co.’s stock surged 45% during its trading debut on early Wednesday. The company raised 348.6 billion yen ($2.3 billion) in its initial public offering, making it Japan’s largest IPO since SoftBank Corp. went public in 2018.

    Chinese markets rose for a second day after the central bank cut its one-year and five-year Loan Prime Rates on Monday. Hong Kong’s Hang Seng added 1.3% to 20,760.15, and the Shanghai Composite gained 0.5% to 3,302.80.

    State media have reported that a state-backed think tank has proposed issuing 2 trillion yuan ($281 billion) in special government bonds to create a market stabilization fund aiming to further ease the hidden debt pressures and inject confidence into Chinese markets.

    “Yet, despite the bold proposal, there’s a sense that Beijing remains in reactionary mode, playing catch-up rather than getting ahead of the game,” Stephen Innes, managing partner at SPI Asset Management, said in a commentary.

    Australia’s S&P/ASX 200 edged 0.1% higher to 8,216.00. South Korea’s Kospi was 1.1% higher at 2,599.62.

    Taiwan’s Taiex slipped 0.9%, while the Sensex in India gained 0.2%.

    European markets were lower at midday, with Germany’s DAX and Britain’s FTSE 100 each falling 0.4% and the CAC 40 in Paris losing 0.8%.

    U.S. stocks have slowed their record-breaking momentum this week under increasing pressure from rising Treasury yields.

    The yield on the 10-year Treasury ticked up to 4.22% early Wednesday, well above the 4.08% level it was at on Friday. Higher yields for Treasurys can make investors less willing to pay high prices for stocks, which some analysts say are already over valued.

    Traders are now largely expecting the Fed to cut its main interest rate by half a percentage point more through the end of the year, according to data from CME Group. A month ago, some of those same traders were betting on the federal funds rate ending the year as much as half a percentage point lower than that.

    In other dealings early Wednesday, benchmark U.S. crude gave back a chunk of Tuesday’s gains, falling $1.43 to $70.31 a barrel. Brent crude, the international standard, also fell $1.43 to $74.61 a barrel.

    The U.S. dollar rose to 152.79 Japanese yen from 151.08 yen. The euro fell to $1.0779 from $1.0800.

    Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    What Is the Best High-Yield Dividend Stock to Buy for Passive Income?

    Stock Market

    Stock Market Closing: Sensex Falls 139 Points, Nifty At 24,812; IT, Metal Drag | Markets News

    Stock Market

    Could Investing $7,500 in Some Dividend ETFs Make You a Millionaire?

    Stock Market

    European Dividend Stocks To Watch In June 2025

    Stock Market

    10 Best Dividend Stocks to Buy for Dependable Dividend Growth

    Stock Market

    Ottawa investit dans un projet d’énergie solaire dirigé par des Autochtones au Yukon – Regard sur l’Arctique

    Stock Market
    Leave A Reply Cancel Reply

    Top Picks
    Cryptocurrency

    Why FBI bult a crypto coin of its own to enter cryptocurrency industry

    Stock Market

    10 dividend stocks for investors who also want growth

    Commodities

    Videos show long lines at Broward school entrances as students wait to pass metal detectors – NBC 6 South Florida

    Editors Picks

    Fire at Salina energy plant prompts heavy emergency response

    August 28, 2024

    How Energy Became a Culture War Issue

    July 18, 2024

    Vietnam plans stockpile of key agricultural products amid global trade volatility

    May 9, 2025

    Indiana property tax reform can’t come at local government’s expense

    August 13, 2024
    What's Hot

    Cardano, Solana, Coldware – 3 Major Cryptocurrencies Set to Skyrocket 1,200% In April

    April 16, 2025

    Russia Crypto Exchange Launches Under New Trial Rules

    April 24, 2025

    Participation des startups ivoiriennes à Africa Gate to Growth Forum 2025 : Me Lassiney K. Camara: “L’objectif principal est d’atteindre un second miracle ivoirien”

    February 18, 2025
    Our Picks

    ADA Vs. XRP Vs. CYBRO: Which Altcoin Will Reign Supreme in October 2024?

    October 18, 2024

    “Grunge ruined the party. Do you want to be in a band to be boring? I don’t get it”: How Rob Zombie brought the schlock back with killer metal sequel Hellbilly Deluxe 2

    October 19, 2024

    Bybit introduces digital rupee payments for Indian users

    July 30, 2024
    Weekly Top

    Les tout premiers ETF basés sur le XRP de Ripple sont aujourd’hui lancés au Canada

    June 18, 2025

    Gold Surges Toward Record High

    June 18, 2025

    Sound Energy s’ouvre à l’hélium et à l’hydrogène aux côtés de Getech

    June 18, 2025
    Editor's Pick

    Le prince William ne sera pas seul pour son prochain déplacement officiel, et ce n’est pas Kate Middleton qui l’accompagnera

    June 4, 2025

    Hong Kong’s stablecoin law opens floodgates for a boom in digital assets, brokers say

    June 8, 2025

    How The Digital Euro Will Impact Stablecoin Usage In Europe: Insights From ECB Executive

    April 9, 2025
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.