Crude Oil Down 2.5%; Mastercard Posts Upbeat Earnings

U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite falling more than 1% on Thursday.

The Dow traded down 0.29% to 32,938.92 while the NASDAQ fell 1.33% to 12,650.31. The S&P 500 also fell, dropping, 0.77% to 4,154.47.

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Leading and Lagging Sectors

 

Real estate shares rose by 1.9% on Thursday.

In trading on Thursday, communication services shares dipped by 3%.

 

Top Headline

 

Mastercard Inc MA reported better-than-expected earnings for its third quarter.

Net revenues stood at $6.53 billion, up 14% Y/Y and 11% Y/Y on a neutral currency basis, beating the consensus of $6.52 billion. Adjusted EPS rose 26% Y/Y to $3.39, exceeding the consensus of $3.21.

 

Equities Trading UP

 

ABVC BioPharma, Inc. ABVC shares shot up 170% to $2.2950 after the company announced it entered into a term sheet to license the global rights of CNS drugs with the indications of MDD and ADHD to AiBtl BioPharma at the valuation of $667 million.

Shares of Endeavor Group Holdings, Inc. EDR got a boost, shooting 24% to $21.99 after the company announced a review of strategic alternatives.

Impinj, Inc. PI shares were also up, gaining 20% to $59.78 after the company reported better-than-expected third-quarter revenue results.

 

Equities Trading DOWN

 

Bit Brother Limited BETS shares dropped 79% to $0.0965 as the company reported pricing of $5.04 million registered direct offering.

Shares of Sonoma Pharmaceuticals, Inc. SNOA were down 51% to $0.1820 as the company announced pricing of $1.7 million public offering of 8.5 million shares of common stock at a price of $0.20 per share.

Silicom Ltd. SILC was down, falling 34% to $14.75 after the company issued weak sales forecast for the fourth quarter.

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Commodities

 

In commodity news, oil traded down 2.5% to $83.26 while gold traded up 0.2% at $1,997.90.

Silver traded down 0.4% to $22.905 on Thursday while copper fell 0.1% to $3.5860.

 

Euro zone

 

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.48%, London’s FTSE 100 fell 0.81% while Spain’s IBEX 35 Index fell 0.24% The German DAX dipped 1.08% French CAC 40 slipped 0.38%, while Italy’s FTSE MIB Index rose 0.29%.

The European Central Bank held interest rates during its October meeting. Spain's unemployment rate rose to 11.84% in the third quarter from 11.60% in the prior three-month period. UK car production surged 39.8% year-over-year to 88,230 units in September.

 

Asia Pacific Markets

 

Asian markets closed mostly lower on Thursday, with Japan’s Nikkei 225 falling 2.14%, Hong Kong’s Hang Seng Index declining 0.24% and China’s Shanghai Composite Index gaining 0.48%. India’s S&P BSE Sensex, meanwhile, fell around 1.4%.

Hong Kong’s trade deficit increased to $64.6 billion in September from $44.9 billion in the year-ago month.

 

Economics

 

The U.S. economy grew an annualized 4.9% in the third quarter, higher than market expectations of 4.3% and compared to a 2.1% growth in the second quarter.

U.S. initial jobless claims increased by 10,000 to 210,000 in the week ending Oct. 21, above market estimates of 208,000.

U.S. durable goods orders rose by 4.7% month-over-month in September versus a 0.1% decline in August and topping market estimates of a 1.7% rise.

The U.S. trade deficit in goods rose to $85.8 billion in September versus a revised $84.6 billion gap in the prior month.

Wholesale inventories in the U.S. came in unchanged month-over-month during September, compared to a 0.1% decline in the previous month.

The Kansas City Fed’s Manufacturing Production index rose to a reading of -8 in October compared to prior month’s level of -13.

U.S. natural gas supplies climbed 74 billion cubic feet last week, the EIA said.

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