Dow Tumbles Over 250 Points; Boeing Posts Q3 Loss

U.S. stocks traded lower this morning, with the Dow Jones index dipping more than 250 points on Wednesday.

Following the market opening Wednesday, the Dow traded down 0.63% to 42,654.26 while the NASDAQ fell 0.47% to 18,486.46. The S&P 500 also fell, dropping, 0.33% to 5,831.63.

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Leading and Lagging Sectors

Utilities shares rose by 0.5% on Wednesday.

In trading on Wednesday, consumer discretionary shares fell by 0.9%.

Top Headline

Boeing Co BA reported a loss for the third quarter on Wednesday.

The company posted a 1% year-over-year revenue decline to $17.854 billion in the third quarter of 2024, missing the consensus of $17.931 billion. Adjusted loss per share expanded to $10.44 from $3.62 in the same quarter of 2023, missing the consensus of $10.34.

Equities Trading UP
                       

• La Rosa Holdings Corp. LRHC shares shot up 164% to $1.3300 after the company reported preliminary 9-moth revenue growth of 120% year over year.
• Shares of CNS Pharmaceuticals, Inc. CNSP got a boost, surging 90% to $0.2979. The company requested a panel hearing for November 5, 2024, and will be subject to a halt in the suspension or delisting decision until then.
• Virax Biolabs Group Limited VRAX shares were also up, gaining 87% to $3.1197 after the company announced a distribution agreement with Europa Biosite to commercialize the ImmuneSelect research-use portfolio in the United Kingdom and Ireland.

Equities Trading DOWN

• Alto Neuroscience, Inc. ANRO shares dropped 62% to $5.53 after the company announced topline results from a Phase 2b trial evaluating ALTO-100 as a treatment for major depressed disorder did not meet its primary endpoint.
• Shares of Ensysce Biosciences, Inc. ENSC were down 26% to $0.3960.
• Aptevo Therapeutics Inc. APVO was down, falling 26% to $0.2616.

Commodities

In commodity news, oil traded down 1.3% to $70.80 while gold traded down 0.5% at $2,747.40.

Silver traded down 2.5% to $34.180 on Wednesday, while copper fell 1.3% to $4.3240.

Euro zone

European shares were mostly lower today. The eurozone's STOXX 600 fell 0.2%, Germany's DAX fell 0.2% and France's CAC 40 fell 0.5%. Spain's IBEX 35 Index rose 0.1%, while London's FTSE 100 fell 0.5%.

Asia Pacific Markets

Asian markets closed mixed on Wednesday, with Japan's Nikkei 225 falling 0.80%, Hong Kong's Hang Seng Index gaining 1.27%, China's Shanghai Composite Index gaining 0.52% and India's BSE Sensex falling 0.17%.

Singapore's annual inflation rate eased to 2.0% in September versus 2.2% in the previous month.

Economics

U.S. mortgage applications declined by 6.7% from the previous week during the third week of October, following a 17% dip in the earlier period.

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