Gold Moves Lower; AT&T Earnings Top Views

U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling more than 1% on Wednesday.

The Dow traded down 0.90% to 42,540.14 while the NASDAQ fell 1.38% to 18,317.40. The S&P 500 also fell, dropping, 0.83% to 5,802.43.

Check This Out: How To Earn $500 A Month From IBM Stock Ahead Of Q3 Earnings

Leading and Lagging Sectors

Real estate shares rose by 0.4% on Wednesday.

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

Top Headline

AT&T Inc T reported better-than-expected earnings for the third quarter.

The company posted operating revenues of $30.21 billion, down 0.5% year over year. It marginally missed the analyst consensus estimate of $30.44 billion. Adjusted EPS of $0.60 beat the estimate of $0.57. The stock gained after the print.

Equities Trading UP
                       

• La Rosa Holdings Corp. LRHC shares shot up 165% to $1.2950 after the company reported preliminary 9-moth revenue growth of 120% year over year.
• Shares of CNS Pharmaceuticals, Inc. CNSP got a boost, surging 91% to $0.2996. 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 60% to $2.6759 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 66% to $4.9550 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 Constellium SE CSTM were down 23% to $11.51 after the company reported third-quarter EPS and sales that missed estimates, citing macroeconomic and geopolitical uncertainties, and expressed caution heading into 2025.
• Enphase Energy, Inc. ENPH was down, falling 14% to $79.56 after the company reported worse-than-expected third-quarter financial results.

Commodities

In commodity news, oil traded down 0.6% to $71.32 while gold traded down 0.8% at $2,737.90.

Silver traded down 3.5% to $33.800 on Wednesday, while copper fell 0.7% to $4.3490.

Euro zone

European shares were mostly lower today. The eurozone's STOXX 600 fell 0.17%, Germany's DAX fell 0.08% and France's CAC 40 fell 0.25%. Spain's IBEX 35 Index rose 0.25%, while London's FTSE 100 fell 0.47%.

Consumer confidence in the Eurozone rose by 0.4 points to a reading of -12.5 in October.

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.
• U.S. existing home sales declined 1% from the previous month to an annualized rate of 3.84 million in September.

Now Read This:  

• Top 2 Energy Stocks That May Implode This Quarter