Nasdaq Down 500 Points; Uber Shares Dip After Q3 Results

U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite dipping around 500 points on Thursday.

The Dow traded down 0.62% to 41,880.03 while the NASDAQ fell 2.69% to 18,107.65. The S&P 500 also fell, dropping, 1.64% to 5,718.50.

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Leading and Lagging Sectors

Utilities shares rose by 1.6% on Thursday.

In trading on Thursday, information technology shares fell by 3.4%.

Top Headline

Shares of Uber Technologies, Inc UBER dipped more than 10% on Thursday after the company reported quarterly results.

The company posted fiscal third-quarter 2024 revenue growth of 20% year-on-year to $11.188 billion, beating the analyst consensus of $10.97 billion. Uber reported GAAP EPS of 46 cents and adjusted EPS of 46 cents, which beat the analyst consensus of 41 cents.

Trips grew 17% year-over-year to 2.9 billion, or 31 million per day. Uber’s Monthly Active Platform Consumers reached 161 million, up 13% year-over-year.

Equities Trading UP
                       

• Root, Inc. ROOT shares shot up 77% to $72.03 after the company reported better-than-expected third-quarter financial results.
• Shares of Alphatec Holdings, Inc. ATEC got a boost, surging 39% to $7.82 after the company reported better-than-expected third-quarter revenue results and raised its FY24 revenue guidance.
• Lemonade, Inc. LMND shares were also up, gaining 27% to $23.89 after the company reported third-quarter earnings and sales above estimates and raised its FY24 guidance.

Equities Trading DOWN

• Matinas BioPharma Holdings, Inc. MTNB shares dropped 65% to $0.6700 after the company announced the termination of negotiations under the previously disclosed non-binding term sheet regarding global rights to MAT2203. Matinas has implemented an 80% reduction in its workforce.
• Shares of Aurora Innovation, Inc. AUR were down 24% to $5.01 after reporting a wider-than-expected quarterly loss.
• COMPASS Pathways plc CMPS was down, falling 23% to $4.7750 after the company announced it pushed its topline data readout from its COMP005 Phase 3 trial to Q2 2025 and its COMP006 data will be announced after the 26-week time point.

Commodities

In commodity news, oil traded up 1% to $69.30 while gold traded down 1.8% at $2,751.50.

Silver traded down 3.7% to $32.820 on Thursday, while copper fell 0.1% to $4.3475.

Euro zone

European shares were lower today. The eurozone's STOXX 600 dipped 1.20%, Germany's DAX fell 0.93% and France's CAC 40 slipped 1.05%. Spain's IBEX 35 Index fell 0.36%, while London's FTSE 100 fell 0.61%.

Asia Pacific Markets

Asian markets closed mostly lower on Thursday, with Japan's Nikkei 225 falling 0.50%, Hong Kong's Hang Seng Index falling 0.31%, China's Shanghai Composite Index gaining 0.42% and India's BSE Sensex falling 0.69%.

Economics

• U.S. initial jobless claims declined by 12,000 from the previous week to 216,000 in the week ending Oct. 26.
• U.S. personal income increased by 0.3% from the prior month to $24.948 trillion in September, while personal spending increased by 0.5% to an annualized rate of $20.024 trillion.
• The personal consumption expenditure price index rose 0.2% month-over-month in September following a 0.1% increase in August.
• U.S. natural-gas supplies rose 78 billion cubic feet to 8.863 trillion cubic feet in the week ended Oct. 25.

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