ticker

Europe Movers: Abrdn, Barclays, Danone, Essentra, Hermes, Indivior, Michelin, Renault

Inga Muller
24 Oct, 2024
Frankfurt

Positive earnings from leading industrial companies in Europe supported market gains and halted a three-day slide.

The DAX index increased by 0.6% to 19,505.26; the CAC-40 index rose by 0.8% to 7,556.14; and the FTSE 100 index advanced by 0.5% to 8,303.41.

The yield on 10-year German bonds edged lower to 2.26%, French bonds inched higher to 2.98%, the UK gilts edged up to 4.23%, and Italian bonds decreased to 3.46%.

Barclays PLC jumped 3.9% to 247.40 pence after the UK-based bank reported better-than-expected third quarter results.

Indivior PLC jumped 10% to 722.0 pence after the UK-based pharmaceutical company reported strong third-quarter results.

Essentra PLC rose 0.8% to 152.20 pence after the essential components manufacturer reiterated that adjusted operating earnings in the fiscal year 2024 would be in line with market expectations.

Anglo American plc advanced 4.3% to 2,422.50 pence after the resource company raised its annual production outlook for platinum and nickel.

The company estimated platinum production to reach between 3.7 and 3.9 million ounces and nickel production to advance to 38,000 to 39,000 tons, backed by stable production conditions at its mines in Brazil.

Abrdn dropped 9.3% to 148.75 pence after the Scottish asset management company reported a larger-than-expected fund outflow in the third quarter.

Renault SA gained 6.5% to €42.95 after the French automaker reported a rise in sales in the third quarter and reiterated its annual outlook.

Hermes International jumped 1.6% to €2,093.0 after the French luxury goods maker reported an 11.3% increase in sales in the third quarter.

Danone SA gained 2.4% to €65.50 after the French dairy product maker reported higher-than-expected organic sales growth in the third quarter.

Michelin SA declined 5.7% to €31.87 after the French tire maker lowered its annual sales volume outlook.

The company said annual volume sales in the year are expected to decline between 4% and 6%, driven by the weakness in all business segments.

Annual operating income is likely to be near Є3.4 billion from the previous estimate of Є3.5 billion, and free cash flow is likely to increase to Є1.7 billion from the previous estimate of Є1.5 billion.

In the nine-month period to September, group sales declined 4.6% to Є20.17 billion from Є21.15 billion a year ago.

European Markets Halt 3-Day Slide After Positive Quarterly Results, Renault and Barclays Shine

Bridgette Randall
24 Oct, 2024
London

European markets advanced in Thursday's trading as investors reacted positively to the latest batch of quarterly results.

Benchmark indexes in Paris, London, Frankfurt, and Milan edged higher, and bond yields in the region hovered at a two-month low.

Unilever, Renault, Sodexo, Danone, Symrise, Beiersdorf, Michelin, Indivior, Barclays, and Essentra traded higher after positive quarterly results.

On the economic front, investors reviewed the latest update on business activity in the Euro Area.

The HCOB Flash Eurozone Composite PMI inched up to 49.7 in October from a seven-month low of 49.6 in September, according to the latest data from S&P Global.

Service sector activity growth eased slightly and manufacturing downturn softened in the month, driven by a soft demand outlook as new orders declined for the fifth month in a row.

In Asia, market indexes in China declined after investors turned skeptical about the size of the possible fiscal stimulus and the lack of near-term catalysts for earnings.

Benchmark indexes in Japan struggled to stay above the flatline ahead of the national election this Sunday, and the ruling Liberal Democratic Party may lose its majority.

In New York, bond yields rose to a three-month high as traders scaled down bets for an aggressive interest rate cut over the remaining two policy meetings in 2024 amid robust economic data and stable labor market conditions.

Europe Indexes and Yields

The DAX index increased by 0.6% to 19,505.26; the CAC-40 index rose by 0.8% to 7,556.14; and the FTSE 100 index advanced by 0.5% to 8,303.41.

The yield on 10-year German bonds edged lower to 2.26%, French bonds inched higher to 2.98%, the UK gilts edged up to 4.23%, and Italian bonds decreased to 3.46%.

The euro edged lower to $1.08; the British pound inched higher to $1.29; and the U.S. dollar strengthened to 86.54 Swiss cents.

Brent crude increased $0.85 to $75.81 a barrel, and the Dutch TTF natural gas rose by €0.72 to €42.18 per MWh.

Europe Stock Movers

Barclays PLC jumped 3.9% to 247.40 pence after the UK-based bank reported better-than-expected third quarter results.

Indivior PLC jumped 10% to 722.0 pence after the UK-based pharmaceutical company reported strong third-quarter results.

Essentra PLC rose 0.8% to 152.20 pence after the essential components manufacturer reiterated that adjusted operating earnings in the fiscal year 2024 would be in line with market expectations.

Anglo American plc advanced 4.3% to 2,422.50 pence after the resource company raised its annual production outlook for platinum and nickel.

The company estimated platinum production to reach between 3.7 and 3.9 million ounces and nickel production to advance to 38,000 to 39,000 tons, backed by stable production conditions at its mines in Brazil.

Abrdn dropped 9.3% to 148.75 pence after the Scottish asset management company reported a larger-than-expected fund outflow in the third quarter.

Renault SA gained 6.5% to €42.95 after the French automaker reported a rise in sales in the third quarter and reiterated its annual outlook.

Hermes International jumped 1.6% to €2,093.0 after the French luxury goods maker reported an 11.3% increase in sales in the third quarter.

Danone SA gained 2.4% to €65.50 after the French dairy product maker reported higher-than-expected organic sales growth in the third quarter.

Michelin SA declined 5.7% to €31.87 after the French tire maker lowered its annual sales volume outlook.

Japan Heads for Post-Election Chaos as Leading Parties Struggle to Win Voter's Attention

Akira Ito
24 Oct, 2024
Tokyo

Investors remained cautious in Tokyo ahead of the general election this Sunday, and the yen hovered near a three-month low.

The Nikkei 225 stock average and the broader Topix index lacked direction and traded around the flatline amid uncertainty about the outcome of the national election.

The Liberal Democratic Party is struggling to win voters' attention, and the party may struggle to return to power for the first time in several years.

465 seats are up for grabs in Japan's lower house election, and the latest poll suggest that the ruling LDP party may lack enough seats to win outright majority.

LDP may lose its majority of 247 seats, and polls suggest that the corruption-tainted party may win as few as 199 seats.

The election uncertainty and the possible chaos in the aftermath are keeping foreign investors on the sidelines.

On the economic front, Japan's private sector activities contracted for the first time in four months in October.

The Au Jibun Japan Manufacturing PMI eased to 49.0 in October from 49.7 in September, and the services index slipped to 49.3 from 53.1, respectively.

The service industry index contracted for the first time in four months and fell to the lowest level since February 2022 as domestic and international customers held orders amid economic weakness.

Japan Stock Movers

The Nikkei 225 Stock Average increased 0.3% to 38,195.56, and the broader Topix index added 0.03% to 2,637.77.

The yen traded at 152.22 against the U.S. dollar ahead of election uncertainty, as leading parties are likely to have enough votes to form the next government.

Tokyo Electron increased 1.2% to ¥23,025.0, Advantest gained 2.3% to ¥8,053.0, and Lasertec Corp. jumped 2% to ¥21,460.0.

Marubeni Corp. declined 0.8% to ¥2,338.0, Mitsui & Company decreased 0.2% to ¥3,100.0, and Itochu Corp. fell 0.6% to ¥7,554.0.

Konica Minolta advanced for the second day in a row and jumped 5.2% to ¥561.20, IHI Corp. added 2.6% to ¥7,750.0, and the video game arcade operator Bandai Namco increased 3.3% to ¥3,197.0.

China Stocks Lack Near-term Catalysts to Support Recent Market Surge

Li Chen
24 Oct, 2024
Hong Kong

Stock market indexes in China and Hong Kong eased as investors booked profit for the second day in a row.

The Hang Seng and CSI 300 indexes fell 1% as investors debated the size of the fiscal stimulus and its effectiveness on corporate earnings.

The mainland-focused CSI 300 index has jumped 35% over the three-week period to October 8; however, the market index has eased over the last two weeks.

The package of monetary stimulus measures is not strong enough to lift earnings in the near future, which could force investors to wait six months before the first evidence of earnings is available.

Moreover, additional large fiscal measures are not likely to be released after the U.S. presidential election on November 5, because a change in leadership could have a significant impact on the relationship between the U.S. and China.

In addition, earnings growth in the third and fourth quarters is likely to be weak and not provide much-needed support for the indexes to advance further from the current level.

Investors are likely to see the impact of monetary policy measures announced by the People's Bank of China only in the first quarter of 2025, testing the patience of investors in the near future.

Market sentiment in Hong Kong was further dented after investors lowered their expectations of aggressive rate cuts in the U.S. over the remaining two policy meetings in 2024.

The S&P 500 index and the Nasdaq Composite dropped as much as 1.5% in overnight trading in New York as yield on 10-year Treasury notes advanced to a 3-month high of 4.27%, following a string of robust economic data flows and worry about the growing budget deficit.

China Stock Movers

The Hang Seng Index declined 1.1% to 20,507.18 and the CSI 300 index dropped 1% to 3,931.11.

Sands China increased 2.7% to HK $19.16 after the casino operator in Macau reported a 16% rise in earnings in the third quarter.

Horizon Robotics soared to HK $4.38 after the autonomous driving technology firm priced its initial public offering at HK $3.99 per share and raised US$696 million.

The company sold 1.355 billion shares, and its Hong Kong tranche of 203.7 million shares was oversubscribed by 33.8 times and its international tranche of 1.15 billion by 13.8 times.

Baillie Gifford Overseas Limited, an associate of Scottish Mortgage Investment Trust plc, will retain a stake of 3.89% in the company after the global offering.

Alibaba Group declined 3.7% to HK $93.70, Tencent Holdings dropped 1.7% to HK $420.80, and JD.com Inc. fell 2.8% to HK $154.60.

India Movers: AU Small Finance, CARE Ratings, Fedbank, Hindustan Unilever, Pidilite, Piramal Enterprises

Arun Goswami
24 Oct, 2024
Mumbai

Stock market indexes lacked direction in Mumbai as investors reviewed another batch of quarterly results dominated by industrial companies and banks.

The Sensex index decreased by 0.2% to 79,995.90, and the Nifty index fell by 0.2% to 24,376.40.

On the Mumbai stock exchange, 31 stocks traded at their 52-week highs, and 139 stocks traded at their 52-week lows.

The yield on the 10-year Indian government bonds inched higher to 6.82%, and the Indian rupee eased to 84.07 against the U.S. dollar.

Hindustan Unilever Ltd. declined 0.6% to ₹2,647.0 after the company reported its September quarter results.

Consolidated revenue increased 1.9% from a year ago to ₹15,926 crore, and net profit fell 2.3% to ₹2.595 crore.

The company also declared an interim dividend of ₹29 per share, and the company's board also approved the separation of its ice cream business.

AU Small Finance Bank increased 2.6% to ₹669.05 after the company reported strong gains in its net interest income.

Net interest income in the September quarter soared 58% to ₹1,974 crore, and net profit increased by 42% to ₹571 crore.

Meanwhile, the gross non-performing asset ratio increased to 1.98% from 1.78% a year ago.

Fedbank Financial Services increased 0.5% to ₹109.87 after the company reported a sharp jump in revenue and earnings in the September quarter.

Consolidated total revenue in the fiscal second quarter increased 30.4% from a year ago to ₹519 crore, and net profit increased 11.8% to ₹65 crore.

Piramal Enterprises declined 2.2% to ₹1,021.80, despite the financial service company reporting a three-fold jump in its after-tax profit.

Consolidated revenue in fiscal second quarter increased 7.7% to ₹2,375 crore, and net income surged to ₹163 crore from ₹45.2 crore a year earlier.

Pidilite Industries jumped 3.6% to ₹3,200.20 after the company reported a rise in revenue and earnings in the September quarter.

Consolidated revenue in the fiscal second quarter increased 5% from a year ago to ₹3,234 crore, and net income advanced 18% to ₹540.30 crore.

CARE Ratings soared 16.4% to ₹1,365.0 after the financial services company reported strong quarterly results.

Consolidated revenue in the fiscal second quarter increased 42.3% to ₹129.2 crore from ₹107.6 crore, net income jumped to ₹46.1 crore from ₹35.2 crore, and diluted earnings per share advanced to ₹15.36 from ₹11.79 a year earlier.

Higher-for-Longer Rate Worries Sink S&P 500 and Nasdaq 1.5%

Alexander Garcia
23 Oct, 2024
Miami

Stock market indexes on Wall Street traded down for the third session in a row as bond yields advanced.

The S&P 500 index declined 0.9%, the Nasdaq Composite fell 1.6%, and crude oil prices dropped 2% amid rising supply.

Market indexes were under pressure for the third day in a row as the yield on 10-year Treasury notes ticked higher to a three-month high of 4.24%.

Strong economic data and growing worries of budget deficits dampened market sentiment ahead of the presidential election on November 5.

On the earnings front, Starbucks, Coca-Cola Company, Boeing, and Seagate Technology declined after releasing their quarterly results.

U.S. Indexes and Treasury Yields

The S&P 500 index decreased 0.9% to 5,799.23, the Nasdaq Composite fell 1.5% to 18,295.53, and the Russell 2000 index declined 0.9% to 2,211.62.

For the year so far as of Monday, the S&P 500 index is up 22%, the Nasdaq Composite has advanced 26%, and the Russell 2000 index has gained 10.9%.

The yield on 2-year Treasury notes edged higher to 4.06%, 10-year Treasury notes inched up to 4.25%, and 30-year Treasury bonds inched higher to 4.53%.

WTI crude oil decreased $1.06 to $70.69 a barrel, and natural gas prices edged up 1 cent to $2.29 a thermal unit.

Gold fell by $26.44 to $2,720.44 an ounce, and silver decreased by $1.04 to $33.68.

The dollar index, which weighs the US currency against a basket of foreign currencies, edged higher to 104.44.

U.S. Stock Movers

Texas Instruments increased 2.5% to $198.85 after the advanced semiconductor reported better-than-expected quarterly results.

Revenue in the third quarter declined 8% to $4.2 billion from $4.5 billion, net income dropped 20% to $1.36 billion from $1.70 billion, and diluted earnings per share fell 21% to $1.47 from $1.85 a year ago.

The company estimated fourth quarter revenue to fall between $3.70 and $4.0 billion and diluted earnings per share between $1.07 and $1.29.

Manhattan Associates dropped 5.6% to $276.0 after the supply chain software developer's revenue growth outlook fell short of market expectations.

Revenue in the third quarter increased to $266.7 million from $238.4 million, net income advanced to $63.8 million from $49.4 million, and diluted earnings per share rose to $1.03 from 79 cents a year ago.

The company estimated full-year 2024 revenue between $1.039 and $1.041 billion, an increase of 12% from a year ago.

The company estimated diluted earnings per share to range between $3.47 and $3.49, an increase of about 23% from a year ago.

McDonald's Corp. decreased 6.7% to $293.54 after the U.S. Centers for Disease Control and Prevention said an E. coli outbreak was linked to the company's Quarter Pounder burgers.

The CDC said that the outbreak has resulted in the death of one person and the hospitalization of 10 people.

Starbucks Corp. fell 3.6% to $93.38 after the coffee chain operator suspended its 2025 outlook and reported a decline in sales in its fiscal fourth quarter.

Coca-Cola Co. declined 2.5% to $67.70 after the beverage maker reported slightly higher-than-expected quarterly earnings.

Adjusted revenue in the third quarter was flat at $1.95 billion, and unit case volume fell 1%, largely driven by the weakness in its international markets.

Net income attributable to shareholders declined to $2.85 billion from $3.09 billion, and diluted earnings per share fell to 66 cents from 71 cents a year earlier.

European Markets Extend Losses to Fourth Day Amid Mixed Earnings

Stock market indexes in Europe edged lower and extended this week's losses as investors reviewed a fresh batch of earnings.

Benchmark indexes in Paris, London, and Frankfurt edged lower, gold traded at a new high, and crude oil prices rebounded for the third day in a row.

Investors are looking forward to the release of the UK's autumn budget as the recently elected Labor government releases its first budget.

The government is struggling to balance its spending priorities while keeping additional borrowing low, as the national debt hovers near record high.

The UK's public sector net debt was £2.55 trillion at the end of August, about 92% of GDP, according to the latest data available from the Office for National Statistics.

Europe Indexes and Yields

The DAX index decreased by 0.2% to 19,377.62; the CAC-40 index fell by 0.5% to 7,497.48; and the FTSE 100 index decreased by 0.6% to 8,258.64.

The yield on 10-year German bonds edged lower to 2.30%, French bonds inched higher to 3.04%, the UK gilts edged up to 4.20%, and Italian bonds increased to 3.53%.

The euro edged lower to $1.08; the British pound inched higher to $1.29; and the U.S. dollar strengthened to 86.65 Swiss cents.

Brent crude increased $1.21 to $74.91 a barrel, and the Dutch TTF natural gas rose by €0.36 to €41.43 per MWh.

Europe Stock Movers

WPP PLC increased 4.3% to 806.60 pence after the company reported organic revenue growth of 3.3% in the third quarter.

L'Oreal SA declined 3.7% to €353.60 after the French cosmetic maker reported weaker-than-expected sales in the third quarter.

Thales SA decreased 1.8% to €151.25 after the defense electronics maker reported a rise in orders and sales in the nine-month period.

Deutsche Bank dropped 2.1% to €15.97 after the German bank returned to profit in the third quarter but flagged credit risks.

Revenue in the third quarter increased 5% to €7.5 billion, and pre-tax profit excluding Post Bank litigation advanced 6% to €1.8 billion from €1.7 billion.

Provision for credit losses increased to €494 million from €245 million, indicating softer macroeconomic conditions.

ATOSS Software decreased 0.6% to €131.20 after the German workforce management company reported higher revenue in the nine-month period.

Revenue increased 14% to €125.9 million from €110.3 million, driven by a 37% jump in cloud services revenue to €52.7 million.

The company estimated 2024 revenue of €170 million, an operating margin of 33%, and forecast 2025 revenue of at least €190 million and an operating margin of at least 30%.

Ipsen SA dropped 0.7% to €114.30 despite the French biopharmaceutical company reporting a strong increase in revenue in the third quarter.

Revenue increased 8.3% to €836.6 million, and the company lifted its 2024 constant-currency revenue growth estimate to 8% from 7% and core operating margin to increase to 31% from 30%.

Air Liquide decreased 1.2% to €169.18 after the industrial gas supplier reported third quarter revenue in line with market expectations.

Japan's Election Outcome May Surprise Investors, Tokyo Metro Soars 45%

Stocks in Tokyo declined for the third day in a row as investors turned cautious ahead of general elections this Sunday.

The Nikkei 225 stock average decreased 0.8%, the broader Topix index declined 0.5%, and the yen traded at 152.45 against the U.S. dollar.

Investors stayed on the sidelines after several polls suggested that the ruling party LDP and its coalition partner Komeito may not return to power amid widespread voter dissatisfaction.

Since 2013, the Liberal Democratic Party has been in office, but the party has been engulfed in a corruption scandal, and voters are also unhappy about the rising cost of living amid stagnant wages.

The LDP is likely to lose as many as 40 seats in the upcoming election of the current 247 held by the ruling party.

Komeito, the member of the ruling coalition, is also expected to lose as many as 9 seats from the current 32 seats held in the lower house of the parliament.

LDP needs at least 233 seats in the 465-seat Diet, the lower house of the parliament, and the ruling party is likely to lose several seats outside of major cities.

On the other hand, the Constitutional Democratic Party of Japan is likely to increase its tally of seats to as many as 130 from the current 98, and Nippon Ishi is expected to struggle to hold on to its 44 seats.

Japan Stock Movers

The Nikkei 225 Stock Average decreased 0.8% to 38,088.07, and the broader Topix index fell 0.5% to 2,638.25.

Tokyo Metro Co. Ltd. soared more than 45% to 1739 yen on the first day of trading after the railway company priced its initial public offering at 1,200 yen per share.

The company sold 290.5 million shares and raised 348.6 billion yen, or $2.3 billion, in the largest public offering in six years.

The company priced its offering on the top end of its filing range between 1,100 yen and 1,200 yen.

Tokyo Electron declined 1% to ¥22,770.0, Advantest fell 1.1% to ¥7,871.0, Disco Corp. dropped 4.2% to ¥37,680.0, and Lasetec decreased 1.5% to ¥21,025.0.

Sumitomo Mitsui Financial declined 1.1% to ¥3,124.0, Mitsubishi UFJ decreased 1.5% to ¥1,567.0, and Mizuho Financial fell 1.4% to ¥3,098.0.

Seven &I Holding dropped 0.8% to ¥2,201.50, Fast Retailing declined 1.7% to ¥50,570.0, and Isetan Mitsukoshi advanced 0.7% to ¥2,227.50.

Konica Minolta soared 11.5% to ¥533.30, Tokyo Tatemono surged 6.1% to ¥2,463.0, and Asahi Group advanced 3.4% to ¥1,798.0.

Hopes of Fiscal Stimulus and Earnings Growth Keep China Market Indexes Elevated

Stocks in China and Hong Kong advanced for the second day in a row amid continued hopes of large fiscal stimulus measures to revive consumer confidence and support the flailing property market.

The Hang Seng index jumped 1.7% and the CSI 300 index advanced 1%, as positive earnings supported market enthusiasm.

Market indexes have traded volatile in the last two weeks after politicians failed to follow through on promises of large fiscal stimulus following a raft of monetary stimulus measures from the People's Bank of China.

The Hang Seng index has soared 24%, and the CSI 300 index has advanced 18% in the year so far as of the close of trading on Wednesday.

Domestic and international investor frenzy pushed market indexes to highs not seen in the last eighteen months, as investors believed that the central government was finally ready to provide necessary support to revive the ailing property market.

However, those measures will require the central government to assume additional debt and channel funding to local governments to finance residential construction, which also raises the prospects of wasteful spending.

The legislative committee of the National People's Congress is likely to approve the debt increase between 2 trillion yuan and 4 trillion yuan and the issuance of new sovereign bonds at its next meeting over the next two weeks.

China has increasingly relied on excessive government spending to meet its high economic growth target with weak returns, which also leads to large-scale corruption and wateful infrastructure projects that are not needed for the local economy.

Despite Beijing's leadership's efforts to prop the economy, China's economic growth is estimated to slow down to below 3% over the next three years, which will put additional pressure on the central government to increase debt-funded spending.

On the earnings front, 22 companies are slated to release their quarterly results over the next two weeks, and investors are hoping that earnings growth will surpass market expectations.

China Stock Movers

The Hang Seng index jumped 1.7% to 20,852.12, and the mainland China-focused CSI 300 index advanced 1.0% to 3,995.81.

China Resources Beverage advanced 14% to HK $16.50 after the soft drink maker sold 347 million shares in a global offering priced at HK$14.50 per share.

The soft drink maker raised HK$4.9 billion, and the company's Hong Kong tranche, covering 40% of the offering, was over subscribed by 234.5 times and the international tranche by 24.5 times.

China Unicom increased 3.5% to HK $7.09 after the telecom carrier said third quarter earnings rose 7.9% from a year ago.

Chow Tai Fook Jewellery Group jumped 9% to HK $7.92 after comments from Morgan Stanley suggested same-store sales decline in the current month narrowed.

Alibaba Group increased 0.7% to HK $97.90, JD.com advanced 3.1% to HK $159.10, Tencent Holdings added 2% to HK $430.20, and Baidu rose 0.7% to HK $88.95.

BYD gained 2.2% to HK $290.80, Li Auto added 7.5% to HK $108.60, and Xiaomi Corp. added 5.1% to HK $25.70.

U.S. Movers: Coca-Cola, Manhattan Associates, McDonald's, Starbucks, Texas Instruments

Scott Peters
23 Oct, 2024
New York City

Texas Instruments increased 2.5% to $198.85 after the advanced semiconductor reported better-than-expected quarterly results.

Revenue in the third quarter declined 8% to $4.2 billion from $4.5 billion, net income dropped 20% to $1.36 billion from $1.70 billion, and diluted earnings per share fell 21% to $1.47 from $1.85 a year ago.

The company estimated fourth quarter revenue to fall between $3.70 and $4.0 billion and diluted earnings per share between $1.07 and $1.29.

Manhattan Associates dropped 5.6% to $276.0 after the supply chain software developer's revenue growth outlook fell short of market expectations.

Revenue in the third quarter increased to $266.7 million from $238.4 million, net income advanced to $63.8 million from $49.4 million, and diluted earnings per share rose to $1.03 from 79 cents a year ago.

The company estimated full-year 2024 revenue between $1.039 and $1.041 billion, an increase of 12% from a year ago.

The company estimated diluted earnings per share to range between $3.47 and $3.49, an increase of about 23% from a year ago.

McDonald's Corp. decreased 6.7% to $293.54 after the U.S. Centers for Disease Control and Prevention said an E. coli outbreak was linked to the company's Quarter Pounder burgers.

The CDC said that the outbreak has resulted in the death of one person and the hospitalization of 10 people.

Starbucks Corp. fell 3.6% to $93.38 after the coffee chain operator suspended its 2025 outlook and reported a decline in sales in its fiscal fourth quarter.

Coca-Cola Co. declined 2.5% to $67.70 after the beverage maker reported slightly higher-than-expected quarterly earnings.

Adjusted revenue in the third quarter was flat at $1.95 billion, and unit case volume fell 1%, largely driven by the weakness in its international markets.

Net income attributable to shareholders declined to $2.85 billion from $3.09 billion, and diluted earnings per share fell to 66 cents from 71 cents a year earlier.

S&P 500 Extends Losses to Third Day, 10-Year Treasury Yield Hovers at 3-Month High

Barry Adams
23 Oct, 2024
New York City

Stock market indexes on Wall Street traded down for the third session in a row as bond yields advanced.

The S&P 500 index declined 0.4%, the Nasdaq Composite fell 0.5%, and crude oil prices dropped 2% amid rising supply.

Market indexes were under pressure for the third day in a row as the yield on 10-year Treasury notes ticked higher to a three-month high of 4.24%.

Strong economic data and growing worries of budget deficits dampened market sentiment ahead of the presidential election on November 5.

On the earnings front, Starbucks, Coca-Cola Company, Boeing, and Seagate Technology declined after releasing their quarterly results.

U.S. Indexes and Treasury Yields

The S&P 500 index decreased 0.4% to 5,832.83, the Nasdaq Composite fell 0.5% to 18,485.86, and the Russell 2000 index declined 0.4% to 2,231.53.

For the year so far as of Monday, the S&P 500 index is up 22%, the Nasdaq Composite has advanced 26%, and the Russell 2000 index has gained 10.9%.

The yield on 2-year Treasury notes edged higher to 4.06%, 10-year Treasury notes inched up to 4.25%, and 30-year Treasury bonds inched higher to 4.53%.

WTI crude oil decreased $1.50 to $70.24 a barrel, and natural gas prices edged up 1 cent to $2.32 a thermal unit.

Gold fell by $0.42 to $2,746.12 an ounce, and silver decreased by $0.24 to $34.48.

The dollar index, which weighs the US currency against a basket of foreign currencies, edged higher to 104.52.