U.S. Movers: Booking Holdings, Carvana, Microsoft, Starbucks, Uber Technologies

Scott Peters
31 Oct, 2024
New York City

Wall Street indexes fell more than 1% after forward-looking announcements from big tech companies disappointed investors. 

The alternative measure of inflation, which generally understates price increases, confirmed stubborn and well-anchored inflation into the economy. 

The S&P 500 index decreased 0.8% to 5,768.24, the Nasdaq Composite fell 1.3% to 18,365.20, and the Russell 2000 index declined 0.2% to 2,233.04. 

The yield on 2-year Treasury notes edged higher to 4.20%, 10-year Treasury notes inched higher to 4.30%, and 30-year Treasury bonds inched higher to 4.50%.

Microsoft Corp. declined 4.8% to $411.89 after the software company reported strong quarterly results, but the company's revenue outlook for the current quarter fell short of investor expectations. 

Microsoft estimated revenue in the fiscal second quarter to range between $68.1 billion and $69.1 billion.

Booking Holdings increased 6.3% to $4,745.43 after the online reservation company's adjusted earnings in the latest quarter surpassed market expectations. 

Starbucks Corp. increased 2.4% to $95.94 after the coffee chain operator reported sharply lower-than-expected revenue and earnings in its latest quarter amid demand weakness in the U.S. and China. 

Global comparable same-store sales plunged 7% in the fiscal fourth quarter. 

Uber Technologies dropped 9.9% to $71.77 after the ride-hailing service provider reported strong quarterly earnings but gross bookings disappointed investors. 

Carvana Co. jumped 20.4% to $249.39 after the used car dealer reported sharply higher sales and earnings. 

The company also lifted its full-year earnings outlook, and added results are expected to surpass the high end of its previous estimate.