US Equities Markets End Lower Thursday Ahead of Apple, Amazon Earnings

MT Newswires Live
01 Nov 2024

US benchmark equity indexes ended lower Thursday as markets awaited Apple (AAPL) and Amazon.com's (AMZN) results.

* The tech giants, along with Intel (INTC), are scheduled to report their latest quarterly financial results after Thursday's closing bell.

* US consumer spending accelerated more than expected in September, while the Federal Reserve's preferred inflation metric held steady at the annual level, government data showed.

"The ongoing strength in consumer spending suggests upside risk to (Q4) growth estimates, ruling out another (50-basis-point) rate chop from the Fed next week," BMO Capital Markets said. "However, with headline inflation nearly back to the target and employment costs moderating, a (25-basis-point) move remains firmly on the table."

* Initial jobless claims decreased by 12,000 to 216,000 in the week ended Oct. 26, below the 230,000-level expected, trimming the four-week moving average by 2,250 to 236,500 after three straight increases. Initial claims were the lowest since May and have returned to more normal levels after being lifted by hurricanes in October. Insured claims fell by 26,000 to 1.862 million in the week ended Oct. 19 after rising in the previous three weeks.

* December West Texas Intermediate crude oil closed up $0.65 to settle at $69.26 per barrel, while December Brent crude, the global benchmark, was last seen up $0.58 to $73.13 over reports OPEC+ is considering postponing a plan to add 180.000 barrels per day of additional supply monthly beginning in December.

* Paycom Software (PAYC) shares jumped 22% after the company delivered a Q3 beat late Wednesday.

* Microsoft (MSFT) shares fell 6%. Late Wednesday, the company said it expects fiscal Q2 revenue growth for its Azure cloud-computing business between 31% and 32% in constant currency. For the reported quarter, Microsoft posted a 34% annual gain for Azure and other cloud services at constant currencies.

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