Stocks slide as volatility continues, GM in focus
‘Buy the dip’ crowd lacks strategy: Financial expert
MarketGauge Group Managing Director Michele Schneider discusses the best investing strategies for today’s volatile markets.
U.S. stock indexes were lower Wednesday as the major averages continued their rollercoaster ride in October and as fresh employment data rolls in.
The Dow Jones Industrial Average fell 139 points, or 0.41%, while the S&P 500 index and the Nasdaq Composite index declined 0.6% and 0.76%, respectively. A move of at least 1% in either direction on Wednesday would be the fourth consecutive for the S&P 500, the longest streak to start a month since November 2020.
|I:DJI||DOW JONES AVERAGES||34095.57||-219.10||-0.64%|
|I:COMP||NASDAQ COMPOSITE INDEX||14399.604898||-34.23||-0.24%|
Private-sector hiring picked up in September as the U.S. economy added 568,000 private-sector jobs last month, up from a downwardly revised 340,000 in August, according to the ADP National Employment report released Wednesday. Analysts surveyed by Refintiiv had expected the addition of 428,000 jobs.
In stocks, mega cap technology names were once again under pressure a day after rebounding from Monday’s sharp selloff. This comes as social media giant Facebook Inc. remained in focus a day after a whistleblower testified about the harmful effects of its platform.
Elsewhere, Palantir Technologies Inc. secured an $823 million U.S. Army intelligence program contract.
|PLTR||PALANTIR TECHNOLOGIES, INC.||24.26||+1.05||+4.52%|
Nvidia Corp. has made undisclosed concessions to E.U. regulators examining its $54 billion deal to buy British chipmaker Arm Ltd.
Hertz Global Holdings Inc. named former Ford Motor Co. head Mark Fields as its interim CEO. Fields has been on Hertz's board of directors since June.
|F||FORD MOTOR CO.||14.01||-0.27||-1.89%|
In other auto news, General Motors is hosting its investor day with updates expected around 12 pm ET.
|GM||GENERAL MOTORS CO.||54.14||-0.15||-0.28%|
Elsewhere, Constellation Brands Inc. quarterly profit was almost completely wiped out due to losses from its stake in cannabis producer Canopy Growth. The wine and spirits maker reported quarterly sales jumped 4.9% year over year, driven by stronger demand for beer.
|STZ||CONSTELLATION BRANDS, INC.||212.96||+0.05||+0.02%|
|LEVI||LEVI STRAUSS & CO.||24.71||-0.84||-3.29%|
Levi Strauss & Co. will release its quarterly results after markets close.
In commodities, West Texas Intermediate crude oil slid 80 cents to $78.13 a barrel while gold lost $2.90 to $1,758 an ounce.
Overseas markets were weaker across the board.
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In Europe, Germany’s DAX 30 paced the decline, down 1.43%, as France’s CAC 40 and Britain’s FTSE 100 tumbled 1.41% and 1.02%, respectively.
Elsewhere, Japan’s Nikkei 225 fell 1.05% and Hong Kong’s Hang Seng index dipped 0.57%. China’s Shanghai Composite remained closed for holiday.
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