U.S. stocks fell on Wednesday, extending Wall Street’s losing streak into a third day as markets struggled under the weight of rising Treasury yields and disappointing earnings results. Tesla shares soared after hours, rising more than 9% following the better-than-expected earnings report. Tesla plans to start producing affordable models early next year and said it expects production to increase by 50% in 2025 compared to 2023.
S&P 500: 5,797.42 ⬇️ down 0.92% Nasdaq Composite: 18,276.65 ⬇️ down 1.60% Dow Jones Industrial Average: 42,514.95 ⬇️ down 0.96% STOXX Europe 600: 518.84 ⬇️ down 0.30% CSI 300: 3 ,973.21 ⬆️ 0.39% increase Nikkei average: 38,104.86 ⬇️ 0.80% down Bitcoin: $66,516.72 ⬇️ 1.32% down
US: Wall Street’s losing streak enters third day
Wall Street fell on Wednesday due to weakness in the tech industry, with Nvidia dropping 2.8% and Apple dropping 2.2%, contributing significantly to the S&P 500’s decline. The S&P 500 fell 0.9% to close at 5,797.42, marking its first three-day losing streak since early September. The Dow Jones Industrial Average fell 409 points, or 1%, to $42,514.95, and the tech-heavy Nasdaq Composite Index fell 1.6% to close at $18,276.65. Starbucks stock fell after its new CEO rescinded the company’s 2025 financial guidance, and McDonald’s stock also fell as it faces an E. coli outbreak.
Europe: Stock prices fall due to court ruling against Deutsche Bank
Shares fell 2.9% as European stocks fell after Deutsche Bank lost a lawsuit related to its acquisition of Postbank. Despite reporting strong earnings in the third quarter, the Stoxx Europe 600 index fell 0.30%, with utilities one of the few gainers.
China: Stock prices slow down after recommendation of large-scale economic stimulus package
Chinese stocks rose slightly after a government think tank called on the government to issue 2 trillion yuan ($281 billion) in special bonds to stabilize the market. The CSI 300 rose 0.39% and Hong Kong’s Hang Seng index rose 1.27%, led by a 14% rise in the trading debut of China Resources Beverage, the city’s second-biggest IPO of the year.
Japan: Tokyo Metro’s stock price falls despite blockbuster IPO
Recruit Holdings fell 4.9%, and the Nikkei Stock Average fell 0.80%. Tokyo Metro’s IPO was the biggest in Tokyo since 2018, with the stock soaring 45% in its debut after being 15 times oversubscribed.
