Halloween Market Falls, Scared of Meta and Microsoft CapEx | Live Stock
Good morning, traders. Happy Thursday, October 31. Happy Halloween! The market is falling after both Meta and Microsoft reported they spent a lot on AI data centers in the past quarter, a bad sign to come for the remaining Mag Seven stocks. Tonight, investors will see if Apple and Amazon earnings will bring investors a trick or a treat.
My name is Kevin Travers; here is the news and animal spirits moving markets today.
$Meta Platforms (META.US)$ shares slipped 2% Thursday after the company raised the low end of its capital expenditures outlook, overshadowing the earnings and revenue beat for the third quarter. $Microsoft (MSFT.US)$ reported Q1 revenue that came in 1.67% above estimates, but shares fell 5% Thursday after the firm said it spent $14.92B on investments like AI data centers after spending $9.92 billion last quarter. Microsoft was the highest decliner on the Dow.
$Coinbase (COIN.US)$ fell 7% after its earnings after the bell Wednesday came in at a miss, showing earnings of $0.28/share, below estimates of $0.42. The crypto trading firm showed sales were lower at $1.21 B than estimates of $1.26B. Both numbers were dramatically higher than a year ago- sales grew by 78%.
$Super Micro Computer (SMCI.US)$ fell a further 14% after the firm's accounting agency denounced its practices Wednesday.
Within industries tracked by moomoo, Sewmiconductros began to fall after the market punished capex in Meta and Microsoft. $Arm Holdings (ARM.US)$ fell 7%. Software infrastructure also fell following Microsoft's downturn.
$Bitcoin (BTC.CC)$ fell back from near highs, alongside gold and silver. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed.
The market fell Thursday morning, spooked out by a Halloween reaction to Mag Seven earnings prices.
Just past 10:45 am ET the $S&P 500 Index (.SPX.US)$ fell 1.35%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.74%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.2.09%.
In macro, the Core PCE index came in a little higher than estimated- 2.7% vs estimates of 2.6%. The regular PCE price index came in at 2.1%, the lowest year-over-year price change since 2021, and nearly on top of the Fed's 2% target. All eyes are on labor numbers tomorrow to see if the other half of the Fed's dual mandate is reacting well to interest rate cuts.
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Yesterday, one user was sure that Super Micro Computer stock price would turn around. The firm has just one week to find an auditor that would accept its reasoning for its earnings release this quarter. It might delay again.
Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!
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Kevin Travers
Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
Posts do not represent mm
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Agent Smith 404 : Yeah, the global markets are down while US treasury bond rates are starting to spike...[Skull]
103053578 : k