Market Commentary - Foreign Markets
US stocks end mixed, DOW sheds 0.3% As on : 25-Oct-24  11:59

The US stocks turned in a mixed performance yesterday following saw a steep drop in the previous session. The Nasdaq and the S&P 500 regained ground, but the narrower Dow saw further downside to close lower for the fourth straight day.

The Dow dipped 140.59 points (0.3%) to 42,374.36, the S&P 500 rose 12.44 points (0.2%) to 5,809.86 and the Nasdaq climbed 138.83 points (0.8%) to 18,415.49. IBM plunged 6.2% which weighed on the Dow. The rebound by the tech-heavy Nasdaq was partly due to a 21.9% surge by TESLA. UPS also saw significant strength after reporting third quarter results. Boeing (BA) also moved to the downside after the aerospace giant's machinists union rejected a new labor deal, extending a six-week strike.

Most of the major sectors ended the day showing only modest moves. Airline stocks showed substantial weakness was visible among airline stocks, with the NYSE Arca Airline Index plunging by 3.5%. Southwest Airlines (LUV) led the sector lower, plummeting by 5.6% even though the airline reported better than expected third quarter results.

Gold stocks also substantially moved downside despite an increase by the price, dragging the NYSE Arca Gold Bugs Index down by 2.9%.

Housing stocks saw considerable strength driving the Philadelphia Housing Sector Index up by 1.5% after the Commerce Department released a report showing new home sales surged to their highest level in over a year in September.

Asia-Pacific stocks moved mostly lower on Thursday. Hong Kong's Hang Seng Index tumbled by 1.3% and China's Shanghai Composite Index fell by 0.7% , although Japan's Nikkei 225 Index bucked the downtrend and inched up by 0.1%.

The major European markets modestly moved upwards. The German DAX Index rose by 0.3% , the U.K.'s FTSE 100 Index and the French CAC 40 Index both inched up by 0.1%.

In the bond market, treasuries regained ground after moving notably lower over the past several sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 4.2 bps to 4.20%.

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