Major U.S. stock indices faced downward pressure on Thursday as investors processed a heavy volume of corporate earnings and significant economic data. While the S&P 500 and Nasdaq composite closed lower, several major technology firms reported strong quarterly results after the bell. Intel and Amazon saw their stock prices rise following better-than-expected earnings reports and outlooks. Meanwhile, the latest Personal Consumption Expenditures price index showed inflation continuing to cool toward the Federal Reserve’s target, providing a clearer picture for potential upcoming interest rate adjustments.
- The S&P 500 and Nasdaq Composite both declined during regular trading hours as the market reacted to mixed tech sector performance.
- Intel shares gained in after-hours trading after the company reported third-quarter revenue of $13.3 billion, surpassing analyst estimates.
- Amazon exceeded earnings and revenue expectations, supported by strong growth in its AWS cloud division and retail segments.
- Apple reported record September quarter revenue of $94.9 billion, though its net income was impacted by a one-time $10.2 billion tax charge in the European Union.
- The Personal Consumption Expenditures (PCE) price index rose 2.1% on an annual basis in September, matching economist expectations.
- Peloton Interactive shares surged after the company announced Peter Stern as its new CEO and reported better-than-expected quarterly results.
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