Key Takeaways
- The S&P 500 lost 0.85% on Thursday, Oct. 19, 2023, as Federal Reserve Chair Jerome Powell said the economy likely needs to slow to reduce inflation and that more interest rate hikes are possible.
- Tesla's profit and sales were short of forecasts, and shares of the EV giant tumbled.
- Netflix added almost 9 million subscribers in the third quarter and announced a price hike, sending its shares skyrocketing.
U.S. equities tumbled after Federal Reserve Chair Jerome Powell suggested that policymakers will keep interest rates steady at their meeting next month but 澳洲幸运5官方开奖结果体彩网:left open the possibility for more hikes in the fut𝔉ure. Powell also saidඣ it's likely that the economy needs to slow to get inflation in check.
The S&P 500 dropped 0.85% in Thursday's session, and the yield on the 澳洲幸运5官方开奖结果体彩网:10-year Treasury note rose to just shy of 5%.
Genuine Parts (GFC) turned in the day's weakest performance among S&P 500 stocks. Shares plunged 12.5% after the automobile and industrial parts dealer reported revenue below estimates and 澳洲幸运5官方开奖结果体彩网:same-store sales that were flat as its U.S. auto 🧸parts group underperformed.
Tesla (TSLA) shares dipped 9.3% as the electric vehicle (EV) maker's earnings and revenue 澳洲幸运5官方开奖结果体彩网:missed forecasts after 𒊎Elon Musk's firm cut prices to boost falling demand.
Discover Financial Services (DFS) shares sank 7.9% after profit at the credit card pr♛ovider plunged ꦯby a third as credit card delinquencies increased.
Netflix (NFLX) shares soared 16.1% as the biggest streaming service reported that it 澳洲幸运5官方开奖结果体彩网:added almost 9 million subscribers in the t𓄧hird quarter and announced that it was raising prices.
An increase in subscribers also 澳洲幸运5官方开奖结果体彩网:boosted earnings and revenue at AT&T (T), and its shares were up 6.6%.
Higher prices helped Union Pacific (UNP) exceed profit forecasts, and shares of the freight railr𝓰oad jumped 2.1%.
American Airlines (AAL) shares added 0.8% after the airline beat profit expectations and gave an optimistic outlook for the upcoming holiday travel season.