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Finance·Markets


TESLA’S EARNINGS SURPRISE SENDS STOCK SOARING, BUT TECH STRUGGLES DRAG THE
MARKET DOWN FOR A THIRD DAY

BYBrooke Seipel
October 23, 2024 at 11:42 AM HST
 * 
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 * 
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Tesla stock surged on Wednesday after close, following a better than expected
earnings report.
Photo by Alex Wong/Getty Images


U.S. stocks fell on Wednesday, extending Wall Street’s losing streak to three
days as the market struggled under the weight of rising Treasury yields and
disappointing earnings. After hours, Tesla’s stocks surged on a
better-than-expected earnings report, climbing more than 9%. Tesla said it plans
to start production on affordable models early next year, projecting 50% growth
in 2025 compared to its 2023 production volumes.



 * 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 ⬆️ up 0.39%
 * Nikkei 225: 38,104.86 ⬇️ down 0.80%
 * Bitcoin: $66,516.72 ⬇️ down 1.32%



U.S.: Wall Street’s losing streak enters third day
A weak day for tech brought Wall Street down on Wednesday, as Nvidia slid 2.8%,
and Apple fell 2.2%, contributing heavily to the S&P 500’s decline. The S&P 500
dropped 0.9%, closing at 5,797.42, marking its first three-day losing streak
since early September. The Dow Jones Industrial Average fell by 409 points, or
1%, to 42,514.95, while the tech-heavy Nasdaq composite tumbled 1.6%, closing at
18,276.65. Starbucks shares slid after its new CEO withdrew the company’s 2025
financial guidance, and McDonald’s stock also fell as the business confronts a
deadly E.coli outbreak.





Europe: Shares slip as court rules against Deutsche Bank
European stocks declined after Deutsche Bank lost a court case tied to its
Postbank acquisition, causing shares to drop 2.9%. Despite reporting strong Q3
earnings, the Stoxx Europe 600 fell 0.30%, with utilities as one of the few
gainers.



China: Shares ease higher following big stimulus recommendation
China shares edged up after a state-backed think tank urged the government to
issue 2 trillion yuan ($281 billion) in special bonds to stabilize the market.
The CSI 300 rose 0.39%, with Hong Kong’s Hang Seng jumping 1.27%, led by China
Resources Beverage’s 14% surge in its trading debut, the year’s second-largest
IPO in the city.



Japan: Shares fall despite Tokyo Metro’s blockbuster IPO
The Nikkei 225 dropped 0.80%, driven by a 4.9% slump in Recruit Holdings. Tokyo
Metro’s IPO, the biggest in Tokyo since 2018, saw shares soar 45% in their debut
after being 15-times oversubscribed.






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