Stocks with significant movements during midday trading include Wynn Resorts, whose stock dropped 7.3% due to EBDITAR focus, Diageo, whose shares slid 13.7% after the company made forecasts of a challenging environment, and Illumina, whose stock dropped 13.6% due to a decrease in adjusted earnings guidance. Analysts reported unsteadiness in the market due to concerns over economic growth according to Barclays. Additionally, Plug Power shares lost nearly a third in value due to disappointing third-quarter results, while the market is experiencing a sense of déjà vu according to Wolfe Research. The University of Michigan survey showed a decline in consumer sentiment and an uptick in long-term inflation expectations. Also, Trade Desk’s shares tumbled following poor revenue guidance. And oil prices are seeing fluctuations due to declining demand and lowering of concerns about a potential Middle East War. Furthermore, recession concerns for 2024 aren’t reflected in analyst forecasts, and SMIC, China’s largest chipmaker, experienced an 80% drop in third-quarter profit. Lastly, Wynn Macau’s shares saw a slide in Hong Kong trading, and the broader Hang Seng index fell 1.62%.
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