Wall Street Plummets as Mixed Profit Reports and Rising Treasury Yields Worsen Stock Market Situation
- The S&P 500 Experiences a 1.3% Decline
- The Dow Jones Industrial Average Drops by 332 Points, or 1%
- Nasdaq Composite Falls 1.6%
Crude Oil Prices Surge Following Deadly Explosion in Gaza Hospital; Gold Continues to Rise as Investors Seek Safer Investments. 10-Year Treasury Yield Reaches Its Highest Level Since 2007.
United Airlines Plunges 9.7% on Profit Forecast and Flights Suspension to Tel Aviv
On Wall Street, United Airlines faces a drastic 9.7% decrease in profits due to surging fuel prices and the suspension of flights to Tel Aviv. The company’s profit forecast for the last three months of the year fell significantly short of analysts’ expectations. Despite reporting a bigger profit for the summer than anticipated, investor focus remains on the profit forecast, overshadowing the positive news. Other airlines, such as American Airlines and Delta Air Lines, also suffered losses, with their stock prices falling by 4.9% and 4.4% respectively. Additionally, Morgan Stanley saw a 6.8% decline in its stock price, despite outperforming analysts’ expectations for the latest quarter. Investors were concerned about the weaker-than-expected performance of the company’s wealth management business.
Procter & Gamble Reports Stronger Profit Than Expected; Nasdaq Sees 4% Increase
On the brighter side of Wall Street, Procter & Gamble, the renowned company behind popular brands like Charmin, Febreze, and Oral-B, saw a 2.6% rise in stock price after reporting stronger-than-expected profits for the latest quarter. The company experienced revenue growth after increasing prices for its products. Nasdaq, one of the stock market’s major gainers, rose by 4% after surpassing profit expectations for the latest quarter. The positive performance was attributed to high-profile stock debuts on its trading exchange and growth in its anti-financial crime business.
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