Dow Jones drops 200 points, set for fourth straight decline
The Dow Jones Industrial Average fell during trading on Thursday, October 24, putting it on track for a fourth straight losing session as rising interest rates and lackluster earnings continued to weigh on stocks.
The Dow Jones Industrial Average fell 202 points, or 0.5%. The S&P 500 gained 0.07%, and the Nasdaq Composite gained 0.5%.
IBM was the one that contributed to the Dow Jones’ decline, falling more than 6.5% as the company’s consulting revenue failed to meet analysts’ estimates. Boeing shares also fell more than 2% after its machinists rejected a new labor contract.
Tesla shares surged more than 16% after the electric vehicle maker reported third-quarter results that beat analysts’ expectations. Whirlpool and Lam Research also rose on better-than-expected earnings, up 9% and 5%, respectively, according to CNBC.
More than 32% of S&P 500 companies have reported third-quarter earnings so far. Of those, 76% have topped analysts’ expectations, according to FactSet.
Stocks were coming off a losing session Wednesday, with the Dow Jones Industrial Average suffering its biggest one-day loss since early December, falling more than 400 points on Wednesday. The S&P 500 lost nearly 1%, and the Nasdaq fell 1.6%.
Treasury yields fell early Thursday, helping lift market sentiment after higher yields kept stocks under pressure this week. The 10-year Treasury yield crossed the 4.25% threshold on Wednesday, its highest level in a session.