The Dow Jones Industrial Average closed at 28,363.66 on Thursday with a gain of 152.84 points or 0.54%. The S&P 500 closed at 3,453.49 for a gain of 17.93 points or 0.52%. The Nasdaq Composite closed at 11,506.01 for a gain of 21.31 points or 0.19%. The VIX Volatility Index was lower at 28.11 for a loss of 0.54 points or -1.88%.
Thursday's Market Movers
U.S. indexes ended the day higher. The Food and Drug Administration approved Gilead's (GILD) Remdesivir as the first fully approved Covid-19 treatment. The Nasdaq Biotech Index gained 1.46%.
On the earnings calendar:
- Dow (DOW, Financial): Revenue of $9.71 billion decreased -9.8% year over year and beat estimates by $200 million. Q3 GAAP EPS of -$0.04 missed estimates by $0.35 and non-GAAP EPS of $0.50 beat estimates by $0.21.
- Coca-Cola (KO, Financial): Revenue of $8.7 billion decreased -8.4% year over year and beat estimates by $330 million. Q3 GAAP EPS of $0.40 missed estimates by $0.06 and non-GAAP EPS of $0.55 beat estimates by $0.09.
- AT&T (T, Financial): Revenue of $42.3 billion decreased -5.1% year over year and beat estimates by $750 million. Q3 GAAP EPS of $0.39 missed estimates by $0.12 and non-GAAP EPS of $0.76 was inline with estimates.
- Intel (INTC, Financial): Revenue of $18.3 billion decreased -4.7% year over year and beat estimates by $40 million. Data center sales were a concern. Q3 GAAP EPS of $1.02 missed estimates by $0.02 and non-GAAP EPS of $1.11 was inline with estimates.
- American Airlines (AAL, Financial): Revenue of $3.17 billion decreased -73.4% year over year and beat estimates by $360 million. Q3 GAAP EPS of -$4.71 beat estimates by $0.53 and non-GAAP EPS of -$5.54 beat estimates by $0.21.
- Southwest (LUV, Financial): Revenue of $1.79 billion decreased -68.3% year over year and beat estimates by $80 million. Q3 GAAP EPS of -$1.96 beat estimates by $0.29 and non-GAAP EPS of -$1.99 beat estimates by $0.26.
In other news:
- 787,000 Americans filed for jobless claims, down from 842,000 in the previous week. Continuing jobless claims were 8.373 million, down from 9.397 million.
- Existing home sales increased 9.4% in September to a seasonally adjusted annual rate of 6.54 million.
- The Conference Board's Leading Economic Indicators Index increased 0.7% in September following an increase of 1.4%.
- The Kansas Fed Manufacturing Index increased to 23 in October from 18.
- The Treasury held auctions for four-week bills at a rate of 0.085%, eight-week bills at a rate of 0.090% and five-year TIPS at a rate of -1.320%.
- Freddie Mac released its weekly mortgage market survey. The 30-year fixed-rate mortgage averaged 2.80%, down from 2.81%. The 15-year fixed-rate mortgage averaged 2.33%, down from 2.35%.
Across the board, the following led gains and losses:
- S&P 500 energy sector up 4.13%
- S&P 500 real estate down -0.70%
- Align Technology (ALGN) up 34.97% after an earnings beat
- Expedia Group (EXPE) up 9.00%
- Citrix Systems (CTXS) down -7.12%
- PayPal (PYPL) down -4.29% with some questions over its new bitcoin announcement
Small-Cap Stocks
In small-caps, the Russell 2000 closed at 1,630.25 for a gain of 26.48 points or 1.65%. The S&P 600 closed at 928.92 for a gain of 13.85 points or 1.51%. The Dow Jones U.S. Small-Cap Growth Index closed at 11,439.65 for a gain of 162.52 points or 1.44%. The Dow Jones U.S. Small-Cap Value Index closed at 7,460.44 for a gain of 156.01 points or 2.14%.
Other Notable Indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 2,002.93 for a gain of 32.80 points or 1.66%; the S&P 100 at 1,593.50 for a gain of 6.31 points or 0.40%; the Nasdaq 100 at 11,662.91 for a loss of -2.45 points or -0.021%; the Russell 3000 at 2,033.08 for a gain of 12.71 points or 0.63%; the Russell 1000 at 1,929.15 for a gain of 10.86 points or 0.57%; the Wilshire 5000 at 35,477.10 for a gain of 227.03 points or 0.64%; and the Dow Jones US Select Dividend Index at 625.11 for a gain of 11.22 points or 1.83%.
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