The Dow Jones Industrial Average closed at 27,046.23 on Thursday with a loss of 140.46 points or -0.52%. The S&P 500 closed at 3,037.56 for a loss of 9.21 points or -0.30%. The Nasdaq Composite closed at 8,292.36 for a loss of 11.62 points or -0.14%. The VIX Volatility Index was higher at 13.23 for a gain of 0.90 points or 7.30%.
For the month of October, the Nasdaq gained 3.7%, the S&P 500 was up 2% and the Dow Jones gained 0.5%. Year to date, the Nasdaq is up 24.4%, the S&P 500 is up 21.0% and the Dow Jones has a gain of 15.8%.
Thursday’s market movers
U.S. indexes closed lower on the last day of the month, reporting small gains for October. Investors’ risk appetite waned after a report that China was apprehensively doubting a final agreement. The Federal Reserve also suggested that yesterday’s rate cut could be a floor for the federal funds rate at 1.50% to 1.75%, reducing the outlook for further stimulus.
On the third-quarter earnings calendar, top results included:
- DuPont (DD, Financial): Revenue of $5.43 billion decreased 4.4% year over year and missed estimates by $10 million. Third-quarter GAAP earnings of 49 cents per share missed estimates by 18 cents and non-GAAP earnings of 96 cents beat estimates by 1 cent.
- Magellan Midstream Partners (MMP, Financial): Revenue of $656.6 million increased 2.9% year over year and missed estimates by $16.45 million. Third-quarter GAAP earnings of $1.19 per share beat estimates by 9 cents and non-GAAP earnings of $1.19 per share beat estimates by 12 cents.
- Kraft Heinz (KHC, Financial): Reported earnings of 69 cents per share, beating estimates by 16 cents.
Economic reports affecting market trading included the following:
- Personal income increased 0.3% in September following an increase of 0.5%. Personal spending increased 0.2% following a 0.2% increase.
- The PCE Price Index was unchanged in September and reported an increase of 1.3% year over year following an increase of 1.4%.
- The Core PCE Price Index was also unchanged in September. Year over year, the Core PCE Price Index increased 1.7% following an increase of 1.8%.
- Jobless claims increased to 218,000 from 213,000.
- The Treasury held auctions for four-week bills at a rate of 1.57% and eight-week bills at a rate of 1.56%.
In the S&P 500, the materials and industrial sectors led losses. In the S&P 100, the following stocks led losses and gains:
- PayPal (PYPL, Financial) -2.25%
- FedEx (FDX, Financial) -2.04%
- General Motors (GM, Financial) -1.98%
- Kraft Heinz (KHC, Financial) +13.44%
- Apple (AAPL, Financial) +2.12%
- Facebook (FB, Financial) +1.97%
Small-cap stocks
In small caps, the Russell 2000 closed at 1,562.45 for a loss of 10.40 points or -0.66%. The S&P 600 closed at 965.35 for a loss of 10.56 points or -1.08%. The Dow Jones U.S. Small-Cap Growth Index closed at 9,912.28 for a loss of 64.37 points or -0.65%. The Dow Jones U.S. Small-Cap Value Index closed at 9,583.46 for a loss of 98.26 points or -1.01%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,955.37 for a loss of 14.57 points or -0.74%; the S&P 100 at 1,349.76 for a loss of 2.07 points or -0.15%; the Nasdaq 100 at 8,083.83 for a gain of 0.72 points or 0.0089%; the Russell 3000 at 1,778.20 for a loss of 6.43 points or -0.36%; the Russell 1000 at 1,677.08 for a loss of 5.71 points or -0.34%; the Wilshire 5000 at 31,037.16 for a loss of 110.00 points or -0.35%; and the Dow Jones U.S. Select Dividend Index at 728.78 for a loss of 5.75 points or -0.78%.
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