Dow Drops 100 Points as Amazon Reports Strong Q3 Results
The Dow Jones index experienced a decline of over 100 points on Friday, amidst mixed trading on U.S. stocks. The NASDAQ, however, managed to gain 0.27%, while the S&P 500 recorded a slight drop of 0.07%.
Financial Highlights of Major Companies
Amazon.com Inc. (NASDAQ: AMZN) reported strong third-quarter results on Thursday, showcasing impressive net sales of $180.2 billion. This figure represents a year-over-year increase of 13%, surpassing the analyst consensus estimate of $177.8 billion. Looking ahead, Amazon anticipates fourth-quarter net sales between $206.0 billion and $213.0 billion, reflecting an increase of 10% to 13% year-over-year.
Stocks on the Rise
- AMTD Digital Inc. (NYSE: HKD) saw its shares soar by 99% to $3.36, fueled by a staggering 1,085.9% revenue increase, totaling $73.2 million for the six months ending April 30.
- Butterfly Network, Inc. (NYSE: BFLY) shares surged 27% to $2.59 after reporting quarterly results that exceeded expectations.
- Illumina, Inc. (NASDAQ: ILMN) gained 23% to $121.41 following better-than-expected third-quarter results and an improved full-year guidance.
Stocks Experiencing Declines
- Luminar Technologies, Inc. (NASDAQ: LAZR) saw a significant drop of 49% to $1.08 after receiving an SEC subpoena and suspending its FY25 guidance.
- Intensity Therapeutics, Inc. (NASDAQ: INTS) shares fell 42% to $0.76 after announcing a $4 million registered direct offering.
- OneSpan Inc. (NASDAQ: OSPN) declined by 27% to $11.32 after reporting disappointing third-quarter sales and reducing its FY25 sales forecast.
Commodity Market Update
In the commodities market, oil prices increased by 0.5%, reaching $60.87 per barrel. Conversely, gold saw a slight decline of 0.5%, settling at $3,995.20. Silver prices fell by 0.9% to $48.19, while copper dropped by 0.4% to $5.08.
Global Market Overview
European and Asian markets also experienced declines. The Eurozone’s STOXX 600 fell 0.51%, and major indices across Spain, the UK, Germany, and France reported similar downturns. In Asia, while Japan’s Nikkei 225 managed a 2.12% gain, other major markets like Hong Kong’s Hang Seng and China’s Shanghai Composite saw dips of 1.43% and 0.81%, respectively.
Economic Insights
Baker Hughes reported a decrease in oil rigs, with the total falling by six to 414 this week. This trend may influence future commodity prices and market sentiment.
