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  3. US markets settle mostly in red on Thursday

US markets settle mostly in red on Thursday

28 Oct 2022 Evaluate

The US markets ended mostly in red on Thursday despite the Commerce Department released a report showing US economic activity rebounded by slightly more than expected in the third quarter. The report said real gross domestic product shot up by 2.6 percent in the third quarter following a 0.6 percent drop in the second quarter and a 1.6 percent slump in the first quarter. Street had expected GDP to jump by 2.4 percent. The rebound in GDP largely reflected a 2.8 percent boost from trade, as exports soared by 14.4 percent and imports, which are a subtraction in the calculation of GDP, plunged by 6.9 percent. A 1.4 percent increase in consumer spending also contributed the GDP growth, as a 2.8 percent jump in spending on services more than offset a 1.2 percent drop in spending on goods.

The Commerce Department said the rebound in GDP also reflected increases in non-residential fixed investment, federal government spending and state and local government spending, while decreases in residential fixed investment and private inventory investment limited the upside. On the sectoral front, Biotechnology stocks showed a significant pullback on the day, with the NYSE Arca Biotechnology Index slumping by 1.9 percent after ending the previous session at its best closing level in well over a month. Significant weakness also emerged among semiconductor stocks, as reflected by the 1.5 percent drop by the Philadelphia Semiconductor Index. Gold stocks also showed a notable move to the downside amid a modest decrease by the price of the precious metal, dragging the NYSE Arca Gold Bugs Index down by 1.5 percent.

Nasdaq fell 178.32 points or 1.63 percent to 10,792.68 and S&P 500 was down by 23.3 points 0.61 percent to 3,807.3, while Dow Jones Industrial Average rose 194.17 points or 0.61 percent to 32,033.28.

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