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S&P 500 dips amid market downturn; Meta, BNP Paribas surpass Q3 expectations

EditorPollock Mondal
Published 26/10/2023, 15:12
© Pavlo Gonchar / SOPA Images/Sipa via Reuters Connect
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U.S. markets are experiencing a downturn, with the S&P 500 dipping below 4,200 points following the worst one-day drop on Nasdaq since February. This slump mirrors the European market's decline as the STOXX 600 index fell by 1% and remained near a seven-month low ahead of the European Central Bank's (ECB) policy decision on Thursday.

Rising U.S. Treasury yields and poor earnings reports from companies like Standard Chartered (OTC:SCBFF) have contributed to the European shares' fall. The Asia-focused bank reported a 33% fall in its third-quarter pre-tax profit, missing its target by 2%, and faced $294m in credit impairment charges. This led to an 11.3% drop in Standard Chartered's shares.

Meanwhile, BNP Paribas (OTC:BNPQY) reported a Q3 net income of €2.7bn, surpassing expectations despite concerns over the oil and gas price outlook expressed by CFO Lars Machenil. In the tech sector, Meta (NASDAQ:META) exceeded its Q3 expectations, although the revenue forecast remains uncertain.

In other developments, Ford (NYSE:F) and the United Auto Workers (UAW) have reached a tentative agreement after six weeks of strikes, pending member approval. This news comes amidst a turbulent time for automakers, including Mercedes-Benz (OTC:MBGAF) and Volvo (OTC:VLVLY) Cars, leading declines in Europe.

Lastly, Louisiana Congressman Mike Johnson's appointment as Speaker of the House has resolved three weeks of political uncertainty in Washington.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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