Dow Falls 100 Points; Netflix Shares Tumble On Downbeat Earnings

U.S. stocks traded mostly lower this morning, with the Dow Jones index falling more than 100 points on Wednesday.

Following the market opening Wednesday, the Dow traded down 0.25% to 46,806.81 while the NASDAQ fell 0.04% to 22,943.73. The S&P 500 also fell, dropping, 0.03% to 6,733.39.

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Leading and Lagging Sectors

Energy shares jumped by 0.8% on Wednesday.

In trading on Wednesday, consumer discretionary stocks fell by 0.7%.

Top Headline

Netflix Inc (NASDAQ:NFLX) shares fell more than 8% on Wednesday after the company reported downbeat third-quarter financial results.

Netflix reported third-quarter revenue of $11.51 billion, up 17.2% year-over-year. The revenue total missed a Street consensus estimate of $11.514 billion, according to data from Benzinga Pro. The company reported earnings per share of $5.87, missing a Street consensus estimate of $6.97.

Equities Trading UP
           

• Beneficient (NASDAQ:BENF) shares shot up 155% to $1.2380 following the announcement that Chairman Thomas O. Hicks and Interim CEO James G. Silk converted preferred shares into common stock.
• Shares of AiRWA Inc. (NASDAQ:YYAI) got a boost, surging 110% to $0.1701 after dipping 19% on Tuesday.
• Beyond Meat, Inc. (NASDAQ:BYND) shares were also up, gaining 57% to $5.67 on continued momentum. Catalysts include short interest, recent inclusion in the Roundhill Meme Stock ETF and a recent distribution partnership with Walmart.

Equities Trading DOWN

• Arcturus Therapeutics Holdings Inc. (NASDAQ:ARCT) shares dropped 57% to $9.95. The company announced interim results from its ongoing Phase 2 clinical trial of ARCT-032.
• Shares of Alector, Inc. (NASDAQ:ALEC) were down 52% to $1.5301 after the company announced it will discontinue the open-label extension for Latozinemab and reduce its workforce by about 49%.
• Obook Holdings Inc. (NASDAQ:OWLS) was down, falling 41% to $11.46 after the stock opened for trade recently. The stock may be experiencing post-IPO volatility.

Commodities

In commodity news, oil traded up 1.6% to $58.74 while gold traded down 0.4% at $4,093.20.

Silver traded up 0.9% to $48.150 on Wednesday, while copper rose 0.3% to $4.9810.

Euro zone

European shares were mixed today. The eurozone's STOXX 600 rose 0.1%, while Spain's IBEX 35 Index rose 0.2%. London's FTSE 100 rose 1.1%, Germany's DAX 40 fell 0.3% and France's CAC 40 fell 0.5% during the session.

Asia Pacific Markets

Asian markets closed lower on Wednesday, with Japan's Nikkei 225 falling 0.02%, Hong Kong's Hang Seng index declining 0.94% and China's Shanghai Composite declining 0.07%.

Economics

The volume of mortgage applications declined by 0.3% from the previous week during the week ending Oct. 17.

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