Goldman Sachs and Boeing were the worst performers in the Dow, down 2.5% and 2% respectively.
Shares of Netflix fell nearly 7% after reporting disappointing earnings and a smaller than expected increase in subscribers.
Energy stocks fell across the board, with ExxonMobil down 1.57%, Chevron down 1.13%, ConocoPhillips down 5.99%, Schlumberger down 3.1% and EOG energy down 3.22%.
Financial stocks fell, with JP Morgan down 1.04%, Goldman Sachs 2.5%, Citigroup 1.19%, Morgan Stanley 2.14%, Bank of America 0.37% and Wells Fargo 0.5%.
Tesla announced its third quarter results after trading on Wednesday, with revenue and earnings exceeding expectations. It made profits for five consecutive quarters, and its share price rose nearly 3%.
Teslas revenue in the third quarter was $8.77 billion, up 45% month on month and 39% year-on-year, higher than the markets expected $8.26 billion, including $7.6 billion in auto business revenue, accounting for 91% of the total revenue in the quarter. Adjusted earnings per share of $0.76, also exceeded the market expectations of $0.55.
Tesla delivered a new record of 139300 vehicles this quarter. And maintain the target of delivering 500000 vehicles this year. The target of 500000 production capacity mainly depends on the month on month growth of Shanghai Super factorys modely production and further improvement in logistics and delivery efficiency. The Shanghai plants model 3 capacity has increased to 250000 vehicles per year; the Fremont superplants model y is expected to reach capacity soon.
Stimulus bill negotiations continue to enter overtime
In the telephone talks on Wednesday, the details of the stimulus bill were more specific, there were compromises on several key issues to reach an agreement, and differences on health care plans were narrowing, including the provision of strategic testing and virus tracking programs, as well as the safety of students at school, Pelosi spokesman drew Hammill said And so on. The two will talk again on Thursday
Investors are almost focused on the stimulus bill negotiations, and while Republicans have made concessions on the amount of the bill, all indications are that the stimulus bill still has a long way to go before the election, said Yousef Abbasi, a market strategist at stonex
Alec Phillips, an economist at Goldman Sachs, also pointed out that it seemed unlikely that Pelosi and mnuchin could reach an agreement before the election because of the big differences and short time between the two sides. Whats more, even if the two sides announce an agreement in principle in the next few days, it seems unlikely that they will pass a congressional vote before election day.
Gold prices hit $1930, the US dollar hit a new low this month
Novel coronavirus pneumonia relief agreements have made progress despite the fact that some major differences between the two sides have not yet been resolved. As the talks between Pelosi and mnuchin continued to delay, investors realized that an agreement might be reached soon, so they started buying gold ahead of time. Increased investor bets on the stimulus bill also pushed the dollar to a new low of 92.47 in October. Whats driving gold up? said Michael matousek, chief trader at global investors? It is the coming sustained stimulus and sustained negative interest rates. People are worried that the epidemic may worsen. At this time, gold has become a safe haven again. It is expected that gold prices will return to the level of $2000 next year Source of this article: Yang Bin, editor in charge of the first finance and Economics_ NF4368
Whats driving gold up? said Michael matousek, chief trader at global investors? It is the coming sustained stimulus and sustained negative interest rates. People are worried that the epidemic may worsen. At this time, gold has become a safe haven again. It is expected that gold prices will return to the level of $2000 next year