Key Takeaways
- The S&P 500 fell 1.2% on Thursday, Oct. 26, 2023, following weak corporate earnings and warnings from companies about full-year sales.
- The Nasdaq dropped further into correction territory as tech shares stumbled.
- Mattel and Hasbro shares sank after the toymakers warned about holiday sales.
Weak earnings reports and warnings about full-year sales helped send U.S. equities lower, with the S&P 500 losing 1.2%. The Nasdaq dropped 1.8%, falling further into correction territory, down more than 10%🐓 from its recent high in July.
Align Technology (ALGN) shares plummeted 24.9% as t🧜he maker of invisible꧂ teeth braces missed earnings and revenue forecasts and cut its outlook on declining demand.
Shares of Hasbro (HAS) and Mattel (MAT) plunged 11.7% and 7.6%, respectively, after both toymakers 澳洲幸运5开奖号码历史查询:warned about slowing toy sales for the key holiday season.
Generic competition took away sales from Bristol Myers Squibb's (BMY) popular blood cancer drug Revlimid, and 澳洲幸运5开奖号码历史查询:its shares dipped 6.4%.
Meta Platforms (META) shares lost 3.7% 澳洲幸运5开奖号码历史查询:amid concerns about the social media firm's ad revenue and how much it is spending on its virtual reality unit.
American Tower (AMT) shares picked up 8.1% as the 澳洲幸运5开奖号码历史查询:real estate investment trust (REIT) exceeded earnings and revenue forecasts, raised its outlook, and announced that company executive Steve Vondran will take over as its new CEO.𝕴
Masco (MAS) beat profit estimates and raised its guidance as the home-building p෴roducts manufacturer benefited from higher prices and lower c♛osts for supplies. Shares gained 6.6%.
A.O. Smith (AOS) shares added 6% after the heating and cooling equipment company reported better-than-expected results and boosted its guidance because of strong water heater sales and lower costs for materials in North America.