Alibaba Group Holding LtdDisappointing results lead to sell-off.
U.S. stock futures fell sharply on Thursday despite strong labor market and manufacturing data, with the Dow down 440 points, the S&P 500 off 44 points, and the Nasdaq down 250 points. The 30-year Treasury yield climbed back to 5.25%, the 10-year to 4.71%, and the 2-year to 4.19%, reversing a brief rally after the Treasury announced liquidity support for long-term bonds. Oil prices remained elevated, with Brent crude at $94 per barrel and WTI at $87 per barrel, as the White House's six-month conflict with Iran continued to pressure global supply. Weekly jobless claims came in at 206,000, below estimates and the lowest since late July, while continuing claims ticked up to 1.799 million. The Philadelphia Fed manufacturing index surged to 47.4 in August, its highest since April 2021, following July's 41.4. In earnings, Walmart beat expectations with $0.81 per share versus $0.73 but fell 7.5% on weak comps and valuation concerns; Deere rose 1.4% after a 6.5% earnings beat; Advance Auto Parts plunged 18% despite a 27.2% earnings beat due to soft guidance; and Chinese stocks Alibaba, NetEase, and Daqo Energy sold off on disappointing results.
Alibaba Group Holding LtdDisappointing results lead to sell-off.
NetEase IncDisappointing results lead to sell-off.
Astera Labs, Inc.
Advance Auto Parts IncSoft guidance despite earnings beat indicates weak future demand.
DoorDash, Inc. Class A Common Stock
Deere & CompanyEarnings beat of 6.5% boosts stock.
Walmart Inc.Weak comps and valuation concerns despite earnings beat.
Daqo New Energy Corp ADR
Uber Technologies Inc