US markets break gaining streak; S&P 500, Nasdaq Composite down over 1%; Dow 30 declines by 238 points intraday
US Markets were trading in the red at 1:11 pm ET (10:41 pm IST) with DOW 30 trading at 30,284.80, down by 238.99 points or 0.78%. Meanwhile, S&P 500 was trading at 3,675.12, down by 1.21% and Nasdaq Composite was trading at 10,623.20, down by 1.3%
US Markets were trading in the red at 1:11 pm ET (10:41 pm IST) with DOW 30 trading at 30,284.80, down by 238.99 points or 0.78 per cent. Meanwhile, S&P 500 was trading at 3,675.12, down by 44.86 points or 1.21 per cent and Nasdaq Composite was trading at 10,623.20, down by 149.17 points or 1.38 per cent. The markets were trading with weakness amid the ongoing earnings season. Abbott today reported third-quarter sales of USD 10.4 billion which decreased 4.7 per cent on a reported basis and increased 1.3 per cent on an organic basis, which excludes the impact of foreign exchange, a company release said. The stock reacted sharply falling down by over 8 per cent and was trading at USD 97.585. The results took sheen out of the robust movement of Netflix after the company posted gains in its net subscribers in Q3 results.
Abbott Q3 Results 2022: Highlights
- Third-quarter sales of $10.4 billion decreased 4.7 percent on a reported basis and increased 1.3 percent on an organic basis, which excludes the impact of foreign exchange.
- Abbott is raising its full-year 2022 EPS guidance. Abbott projects full-year diluted EPS on a GAAP basis of USD 3.75 to USD 3.81 and projects adjusted diluted EPS of USD 5.17 to USD 5.23.
- Full-year 2022 guidance assumes COVID-19 testing-related sales of USD 7.8 billion, which includes sales of USD 7.3 billion through September 2022 and projected sales of $0.5 billion in the fourth quarter.
- Continues to strengthen portfolio with new product approvals and launches
Earlier today, domestic equity markets continued their winning streak for the fourth straight day as the benchmarks ended Wednesday in the green. While the BSE Sensex closed at 59,107.19 and was up by over 146.59 points or 0.25 per cent from the Monday closing price, the Nifty50 index settled at 17512.25, up by 25 points or 0.14 points. In the 30-stock Sensex, 10 shares gained while remaining 20 were the losers. As for the 50-share Nifty50, 18 advanced and 32 declined.
Also Read: Stock Market Outlook on 20 October: Nifty50 support, resistance, rupee movement and key results, here are 10 triggers to watch out for
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