Stocks ended mixed on Thursday, Nov. 8, after the Fed left interest rates unchanged and following Wednesday's post-election rally.
The Dow Jones Industrial Average rose 11 points, or 0.04%, to 26,191, the S&P 500 declined 0.25% while the Nasdaq fell 0.5%.
Stocks rallied Wednesday, Nov. 7, as the midterm elections played out pretty much as expected. The Dow jumped 545 points, or 2.1%, to 26,180, and the S&P 500 closed at 2,813, its highest finish in four weeks. The Nasdaq gained 2.6%.
The Federal Reserve held rates steady Thursday, but signalled it intends to continue gradual rate hikes. The Fed has raised rates three times so far in 2018. The announcement is scheduled for 2 p.m. ET
Federal Reserve Hawks Could Snuff Out November's $1 Trillion Stock RallyTesla Inc. (TSLA) rose 1% after the electric vehicle company appointed current board member Robyn Denholm as chair.
Denholm succeeds Tesla CEO and founder Elon Musk, who agreed to relinquish the chairmanship for three years in a settlement with the Securities and Exchange Commission stemming from misleading tweets he made claiming to have financing to take the company private.
Tesla Names Board Member Robyn Denholm as ChairQualcomm Inc. (QCOM) shares traded sharply lower Thursday, down 8.5%, after the chipmaker forecast weaker-than-expected revenue for the December quarter following Apple Inc.'s (AAPL) decision to use chips from Intel Corp. (INTC) in its new iPhones.
Qualcomm posted a loss of 35 cents a share for the three months ended in September, its fiscal fourth quarter, and said a one-time tax boost would help fiscal first-quarter earnings rise to as high as $1.15 a share on sales of between $4.5 billion and $5.3 billion. Both figures, however, missed analysts' forecasts, and the company said Apple's move to Intel chips would hit both its top and bottom lines.
Qualcomm Slumps After Apple Move to New iPhone Chips Trims Revenue GuidanceSquare Inc.'s (SQ) third-quarter earnings of 13 cents a share topped expectations by 2 cents but the payments company said it expects fourth-quarter earnings of 12 cents to 13 cents, below analysts' forecasts of 15 cents. Net revenue of $431 million beat estimates of $414 million.
Square fell 10%.
Square Tanks on Soft Earnings Guidance, DowngradeD.R. Horton Inc. (DHI) reported strong earnings quarterly earnings though warned it was seeing signs of "moderating' demand. The stock declined 9%.
Roku Inc. (ROKU) shares tumbled 22% after the streaming video platform said it expected to report fiscal fourth-quarter results in the range of a loss of $4 million to earnings of $3 million, below analysts' forecasts for earnings of $7 million.
Roku Shares Fall Sharply on Weak Fourth-Quarter GuidanceArris International PLC (ARRS) rose 10.4% to $30.59 after it reached an agreement to be acquired by CommScope Holding Co. (COMM) for $31.75 a share. The deal was valued at about $7.4 billion, including debt. CommScope shares fell 21%.
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