Market Wrap | S&P and Nasdaq Slide as Tevogen Bio Soars while McDonald's Faces E.coli Setback

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On October 23rd, U.S. stock markets closed lower, with the S&P 500 declining by 0.92% to 5797.42 points, the Dow Jones dropping 0.96% to 42514.95 points, and the Nasdaq falling by 1.63% to 18276.65 points.

A selection of stocks demonstrated notable price movements. Tevogen Bio Holdings soared by 54.04%, while Spirit Airlines climbed 45.74%, and Stride gained 39.12%. On the downside, Alto Neuroscience plummeted 70.20%, Constellium fell 28.67%, and Triller Group declined by 23.71%.

In Chinese equities, Li Auto saw an increase exceeding 4%, Ctrip rose by 1.52%, and Xpeng Motors went up 1.31%. In contrast, Kaixin Auto fell over 21%, New Oriental Education dropped 7%, and Fangdd Network experienced a 5% decline.

Tech stocks generally fell. Qualcomm saw a dip of more than 2%, partially due to concerns surrounding its partnership with ARM, and NVIDIA dropped nearly 3%.

McDonald's shares took a hit, losing over 5%, following an outbreak of E.coli tied to its quarter-pound hamburgers, affecting 49 people across 10 states.

Global market outlook remains divergent, with analysts split on future U.S. equity performance. Despite current proximity to historical peaks, there's contention over whether past growth rates, exceeding 13% annually, will sustain.

The U.S. Department of Commerce announced a review potentially retracting some anti-dumping and countervailing duties on specific Chinese solar products, specifically targeting low-power, off-grid crystalline silicon photovoltaic cells.

Additionally, a Federal Reserve survey suggested continued inflation moderation, signaling possible rate cuts by the central bank. Despite a recent 50 basis point reduction, expectations loom for further monetary easing.

Corporate news: A concern arose with ARM’s plan to retract Qualcomm's chip design license, with significant implications for the smartphone and PC markets. In another sector, Starbucks saw its same-store sales figures slip for the third consecutive quarter, subsequently retracting its future earnings guidance to reassess pricing structures.