Here is what you need to know.
Stocks go negative for the year. The Dow Jones Industrial Average plunged more than 600 points on Wednesday, sending it into negative territory for the year. It’s on track to open higher by 200 points on Thursday.
New-home sales dropped sharply in September.New-home sales in the US fell 5.5% in September, making for the fourth straight monthly decline, according to data released Wednesday by the Commerce Department.
Medicaid enrollment didn’t grow in 2018 for the first time in a decade. Enrollment fell 0.6% in 2018, because of the strong US economy and policy changes made by states, according to a new Kaiser Family Foundation report.
Eddie Lampert steered Sears into bankruptcy, but he’s found ways to gain if it sinks. Lampert is among the first in line to get paid if Sears fails to emerge from bankruptcy, as the loans he provided to the company are backed by key company assets that can be repossessed.
Facebook receives maximum fine from the UK for the Cambridge Analytica data breach. The UK’s Information Commissioner’s Office has fined the social-media giant 500,000 British pounds ($US645,000) for the Cambridge Analytica data breach. The fine would have been much larger had the European Union’s new privacy rules already been in place.
Tesla reports a surprise profit in ‘truly historic’ quarter. The electric-car maker earned an adjusted $US2.90 a share on revenue of $US6.8 billion, topping the $US0.15 loss and $US6.3 billion that Wall Street analysts surveyed by Bloomberg were expecting.
Microsoft beats, but Azure sales slow. The tech giant beat on both the top and bottom lines but said sales from its Azure cloud-computing unit grew 76% year-over-year, down from 89% in the previous quarter. Shares were up more than 4% ahead of Thursday’s opening bell.
AMD misses on revenue and guidance. The chipmaker reported third-quarter revenue and fourth-quarter guidance that fell short of Wall Street estimates, sending shares down almost 20% in after-hours trading on Wednesday.
Earnings reporting remains heavy. American Airlines, Comcast, and Twitter report ahead of the opening bell, while Alphabet, Amazon, Chipotle, and Snap release their quarterly results after markets close.
US economic data keeps coming. Durable goods and initial claims will be released at 8:30 a.m. ET before pending-home sales cross the wires at 10 a.m. ET. The US 10-year yield is up 2 basis points at 3.13%.
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