Stocks closed lower on Thursday as market participants reacted to several key third-quarter earnings reports. The Dow Jones Industrial Average fell nearly 100 points, while the S&P 500 Index and Nasdaq Composite slipped 0.8% and 0.6%, respectively.
Here's how the market settled on Thursday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
In the headline on Thursday, U.K. Prime Minister Liz Truss resigned following a failed economic package, which included tax cuts that impacted financial markets. Truss was in office for just 44 days, making her the shortest-serving prime minister in British history.
On the downside, Tesla
However, Tesla reiterated its previous guidance of a 50% average growth rate on vehicle deliveries for 2022, even as it raised headwind concerns from increased raw material costs and manufacturing issues at its Gigafactory in Berlin, Germany.
"I can't emphasize enough that we have excellent demand for Q4 and we expect to sell every car that we make for as far into the future as we can see," said CEO Elon Musk. "North America's in pretty good health, although the Fed is raising interest rates more than they should but I think they'll eventually release that and bring them down again."
On the economic front, the U.S. Labor Department reported an unexpected drop in first-time unemployment filings for the week ended Oct. 15, with claims falling to 214,000 from the previous week's revised print of 226,000. This marked another sign that the labor market remains tight despite the Fed's aggressive moves to reign in the economy to cool inflation.