Stocks opened little changed and remained that way for most of the session as the market consolidated its recent gains. There was little reaction to the in-line weekly jobless claims as investors sat on the sidelines awaiting the release of the Fed's rate decision. As expected, the Fed left interest rates unchanged while signaling future gradual rate increases. The market took it in stride and drifted into the close.
ECONOMIC EVENTS: In the U.S., initial jobless claims dipped 1,000 to 214,000 in the first week of November. In Federal Reserve news, the Fed kept its interest rate benchmark unchanged, adding that it expects further "gradual" increases.
COMPANY NEWS: Shares of Qualcomm (QCOM) fell 8% despite strong Q4 results, as Deutsche Bank analyst Ross Seymore said the company's fiscal Q1 guidance "disappointed on a number of metrics." Stifel analyst Kevin Cassidy noted that MSM shipments are expected to decline about 20% in fiscal Q1, 50% of which is due to Apple (AAPL) now using Intel (INTC) modems.
Shares of Wynn Resorts (WYNN) traded 13% lower and dragged down other Macau casino operators after the company's executives warned of a slowdown in the key Macau market following the Golden Week holiday. While Wynn fell 13%, Macau casino peers Las Vegas Sands (LVS) and MGM Resorts (MGM) slipped 5% and 3.5%, respectively.
Shares of Square (SQ) dropped 9% despite the payments company having reported its sixth straight quarter of accelerated growth last night.
Shares of Monster Beverage (MNST) were 3% lower following the company's quarterly report. The energy drink maker's results were better than expected, but that was largely overshadowed by the company revealing a dispute with partner Coca-Cola (KO) over its own plans to potentially launch two Coke-branded energy drinks.
Tesla (TSLA) was in focus after it named Telstra's Robyn Denholm as its full-time board chair. In addition, Reuters reported that Volkswagen (VLKAY) is planning an electric vehicle to rival Tesla called "MEB entry."
MAJOR MOVERS: Among the noteworthy gainers was Vanda Pharmaceuticals (VNDA), which rose 15% after Jefferies assumed coverage of the stock with a Buy rating and $26 price target a day after the comapny reported quarterly results. Also higher after reporting quarterly results were Sally Beauty (SBH) and TripAdvisor (TRIP), which gained 20% and 15%, respectively.
Among the notable losers was CommScope (COMM), which dropped 20% after it reporting quarterly results and agreed to acquire Arris (ARRS) for $31.75 per share. Arris shares were 10% higher after the news. Also lower after reporting quarterly results were Roku (ROKU) and Ctrip.com (CTRP), which fell a respective 22% and 19%.
INDEXES: The Dow gained 10.92, or 0.04%, to 26,191.22 , the Nasdaq lost 39.87, or 0.53%, to 7,530.88 , and the S&P 500 declined 7.06, or 0.25%, to 2,806.83.
Qualcomm
-5.15 (-8.15%)
Apple
-0.84 (-0.40%)
Intel
+0.27 (+0.55%)
Block
-7.44 (-9.00%)
Wynn Resorts
-15.11 (-13.25%)
MGM Resorts
-0.97 (-3.47%)
Las Vegas Sands
-2.935 (-5.18%)
Monster Beverage
-1.74 (-3.11%)
Coca-Cola
-0.04 (-0.08%)
Tesla
+3.21 (+0.92%)
Symbol is now VWAGY
+ (+0.00%)
Vanda Pharmaceuticals
+3.08 (+15.07%)
Sally Beauty
+3.8 (+20.22%)
TripAdvisor
+8.88 (+15.29%)
CommScope
-4.95 (-20.20%)
Arris
+2.93 (+10.55%)
Roku
-13.19 (-22.39%)
Symbol now TCOM
-6.58 (-19.09%)