U.S. markets are experiencing a downturn, with the S&P 500 dipping below 4,200 points following the worst one-day drop on Nasdaq since February. This slump mirrors the European market's decline as the STOXX 600 index fell by 1% and remained near a seven-month low ahead of the European Central Bank's (ECB) policy decision on Thursday.
Rising U.S. Treasury yields and poor earnings reports from companies like Standard Chartered (OTC: SCBFF ) have contributed to the European shares' fall. The Asia-focused bank reported a 33% fall in its third-quarter pre-tax profit, missing its target by 2%, and faced $294m in credit impairment charges. This led to an 11.3% drop in Standard Chartered's shares.
Meanwhile, BNP Paribas (OTC: BNPQY ) reported a Q3 net income of €2.7bn, surpassing expectations despite concerns over the oil and gas price outlook expressed by CFO Lars Machenil. In the tech sector, Meta (NASDAQ: META ) exceeded its Q3 expectations, although the revenue forecast remains uncertain.
In other developments, Ford (NYSE: F ) and the United Auto Workers (UAW) have reached a tentative agreement after six weeks of strikes, pending member approval. This news comes amidst a turbulent time for automakers, including Mercedes-Benz (OTC: MBGAF ) and Volvo (OTC: VLVLY ) Cars, leading declines in Europe.
Lastly, Louisiana Congressman Mike Johnson's appointment as Speaker of the House has resolved three weeks of political uncertainty in Washington.
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