Nasdaq Down 500 Points; Uber Shares Dip After Q3 Results

U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite dipping around 500 points on Thursday.

The Dow traded down 0.62% to 41,880.03 while the NASDAQ fell 2.69% to 18,107.65. The S&P 500 also fell, dropping, 1.64% to 5,718.50.

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Leading and Lagging SectorsUtilities shares rose by 1.6% on Thursday.

In trading on Thursday, information technology shares fell by 3.4%.

Top Headline

Shares of Uber Technologies, Inc (NYSE:UBER) dipped more than 10% on Thursday after the company reported quarterly results.

The company posted fiscal third-quarter 2024 revenue growth of 20% year-on-year to $11.188 billion, beating the analyst consensus of $10.97 billion. Uber reported GAAP EPS of 46 cents and adjusted EPS of 46 cents, which beat the analyst consensus of 41 cents.

Trips grew 17% year-over-year to 2.9 billion, or 31 million per day. Uber’s Monthly Active Platform Consumers reached 161 million, up 13% year-over-year.

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