Equity Alert
US mkt ends lower; rare earth cos up as China tightens exports
This story was originally published at 08:03 IST on 10 October 2025
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Equity Alert: US mkt ends lower; rare earth cos up as China tightens exports
MUMBAI--0745 IST--Benchmark equity indices in the US ended lower Thursday, with the S&P 500 and the Nasdaq Composite retreating from record intraday highs to close in the red. Traders are waiting for the September quarter earnings of several companies, which may provide cues on the health of the US economy amid a data blackout. The US government shutdown entered its ninth day, delaying crucial economic data such as the weekly unemployment print, which was due Thursday. Shares of US rare earth producing companies ended higher after China tightened export rules for these commodities.
"The earnings cycle is upon us and there's a wait-and-see in terms of whether we'll see the same level of consistency of earnings growth in the coming quarter that we've seen in the last two quarters... couple that with the uncertainty surrounding the lack of data coming out of Washington and how the Fed (US Federal Reserve) navigates that, it's natural to see a bit of a pullback," Matthew Keator, managing partner in the Keator Group, was quoted by Reuters, as saying.
Shares of US rare earth and critical mineral miners were up Thursday after China tightened restrictions on exports, furthering market speculation that the US government will aggressively invest in building a domestic supply chain, CNBC reported. Chinese companies are also banned from working with foreign companies on rare earths without government permission, according to a BBC report. USA Rare Earth jumped 15%, NioCorp. Developments rose nearly 12%, and Ramaco Resources gained a little over 11%. Shares of Albemarle gained 5.3?ter brokerage TD Cowen raised its price target on the lithium producer, Reuters reported.
Shares of Delta Air Lines were up more than 4?ter the company posted an upbeat estimation for the current quarter, after reporting stronger-than-expected September quarter earnings, according to a Reuters report. Other aviation companies also gained, and shares of GMR Airports closed 3.5% higher. Shares of retailer Costco Wholesale rose over 3?ter reporting strong sales for September.
New York Federal Reserve President John Williams said he favours more interest rate cuts before the end of the year due to concerns around the weakening labour market, according to a report by The New York Times published on Thursday. Market participants are currently pricing in a 95% likelihood that the US Fed will cut interest rates by 25 basis points at its Oct. 28–29 meeting, with the rest expecting status quo, according to CME's FedWatch tool.
Following are the closing levels of US indices Thursday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6735.11 |
(-)0.28 |
|
NASDAQ Composite |
23024.63 |
(-)0.08 |
|
Dow Jones Industrial Average |
46358.42 |
(-)0.52 |
(Eshitva Prakash)
End
US$1 = INR 88.78
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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