US open: Wall Street dips on anniversary of 1987 Black Monday crash

Wall Street's main averages came under selling pressure as traders booked some profits on the 30th anniversary of the 1987 Black Monday US stock market crash that saw the S&P 500 plummet 20% in a single session.

At 1531 BST, the Dow Jones Industrial Average was off by 0.35% or 80.24 points to 23,077.36, alongside a 0.32% decline for the S&P 500 to 2,553.07, while the Nasdaq Composite was down by 0.33% or 8.32 points at 2,552.93.

From a sector standpoint, the best performing areas of the market were: Coal (1.58%), Fixed line telecommunications (1.35%) and Water (0.95%).

Against that backdrop, investors brushed off better-than-expected readings on two key economic releases, focusing instead on a barrage of corporate results.

On the economic front, initial jobless claims fell by 22,000 over the week ending on 14 October to reach 222,000 - a new cycle low and the least since 1973.

Nevertheless, Ian Sheperdson at Pantheon Macroeconomics pointed out that: "Once the hurricane distortions fade, we expect the trend in payroll growth to revert to a sustained 200K-plus, which will push the unemployment rate very close to 3.5% by this time next year."

In parallel, the Federal Reserve bank of Philadelphia's manufacturing sector gauge rose from a reading of 23.8 for September to 27.9 in October, which economists said reflected strength in factory activity outside of those regions impacted by recent hurricanes.

Lastly, the Conference Board's index of leading economic indicators dipped 0.% month-on-month (consensus: 0.1%).

Despite those mostly stronger than forecast readings, the yield on the benchmark 10-year US Treasury note was off by four basis points to 2.30%.

On the corporate front, Philip Morris International was in the red in pre-market trade after its quarterly earnings and sales missed expectations, but Travelers Cos was in the black after better-than-expected quarterly earnings and revenue.

Elsewhere, Alcoa was weaker after its quarterly earnings fell short of analysts’ expectations, while United Continental Holdings flew lower despite an earnings beat.

American Express was on the back foot despite better-than-expecting earnings and an upgrade to guidance. So were shares of Hewlett Packard Enterprises after the company's management detailed its outlook for the rest of the year at an Analyst Day meeting.

Genuine Car parts was another big faller after the parts retailer cut its profit guidance for the full-year.

Verizon Communications was likely to be in focus after in-line earnings, while Corbus Pharmaceuticals rocketed on the back of positive results from a phase 2 trial of its autoimmune disease drug.

Meanwhile, MongoDB shot higher on the day of its stockmarket debut.

Dow Jones - Risers

International Business Machines Corp. (IBM) $159.72 8.99%
Verizon Communications Inc. (VZ) $49.82 2.93%
Merck & Co. Inc. (MRK) $63.99 1.23%
Nike Inc. (NKE) $52.61 1.17%
General Electric Co. (GE) $23.35 1.02%
Johnson & Johnson (JNJ) $141.71 0.65%
Travelers Company Inc. (TRV) $129.41 0.59%
American Express Co. (AXP) $92.60 0.56%
Unitedhealth Group Inc. (UNH) $204.73 0.41%
Cisco Systems Inc. (CSCO) $33.65 0.31%

Dow Jones - Fallers

Apple Inc. (AAPL) $155.81 -2.47%
Procter & Gamble Co. (PG) $91.56 -1.30%
Goldman Sachs Group Inc. (GS) $238.96 -1.27%
Caterpillar Inc. (CAT) $129.91 -1.05%
Boeing Co. (BA) $257.93 -0.81%
United Technologies Corp. (UTX) $118.55 -0.68%
JP Morgan Chase & Co. (JPM) $97.33 -0.67%
Intel Corp. (INTC) $40.14 -0.27%
Pfizer Inc. (PFE) $36.13 -0.19%
Wal-Mart Stores Inc. (WMT) $86.06 -0.19%

S&P 500 - Risers

Adobe Systems Inc. (ADBE) $167.53 9.50%
International Business Machines Corp. (IBM) $159.72 8.99%
Danaher Corp. (DHR) $91.17 5.95%
Verizon Communications Inc. (VZ) $49.82 2.93%
Robert Half International Inc. (RHI) $50.35 2.81%
United States Steel Corp. (X) $27.33 2.63%
Host Hotels & Resorts Inc. (HST) $19.84 2.59%
DaVita Inc (DVA) $57.95 2.58%
Crown Castle International (CCI) $103.42 2.44%
Iron Mountain Inc (New) (IRM) $41.04 2.32%

S&P 500 - Fallers

Genuine Parts Co. (GPC) $90.02 -8.18%
Transocean Ltd. (RIG) $10.19 -5.61%
United Continental Holdings Inc. (UAL) $64.16 -4.96%
Royal Caribbean Cr (RCL) $121.91 -4.17%
Vornado Realty Trust (VNO) $75.15 -4.00%
Dover Corp. (DOV) $89.87 -3.95%
Skyworks Solutions Inc. (SWKS) $103.35 -3.72%
Sl Green Realty Corp. (SLG) $98.37 -3.57%
Qorvo, Inc. (QRVO) $69.45 -3.57%
Omnicom Group Inc. (OMC) $72.90 -3.56%

Nasdaq 100 - Risers

Adobe Systems Inc. (ADBE) $167.53 9.50%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $205.48 3.58%
Shire Plc Ads (SHPG) $148.69 1.64%
Gilead Sciences Inc. (GILD) $81.19 1.47%
Dentsply International Inc. (XRAY) $60.32 1.38%
Viacom Inc. Class B (VIAB) $26.13 1.20%
Comcast Corp. (CMCSA) $36.56 1.01%
Express Scripts Holding Co (ESRX) $58.34 0.99%
Akamai Technologies Inc. (AKAM) $51.46 0.90%
Henry Schein Inc. (HSIC) $82.89 0.73%

Nasdaq 100 - Fallers

Ctrip.Com International Ltd. Ads (CTRP) $51.33 -5.42%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $55.04 -4.23%
Skyworks Solutions Inc. (SWKS) $103.35 -3.72%
Apple Inc. (AAPL) $155.81 -2.47%
Mercadolibre Inc. (MELI) $236.42 -2.47%
Tesla Inc (TSLA) $350.79 -2.46%
eBay Inc. (EBAY) $37.05 -2.42%
O'Reilly Automotive Inc. (ORLY) $207.94 -2.37%
Baidu Inc. (BIDU) $263.40 -2.07%
Micron Technology Inc. (MU) $40.81 -2.00%