- Verizon stock traded 2.6% lower intraday on Thursday.
- Dow Jones fell after poor inflation showing in September.
- Hurricane Milton generally appears to be less damaging to Florida than expected.
- September CPI inflation was stronger than economists expected, may reduce chance of rate cut.
Verizon (VZ) stock sailed 2.6% lower on Thursday as US inflation failed to fall as much as expected. Shares of Verizon fell to their lowest level in a month.
The impact of Hurricane Milton is still uncertain on Thursday. After making landfall in Florida on Wednesday, there appears to be lots of flooding and destroyed homes but less statewide damage as expected. Ahead of the storm, Verizon had decided to be more lenient with post-paid services to Florida residents in the two weeks following Milton's landfall.
The Dow Jones Industrial Average (DJIA) has shed 0.36% through the afternoon, while the NASDAQ is down about half that level.
Verizon stock news: Market unhappy with stubborn CPI
The US Consumer Price Index (CPI) for September showed that annual headline inflation was above consensus but arrived slightly below August’s figure. Core CPI, which is more important to the Fed, came in above consensus and August’s number.
Stronger, more stubborn inflation reduced the chances of an interest rate cut by the Federal Reserve (Fed) next month, which sent stock prices lower.
Initial Jobless Claims for last week hit 258K, well above the 225K from the previous week, and this news helped to ameliorate some of the concerns with the inflation print.
Overall, lower interest rates will help companies with large debt profiles like Verizon. On Tuesday, the telecom’s management said they had lined up the $9.6 billion in short-term funding it needs to acquire Frontier Communications.
Verizon stock chart
Verizon stock halted near the $43 level, which had acted as resistance in January and April earlier this year. Below here lies support in the thicket between $40.80 and $42.50 where the 50-day, 100-day and 200-day Simple Moving Averages (SMA) line up.
VZ daily stock chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
Bitcoin punches new all-time high above $111,800 following brief shock from weak 20-year bond auction
Bitcoin (BTC) hit a new all-time high above $111,800 on Thursday, rebounding from a brief dip to $106,000. The surge followed weak demand in the US Treasury’s 20-year bond auction, which pushed yields above 5%, potentially shifting investor interest toward alternative assets like Bitcoin.
EUR/USD holds steady above 1.1300 ahead of EU PMI data
EUR/USD is keeping its range above 1.1300 in the European morning on Thursday. The pair takes a breather ahead of a bunch of critical business PMI and sentiment data from Eurozone and Germany. However, broad US Dollar weakness could keep the major supported. US PMI also awaited.
Gold price holds above $3,300, near two-week top as USD remains depressed amid fiscal concerns
Gold price attracts buyers for the fourth consecutive day and climbs to a nearly two-week high during the Asian session on Thursday. The US sovereign credit rating downgrade by Moody’s and growing worries about rising US deficit on the back of US President Donald Trump's sweeping tax bill keep investors on edge.
GBP/USD clings to minor gains above 1.3400, with eyes on UK PMI data
GBP/USD defends minor bids while trading above 1.3400 in early Europe on Thursday. The pair benefits from the ongoing Dollar weakness,on fiscal concerns. Atention now turns towards the preliminary business PMI data from the UK and the US for fresh trading directives.
FOMO vs fundamentals: Retail buys the dip, institutional investors stay cautious
Retail optimism is rising, but institutions are still treading carefully amid lingering macro and earnings risks. Policy and fiscal uncertainty remain elevated, with trade tensions, U.S. debt concerns, and a cautious Fed dominating the backdrop.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.