Traders Digest Earnings, Stocks Tank
The S&P 500 was little changed on the heels of some mixed corporate earnings after eking out yet another record even as trading remains restrained.
The Dow Jones Industrial Average crumbled 156.37 points to 44,681.19.
The much broader index fell back 7.9 points to 6,381.87.
The NASDAQ sank 27.25 points to 21,151.34.
This week is a key stretch for corporate earnings, with “Magnificent Seven” names Meta Platforms, Microsoft, Apple and Amazon all set to report results on Wednesday and Thursday. As it stands, 170 S&P 500 companies have reported their quarterly results, and more than 83% have beaten expectations, according to FactSet data.
Traders evaluated some mixed results on Tuesday. Shares of Boeing were lower even after a solid earnings print as the company delivered the most airplanes since 2018.
Procter & Gamble stock inched higher on a better-than-expected full-year revenue forecast and the naming of an insider as CEO.
Other corporate results have missed the mark, with shipping giant and consumer bellwether UPS posting an earnings shortfall and not issuing guidance.
Whirlpool missed second-quarter analyst estimates and slashed its dividend.
The looming Federal Reserve interest rate decision on Wednesday has kept gains check for equities, however, even as the central bank is largely expected to keep its benchmark unchanged. Investors will also parse a slew of economic data this week, including a reading of gross domestic product and private payroll data due out Wednesday.
Prices for the 10-year treasury forged ahead, lowering yields to 4.35% from Monday’s 4.41%. Treasury prices and yields move in opposite directions.
Oil prices jumped 99 cents to $67.70 U.S. a barrel.
Gold prices recovered $19.30 to $3,329.30 U.S. an ounce.
