Traders Pore over Earnings, S&P Points Downward
The S&P 500 fell on Tuesday, a day after the broad market index and NASDAQ Composite hit fresh records, as traders weighed the latest earnings reports and new trade developments.
The Dow Jones Industrial Average recovered 47.74 points to 44,370.81.
The much-broader index gave back 14.74 points to 6,290.86.
The NASDAQ stepped back 129.16 points to 20,845.02.
Shares of aerospace and defense name Lockheed Martin were down 6% after the company’s revenue for the second quarter missed analyst estimates.
Similarly, Philip Morris lost 7% after the tobacco company’s second-quarter revenue also missed expectations.
So far, 88 S&P 500 companies have reported, with more than 82% of those topping analysts’ estimates, according to FactSet data. Eyes are on commentary from companies about macroeconomic certainty, the impact of tariffs and details on demand and spending related to artificial intelligence.
Google parent Alphabet and Tesla will report Wednesday, kicking off highly anticipated results from the “Magnificent Seven” companies. The megacap tech companies are expected to contribute to a significant amount of earnings growth this season.
Prices for the 10-year treasury climbed, lowering yields to 4.34% from Monday’s 4.38%. Treasury prices and yields move in opposite directions.
Oil prices demurred $1.06 to $66.14 U.S. a barrel.
Gold prices marched on $13.10 to $3,419.50 U.S. an ounce.
