Wall Street slips on disappointing results

Several reports on the US economy have also come in better than expected in recent weeks, which has helped stock indexes reach record highs.

The S&P 500 Index declined 0.3% to 2,160.24 at 9:52am in NY, after closing at an all-time high for the fifth time in six days.

The U.S. equity market moved higher during Wednesday’s session, with the Dow Jones Industrial Average and S&P 500 closing at new all-time highs levels.

Dow e-minis were up 25 points, or 0.14 percent at 8:20 a.m. ET (1220 GMT), with 22,403 contracts changing hands. The Nasdaq composite fell 18, or 0.3 percent, to 5,038. The gains sent all three indexes to their fourth consecutive winning week, their longest streak since March.

“There seems to be a growing consensus that this is the trough of earnings for the S&P 500”, said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.

Even with the economic concerns triggered by Britain’s recent vote, the S&P 500 and Dow have hit record highs in the past week.

Netflix has plunged thirteen percent in value, following a disappointing earnings report.

Across the Atlantic, SAP, Europe’s largest software group, and ASML Holding, a supplier to semiconductor makers, reported quarterly results that beat forecasts. C, -0.49% all beat on earnings for the second quarter.

Johnson & Johnson rose 1.7 precent after reporting second-quarter sales climbed 3.9 percent to $18.5 billion and lifting its full-year profit forecast.

Germany’s DAX index and France’s CAC 40 index were close to flat, while Britain’s FTSE 100 rose 0.4 percent.

The benchmark USA 10-year Treasury yield was up 2 basis points at 1.58 per cent, while 10-year German Bund yield moved up 2 basis points at -0.01 per cent.

European stocks SXXP, +0.91% were near a one-month high, helped by some upbeat corporate updates.

The S&P 500 has been on a steady ride higher since setting a record on July 1, with no days where it has swung by 1 percent during that span.

RECORDS ON REPEAT: If the day’s gains hold, the S&P 500 and Dow will again set record highs. And investors quickly snapped up stocks the following day.

Tech led, and six of the 10 major S&P sectors closed higher, with utilities and consumer staples the biggest laggards.

Stocks in Europe held steady Thursday as investors paused following a recent rally and waited for the European Central Bank’s first policy meeting since the United Kingdom voted to leave the European Union last month.

Japan’s economy is barely growing. Economists are speculating about whether its central bank may push more stimulus next week. Union Pacific UNP.N dropped 2.8 percent after the No. 1 US railroad posted a lower quarterly net profit, hurt by slumping freight volumes.

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