Stocks Drop on Profit Reports, Oil Jumps on War Fears

Wall Street dropped after big U.S. companies delivered a mixed set of profit reports and rising Treasury yields tightened the vise further on the stock market.The S&P 500 fell 1.3%. The Dow Jones Industrial Average lost 332 points, and the Nasdaq composite fell 1.6%.

The forecast overshadowed United's reporting a bigger profit for the summer than Wall Street had predicted. Other airlines fell in concert, with American Airlines down 5.2% and Delta Air Lines down 4.7%. Nasdaq rose 3.9% for one of the stock market's bigger gains after it reported stronger profit for the latest quarter than expected. It benefited from high-profile stock debuts on its trading exchange, as well as growth for its anti-financial crime business.

Treasury yields in the bond market have been on a steady march higher as investors accept a new normal where the Federal Reserve is likely to keep interest rates high to get inflation under control. High rates and yields hurt prices for stocks and other investments. Still, investors remain cautious. Global fund managers are holding more cash to protect themselves, up to 5.3% of their total portfolios in October from 4.9%, according to the latest survey by Bank of America.

The spark for the jump was a blast at a Gaza hospital that reportedly killed hundreds. Hamas blamed it on an Israeli airstrike, while the Israeli military blamed a rocket misfired by members of another Palestinian militant group. President Joe Biden seemed to suggest it wasn’t Israel.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Japanese stocks climb for second day as Hong Kong stocks dropSupported by world-class markets data from Dow Jones and FactSet, and partnering with Automated Insights, MarketWatch Automation brings you the latest, most pertinent content at record speed and with unparalleled accuracy.
Source: MarketWatch - 🏆 3. / 97 Read more »

European stocks drop TuesdaySupported by world-class markets data from Dow Jones and FactSet, and partnering with Automated Insights, MarketWatch Automation brings you the latest, most pertinent content at record speed and with unparalleled accuracy.
Source: MarketWatch - 🏆 3. / 97 Read more »

Airline stocks hit hard by United's dour profit outlookJets ETF set to snap 2-day bounce off 1-year low
Source: MarketWatch - 🏆 3. / 97 Read more »

Global oil prices rally, stocks drop on fears of broader Middle East warCrude futures briefly vaulted three percent higher as fears grew over broadening unrest that could destabilise the crude-rich Middle East.
Source: trtworld - 🏆 101. / 63 Read more »

3 Stocks Set to Deliver Explosive Profit Growth This Earnings SeasonStocks Analysis by Investing.com (Jesse Cohen) covering: S&P 500, iShares Core S&P 500 ETF, SPDR® S&P 500, S&P 500 Futures. Read Investing.com (Jesse Cohen)'s latest article on Investing.com
Source: Investingcom - 🏆 450. / 53 Read more »