News Formal

Stocks End Lower on Mixed Earnings, Robust Data

  • 📰 NEWSMAX
  • ⏱ Reading Time:
  • 35 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 71%

Business News News

Wall Street closed lower Thursday, dragged by tech and tech-adjacent megacap shares as investors digested a slew of mixed quarterly earnings and signs of economic resiliency that could encourage the Federal Reserve to keep interest rates at a restrictive level for longer.

Wall Street closed lower Thursday, dragged by tech and tech-adjacent megacap shares as investors digested a slew of mixed quarterly earnings and signs of economic resiliency that could encourage the Federal Reserve to keep interest rates at a restrictive level for longer than expected. All three major U.S. stock indexes ended in the red.

At last glance, roughly four in five companies were beating earnings estimates. Analysts' most recent estimates call for aggregate year-on-year S&P 500 earnings growth of 2.6%, according to LSEG. "Investors were "digesting the economic data through the lens of an aggressive Federal Reserve ... it challenges the notion that the Fed will start lowering rates in 2024," said Greg Bassuk, Chief Executive Officer at AXS Investments in New York.

Unofficially, the Dow Jones Industrial Average fell 251.83 points, or 0.76%, to 32,784.1, the S&P 500 lost 49.59 points, or 1.18%, to 4,137.18 and the Nasdaq Composite dropped 225.62 points, or 1.76%, to 12,595.61.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 16. in BUSİNESS

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.

Tech Stocks Tumble, Pushing Nasdaq LowerNine of the S&P 500’s 11 sectors decline
Source: WSJ - 🏆 98. / 63 Read more »

European stocks head for lower open as earnings roll in; ECB set to hold ratesEuropean stock markets are heading for a lower open Thursday as attention remains on third-quarter earnings and government bond yields.
Source: NBCLA - 🏆 319. / 59 Read more »

European stocks head for lower open as earnings roll in; ECB set to hold ratesEuropean stock markets are heading for a lower open Thursday as attention remains on third-quarter earnings and government bond yields.
Source: CNBC - 🏆 12. / 72 Read more »

European stocks open sharply lower as earnings roll in; ECB set to hold ratesEuropean stock markets opened lower Thursday as attention remains on third-quarter earnings and government bond yields.
Source: NBCDFW - 🏆 288. / 63 Read more »

Asian stocks rebound on the lower US bond yield, China stimulus plansMost Asian stock markets trade in positive territory on Friday. The lower US Treasury bond yield lifts the regional stocks ahead of the US Core Person
Source: FXStreetNews - 🏆 14. / 72 Read more »

September PCE report: Stocks mostly lower after investors digest latest dataFollow along with MarketWatch's coverage of the PCE price index and its impact on markets.
Source: MarketWatch - 🏆 3. / 97 Read more »