Wall Street ends lower on mixed earnings, robust data

Teddy Fusaro, president of Bitwise Asset Management, rings the opening bell at the New York Stock Exchange on Thursday. – ReuterspicUS stocks tumbled on Thursday , dragged by tech and tech-adjacent megacap shares as investors digested mixed quarterly earnings and signs of economic resiliency that could encourage the Federal Reserve to keep interest rates at a restrictive level longer than expected.

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, CEO at AXS Investments in New York.

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