NEW YORK, Oct 12 — US stocks ended a choppy session lower yesterday as investors grew nervous ahead of third-quarter earnings reporting season.
“The market is a bit cautious going into this earnings season,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Supply chain issues may have impacted earnings for a number of companies and certain industries more than others.” The Dow Jones Industrial Average fell 250.19 points, or 0.72 per cent, to 34,496.06, the S&P 500 lost 30.15 points, or 0.69 per cent, to 4,361.19 and the Nasdaq Composite dropped 93.34 points, or 0.64 per cent, to 14,486.20.
Managements “have been very cognizant of their budgets and not sacrificing margins.” Plus, demand remains strong, he said.