Wall Street slips as weak economic data offsets earnings strength

NEW YORK - Wall Street lost ground on Wednesday as weak US economic data and simmering geopolitical tensions spooked buyers away from the equities market, despite a string of generally positive third-quarter earnings reports.

"This is perhaps the first indication that the consumer side of the economy is showing signs of stress and perhaps pulling back," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. Analysts currently expect S&P 500 third-quarter earnings to fall by 3%, which would mark the first year-on-year contraction since the earnings recession that ended in 2016.

United Airlines advanced 1.9% after the airline beat quarterly profit estimates and increased its 2019 guidance. In other stocks news, Eli Lilly & Co dropped 1.6% in the wake of a late-stage study that showed its experimental pancreatic cancer treatment failed to meet the overall survival goal.

As expected

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