S&P, Nasdaq slip from record levels as earnings season gains speed

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The S&P and Nasdaq slipped from record closing levels as investors digested a batch of corporate earnings results

FILE PHOTO: The front facade of the New York Stock Exchange is seen in New York, U.S., November 24, 2020. REUTERS/Brendan McDermid

Of the 84 companies in the S&P 500 that posted earnings through Tuesday morning, 86.9% have topped analyst expectations, according to Refinitiv data. “It is still somewhat the early days but we are getting into the heart of it here,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.

For the Nasdaq, the decline snapped a five-session streak of gains, its longest run of daily gains since early November. With the S&P 500 trading at more than 22 times 12-month forward earnings, concerns about stock bubbles on Wall Street are sparking fears of a pullback. Investors are keeping an eye out for forecasts from corporate America to justify the higher valuations.

General Electric Co jumped 2.73 after the industrial conglomerate offered an upbeat outlook for its business this year and reported a surge in quarterly free cash flow. [L4N2K12D8]

 

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