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Stocks Fall With Data, Geopolitics Offsetting Earnings

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The S&P 500 and the Nasdaq closed lower Friday as weak consumer sentiment data and the Middle East conflict soured investors on riskier bets and overshadowed upbeat quarterly earnings from some of the largest U.S. banks.

Wall Street's three major indexes opened higher but lost ground after a preliminary reading on U.S. consumer sentiment showed a sharp fall in October.

"This signals more of a risk off-sentiment," said Lauren Goodwin, economist and portfolio strategist at New York Life Investments. The moves in bonds, equities and oil reflect worries about deteriorating consumer sentiment, the global economy and geopolitical conflict, she added. According to preliminary data, the S&P 500 lost 21.66 points, or 0.49%, to end at 4,328.34 points, while the Nasdaq Composite lost 166.98 points, or 1.23%, to 13,407.23. The Dow Jones Industrial Average rose 39.41 points, or 0.13%, to 33,673.39.

 

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