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

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Wall Street gains as earnings season begins in earnestWall Street advanced on Tuesday as the third-quarter earnings season hit the ground running with a spate of upbeat reports that brought buyers ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Wall Street flat as upbeat earnings offset trade worriesU.S. stocks were flat on Wednesday as a raft of upbeat earnings reports underlined a solid start to third-quarter results, while concerns over an ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »