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Dow falls over 400 points as stock market fails to build on Monday bounce ahead of megacap tech earnings

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Tuesday decline steepens: Dow drops 400 points, while Nasdaq skids 2.7%

U.S. stocks fell sharply Tuesday, failing to build on the previous session’s intraday bounce, as investors sifted through a raft of corporate results and awaited earnings due after the bell from megacap tech giants, including Microsoft and Google owner Alphabet.

Also read: U.S. stocks ended a Manic Monday in the green — but intraday bounces like this aren’t bullish “This week a lot of attention will be on the megacap earnings announcements. Netflix’s announcement proved to be a big speed bump that the market is still trying to get over and hopefully there will be some horsepower to help us over, created by announcements and forecasts of the remaining FAANG stocks this week,” said Brian Overby, senior options analyst at Ally Bank, in emailed comments.

While close to 80% of firms that have so far reported for the quarter have beaten profit expectations including GE, United Parcel Service Inc. and Pepsico Inc, disappointing earnings forecasts, including those from JetBlue Airways Corp., are weighing on shares.

 

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