Trading on Wall Street was choppy Tuesday, and stock indexes closed lower, dragged down by some companies’ earnings reports and a sell-off in the technology sector.
The Standard & Poor’s 500 index fell 10.73 points, or 0.4%, to 2,995.99. The Dow Jones industrial average fell 39.54 points, or 0.2%, to 26,788.10.The Nasdaq, which is heavily weighted with technology stocks, bore the brunt of the selling. It declined 58.69 points, or 0.7%, to 8,104.30. Investors have been shifting their focus to corporate earnings reports as they wait for developments in the trade negotiations between the United States and China. Optimism over the latest round of talks, which for now have at least prevented the costly conflict from escalating further, helped put investors in a buying mood in recent weeks. The benchmark S&P 500 has notched weekly gains the last two weeks.
McDonald’s shares slid 5% after reporting that its third-quarter profit and revenue fell short of Wall Street’s forecast. It was one of the big decliners among companies that rely on consumer spending. Procter & Gamble shares climbed 2.6% after the consumer products maker posted surprisingly good third-quarter earnings and raised its profit forecast for the year.
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