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By Staff Reporters
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U.S. equities ended the day lower in a choppy trading session as the markets sifted through a host of earnings results, as well as news of the sudden resignation of the U.K.’s prime minister.
Q3 earnings season has shifted into a higher gear, as IBM beat the Street’s forecasts and upped its guidance, Tesla also exceeded estimates and offered upbeat commentary, and American Airlines far surpassed estimates on record revenue. Meta fell 1.28%. Microsoft Corp. fell 0.14% to $236.15, Alphabet Inc. Cl A rose 0.34% to $99.97, and Twitter Inc. rose 1.18% to $52.44. Trading volume (24.4 M) remained 3.5 million below its 50-day average volume of 27.8 M.
The economic calendar for the day came in heavy, with jobless claims moderating and manufacturing activity out of the Philadelphia region improving slightly, but remaining contractionary. Additionally, existing homes sales fell for an eighth-straight month, and the Leading Economic Index has now declined for six of the past seven months.
Treasury yields gained ground, but the U.S. dollar paired some of its recent run, while crude oil and gold prices nudged lower. Stocks in Europe were mostly higher with investors absorbing the events transpiring in the U.K. and more hot inflation data, and Asian markets were lower, as economic uncertainty continues to weigh on conviction.
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Filed under: Alerts Sign-Up, Alternative Investments, Investing | Tagged: earnings, earnings report, earnings reports, economic reports, stocks, Stocks Lower after Economic and Earnings Reports |
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