US Markets
Wednesday, October 18th, 2023 1:58 pm EDT
Key Points
- Stocks experienced a decline on Wednesday as the earnings season progressed, with a notable drop in major stock indices, including the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite.
- Several companies, including J.B. Hunt, United Airlines, and Morgan Stanley, saw significant drops in their stock prices due to worse-than-expected earnings or soft guidance.
- On the positive side, Procter & Gamble’s stock rose after beating analyst expectations for the quarter, and investors were anticipating earnings reports from Netflix and Tesla. Additionally, the article mentioned that Wall Street was closely monitoring the ongoing Israel-Hamas war and U.S. President Joe Biden’s visit to Israel.
In this article, stocks on Wall Street experienced a decline as the earnings season progressed, and investors were anticipating upcoming financial reports. The Dow Jones Industrial Average dropped by 91 points, which is equivalent to a 0.3% decrease. The S&P 500 also traded lower, down by 0.5%, and the Nasdaq Composite saw a 0.6% decline.
Several notable companies faced declines in their stock prices. J.B. Hunt’s stock fell by nearly 6% due to worse-than-expected earnings. United Airlines also suffered a more than 6% drop after providing soft guidance. Morgan Stanley had a drop of more than 6%, potentially its worst day since 2020, primarily because of weak performance in the bank’s wealth management division, despite beating expectations in other areas.
On the positive side, Procter & Gamble’s stock rose nearly 3% after surpassing analyst expectations for the quarter. Investors were also looking ahead to the earnings reports of Netflix and Tesla, scheduled for release later that day.
Around 10% of companies in the S&P 500 had reported their financial results at the time of the article. Of those that had reported, approximately 78% had exceeded analyst expectations. The article also mentioned that the direction of interest rates and corporate outlooks would be critical factors influencing the near-to-intermediate term direction of stocks.
Additionally, the impact of the ongoing Israel-Hamas conflict was being assessed by Wall Street, and U.S. President Joe Biden had visited Israel as part of a trip to show solidarity with the country.
The previous day had seen a relatively subdued market session, with bond yields rising due to stronger-than-expected September retail sales. The Dow Jones rose by 0.04%, the S&P 500 inched up by 0.01%, and the Nasdaq Composite lagged behind, falling by 0.25%.
For full original article on CNBC, please click here: https://www.cnbc.com/2023/10/17/stock-market-today-live-updates.html
