21 September 2018

Markets Slip Slightly Amid Mixed Earnings Reports

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The Dow Jones Industrial Average and the S&P 500 both closed slightly lower amid mixed earnings. However, the technology sector was buoyed as shares of Apple rallied on positive reports. The Dow Jones Industrial Average fell 25.5 points to 15,542, the S&P 500 declined 6.5 points, to 1,686 and the Nasdaq Composite climbed 0.3 points to 3,580. 

Winners 

Apple (AAPL) reporting earnings that exceeded expectations after the market close on Tuesday. Shares rallied giving a boost to the Nasdaq composite.

Boeing's (BA) quarterly results were well ahead of estimates, sending shares of the aerospace giant climbing.

Losers 

AT&T (T) reported weaker-than-expected profits, but only missed expectations slightly. But with sales that topped analysts' estimates, shares dipped only slightly. 

Caterpillar (CAT) weighed in with disappointing results and a gloomy full-year outlook sending shares lower.

Other News 

The Commerce Department reported sales of new, single-family homes rose 8.3% in June to an annual rate of 497,000 units, beating expectations of 482,000. It was the highest reading in five years. The housing market has recently been showing signs of life, but the recovery has been choppy because of interest rate jumps. 

Oil futures dipped 5 cents, or 0.05%, to $107.18 a barrel. Gold rose $6.70, or 0.5%, to $1,342 a troy ounce.

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