S&P 500 Wavers on Mixed Earnings Reports

Date : 10/23/2019 @ 2:15PM
Source : Dow Jones News

S&P 500 Wavers on Mixed Earnings Reports

By Caitlin Ostroff 

The S&P 500 was little changed Wednesday, coming under pressure after a streak of mixed earnings reports.

The broad index fell 0.1% shortly after the opening bell. The Nasdaq Composite lost 0.2% and the Dow Jones Industrial Average rose 54 points, or 0.2%, to 26842.

Declines among shares of semiconductor firms weighed on major indexes, with Texas Instruments dropping 9.1% after giving a downbeat outlook for the fourth quarter.

Health care stocks were mixed: Eli Lilly fell 5.4% after posting revenue that missed analysts' expectations and medical-device maker Boston Scientific climbed 5.9% after it raised its revenue growth target.

Among industrials, Boeing shares jumped 2.7% after the aerospace giant said profits more than halved in the latest quarter but indicated it still expects its 737 MAX to return to service by the end of the year.

The rally in Boeing shares helped keep the Dow industrials slightly higher for the day, even as the broader S&P 500 traded slightly lower.

Later Wednesday, investors will get a read on quarterly results from companies including Microsoft, Ford Motor and Tesla. So far in the reporting season, S&P 500 companies have mostly managed to beat analysts' estimates, although investors note that expectations were relatively low heading into the fourth quarter.

Elsewhere, the Stoxx Europe 600 ticked down 0.1% after British lawmakers endorsed the terms of a Brexit agreement but rejected the government's proposed timetable.

The pound, which had fallen sharply after Tuesday's votes, edged up 0.1% against the U.S. dollar.

Parliament's rejection of Prime Minister Boris Johnson's legislative schedule for Brexit reduced the likelihood of a departure by Oct. 31, said Michael Hewson, chief market analyst at CMC Markets. Mr. Johnson said Tuesday that he would try to trigger an election if lawmakers move too slowly in considering his deal.

"There are a lot of moving parts," which makes it hard for investors to position for what happens next, Mr. Hewson said. "We are now in extension territory and we've been in that territory for a while."

In Hong Kong, the Hang Seng Index fell 0.8%, posting its biggest one-day decline since the start of the month, following reports that China is preparing to replace the city's leader, Carrie Lam.

--David Hodari and Akane Otani contributed to this article.

Write to Caitlin Ostroff at caitlin.ostroff@wsj.com

 

(END) Dow Jones Newswires

October 23, 2019 10:00 ET (14:00 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.


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