AGL 8.15 Decreased By ▼ -0.15 (-1.81%)
ANL 11.09 Increased By ▲ 0.14 (1.28%)
AVN 83.70 Increased By ▲ 4.00 (5.02%)
BOP 5.85 Increased By ▲ 0.10 (1.74%)
CNERGY 5.65 Increased By ▲ 0.01 (0.18%)
EFERT 80.22 Increased By ▲ 0.86 (1.08%)
EPCL 67.28 Decreased By ▼ -0.20 (-0.3%)
FCCL 15.20 Increased By ▲ 0.31 (2.08%)
FFL 7.23 Increased By ▲ 0.53 (7.91%)
FLYNG 8.06 Increased By ▲ 0.90 (12.57%)
GGGL 12.00 Increased By ▲ 0.40 (3.45%)
GGL 17.71 Increased By ▲ 0.20 (1.14%)
GTECH 8.78 Increased By ▲ 0.43 (5.15%)
HUMNL 7.23 Increased By ▲ 0.06 (0.84%)
KEL 3.74 Increased By ▲ 0.60 (19.11%)
LOTCHEM 32.10 Decreased By ▼ -3.10 (-8.81%)
MLCF 29.00 Increased By ▲ 0.65 (2.29%)
OGDC 86.05 Decreased By ▼ -1.65 (-1.88%)
PAEL 17.40 Increased By ▲ 0.77 (4.63%)
PIBTL 6.30 Increased By ▲ 0.25 (4.13%)
PRL 19.10 Decreased By ▼ -0.36 (-1.85%)
SILK 1.19 Increased By ▲ 0.05 (4.39%)
TELE 12.25 Increased By ▲ 0.84 (7.36%)
TPL 9.18 Decreased By ▼ -0.02 (-0.22%)
TPLP 20.70 Increased By ▲ 0.45 (2.22%)
TREET 26.95 Decreased By ▼ -0.15 (-0.55%)
TRG 97.75 Increased By ▲ 1.55 (1.61%)
UNITY 23.00 Increased By ▲ 2.15 (10.31%)
WAVES 14.10 Increased By ▲ 0.20 (1.44%)
WTL 1.31 Decreased By ▼ -0.03 (-2.24%)
BR100 4,389 Increased By 113.1 (2.65%)
BR30 16,099 Increased By 305.6 (1.94%)
KSE100 43,677 Increased By 804.8 (1.88%)
KSE30 16,532 Increased By 312.9 (1.93%)

NEW YORK: The S&P and Nasdaq slipped on Tuesday from record closing levels as investors digested a batch of corporate earnings results, while an expected policy announcement from the Federal Reserve on Wednesday helped to limit moves.

3M Co climbed 3.26% as one of the biggest boosts on the Dow after it benefited from lower costs and demand for disposable respirator masks, hand sanitizers and safety glasses amid a surge in coronavirus infections.

Johnson & Johnson also provided a strong lift, up 2.71% as the drugmaker said it expected to report eagerly awaited COVID-19 vaccine data early next week.

Of the 84 companies in the S&P 500 that posted earnings through Tuesday morning, 86.9% have topped analyst expectations, according to Refinitiv data.

Still, some companies showed the toll the pandemic has had on their businesses. American Express Co fell 4.13% and was the biggest drag on the Dow after it posted a 15% drop in quarterly profit as pandemic-led lockdowns and business restrictions kept the credit card issuer’s members from travelling and dining out.

Verizon lost 3.17% after the company posted earnings that topped expectations but missed prepaid phone subscriber estimates.

“It is still somewhat the early days but we are getting into the heart of it here,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.

The Dow Jones Industrial Average fell 22.96 points, or 0.07%, to 30,937.04, the S&P 500 lost 5.74 points, or 0.15%, to 3,849.62 and the Nasdaq Composite dropped 9.93 points, or 0.07%, to 13,626.07.

For the Nasdaq, the decline snapped a five-session streak of gains, its longest run of daily gains since early November.

After the closing bell, Microsoft shares rose 5.20% as the tech giant beat Wall Street estimates for revenue growth in its Azure cloud comuting business as it benefits from a global shift to home learning and working.

Few, if any, changes are expected in the US Federal Reserve’s policy statement at the end of a two-day meeting on Wednesday, with Fed Chair Jerome Powell likely to address inflation in his post-meeting news conference.

With the S&P 500 trading at more than 22 times 12-month forward earnings, concerns about stock bubbles on Wall Street are sparking fears of a pullback. Investors are keeping an eye out for forecasts from corporate America to justify the higher valuations.

Videogame retailer GameStop Corp climbed 92.71% after surging 144% on Monday, as individual investors again piled into a number of niche stocks, prompting short sellers to scramble to cover losing bets.

General Electric Co jumped 2.73 after the industrial conglomerate offered an upbeat outlook for its business this year and reported a surge in quarterly free cash flow.

Volume on US exchanges was 14.30 billion shares, compared with the 13.62 billion average for the full session over the last 20 trading days.

Declining issues outnumbered advancing ones on the NYSE by a 1.31-to-1 ratio; on Nasdaq, a 1.65-to-1 ratio favoured decliners.

The S&P 500 posted 29 new 52-week highs and no new lows; the Nasdaq Composite recorded 291 new highs and 9 new lows.

Comments

Comments are closed.