S&P falls on corporate earnings outlook

Shares slid for the second straight trading day on Thursday, although corporate earnings continued to come in better than expected this week.

The Dow Jones Industrial Average fell 91.01 points, or 0.30%, to 30,332.80. The S&P 500 fell 29.58 points, or 0.80%, to 3,665.58 and the Nasdaq Composite fell 65.66 points, or 0.61%, to 10,614.84.

AT&T (T) and American Airlines (AAL) each beat analysts’ expectations when they released earnings on Thursday. Earlier in the week, Bank of America (BAC), Bank of New York Mellon (BK) and Goldman Sachs (GS) also all beat forecasts, along with defense firm Lockheed Martin (LMT).

Nonetheless, inflation remains at a 40-year high and the Federal Reserve has signaled that it will hike interest rates for the sixth time next month. US Treasury yields hit new highs recently, including the 10-year bond yield at 4.228% – the highest since 2008.

Among stocks that fell was Tesla (TSLA), which closed at $207.28, down $14.76 or 6.65%. Microsoft (MSFT) stock price fell $0.33, or 0.14%, to close at $236.15.

“Our guess is that gains will be good enough to keep the market range bound but not enough to push it back to its mid-summer highs and given the lagged nature of monetary policy we would argue that the time isn’t in the market,” said Michael Shaoul of Marketfield Asset Management in a note to clients.

https://www.ibtimes.com.au/stock-market-today-sp-dips-amid-corporate-earnings-outlook-1839758?utm_source=Public&utm_medium=Feed&utm_campaign=Distribution S&P falls on corporate earnings outlook

Fry Electronics Team

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