Highlights
Equities ended narrowly mixed Tuesday with earnings news in focus. A late rebound in selected megacaps helped the major indexes recover from early weakness.
The Dow Jones industrial average eased 0.3 percent, the S&P 500 rose 0.3 percent and the Nasdaq was up 0.4 percent. US Treasury yields declined at the shorter end and rose at the long end. The dollar rose while oil prices declined.
Equities faced profit-taking pressure after recent record highs in the Dow and S&P 500. Rising long Treasury yields added to initial selling and the market reacted to a mixed batch of earnings reports. Megacaps recovering from initial losses included Tesla, Microsoft, and Nvidia.
Among sectors, best were communications services, consumer staples and materials. Lagging were consumer discretionary, health care, real estate and industrials.
Airlines got a boost from upbeat results at United Airlines while Procter & Gamble results helped lift consumer staples. On the downside, disappointing guidance hit GE and 3M to depress industrials. DR Horton earnings disappointed to hit homebuilders and Johnson & Johnson fell despite beating sales and earnings expectations.
The Dow Jones industrial average eased 0.3 percent, the S&P 500 rose 0.3 percent and the Nasdaq was up 0.4 percent. US Treasury yields declined at the shorter end and rose at the long end. The dollar rose while oil prices declined.
Equities faced profit-taking pressure after recent record highs in the Dow and S&P 500. Rising long Treasury yields added to initial selling and the market reacted to a mixed batch of earnings reports. Megacaps recovering from initial losses included Tesla, Microsoft, and Nvidia.
Among sectors, best were communications services, consumer staples and materials. Lagging were consumer discretionary, health care, real estate and industrials.
Airlines got a boost from upbeat results at United Airlines while Procter & Gamble results helped lift consumer staples. On the downside, disappointing guidance hit GE and 3M to depress industrials. DR Horton earnings disappointed to hit homebuilders and Johnson & Johnson fell despite beating sales and earnings expectations.
Definition
Market Reflections track market reaction to the trading day's major events. Economic data, policymaker speeches, and company news are featured in this report as well as key indexes and financial instruments.
Description
Understanding why markets respond as they do is fundamental for an investor. Market Reflections help explain how the day's events, news, and data impact the outlook for the economy and for market prices.
