NEW YORK - The S&P 500 closed just barely lower on Thursday, as a dive in industrial stocks and concerns about slowing global growth eclipsed gains in Facebook and Microsoft.
Amazon.com Inc shares were up 1.7% after the market closed after the company reported a first-quarter profit that topped estimates, although its second-quarter revenue forecast was largely below expectations. Intel Corp shares fell 7% after the chip maker forecast current-quarter revenue below analysts’ estimates. But shares of Facebook Inc and Microsoft Corp both jumped, rising 5.8% and 3.3%, respectively, after they reported better-than-expected results.
“Second-quarter estimates continue to be reduced. That’s telling you there’s a lot of caution. That’s coming from corporate management teams as they provide guidance and the market is following their lead,” Bell said. “We’re still in a wait-and-see mode regarding the direction of the economy so nobody’s willing to go all out in the market right now especially with valuations at a premium.”
The Dow Jones Industrial Average fell 134.97 points, or 0.51%, to 26,462.08, the S&P 500 lost 1.08 points, or 0.04%, to 2,926.17, and the Nasdaq Composite added 16.67 points, or 0.21%, to 8,118.68. But 3M fell almost 13% in its biggest one-day percentage drop in more than three decades, after it cut its 2019 earnings view and announced plans to lay off 2,000 workers. It was the biggest decline since Oct. 19, 1987, when it dropped 20.3% in a broad market crash.
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