On Tuesday, U.S. stocks closed mixed as investors followed the latest batch of company earnings. The reports reflected a downbeat outlook that could potentially foretell a coming recession.
- The Dow gained +104.40 or +0.31%
- The S&P 500 shed -2.86 or -0.07%
- The Nasdaq dropped -30.14 or -0.27%
Wall Street investors had a volatile day on Tuesday as they struggled to build on two days of gains amid the thick of earnings season. Technology stocks were under pressure, with investors eyeing Microsoft and Texas Instruments, both of which reported after the market closed.
3M Co. shares finished the day 6.2% lower after the company missed earnings per share and guidance estimates. To add to the bad news, the Post-it maker also said it would be cutting 2,500 jobs from its global manufacturing roles.
Johnson & Johnson shares were relatively flat, despite the drug company’s reported earnings that beat profit estimates and a full-year earnings outlook that was higher than expected. The company did, however, miss revenue forecasts.
The NYSE halted dozens of stocks for about 20 minutes in the morning due to a technical issue. Affected stocks included Verizon, Nike, McDonald’s, AT&T, and Morgan Stanley. The NYSE said it was investigating the issue……[read more]
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