Wall Street Edges Lower Amid Mixed Earnings, Europe Stocks Flop

0
124

Wall Street Edges Lower Amid Mixed Earnings, Europe Stocks Flop

US stocks dropped, with the Standard & Poor’s 500 index extending a weekly fall, as investors assessed corporate results. Europe shares were down as euro fell.

The S&P 500 gauge lost 0.2% as of 12:02 pm in New York. The Nasdaq Composite Index plunged 0.1%, shedding a tumble of 0.7% at early hours of trading.

Apple Inc dropped 1% today. The maker of iPhone is in advanced negotiations to buy headphone maker and operator of music-streaming service Beats Electronics LLC for $3.2 billion, Bloomberg reported.

The Dow Jones industrial average was at 16,546 at 12 noon Eastern Time after plunging five points or 0.03%.

CBS slipped 4% or $2.13 to $55.88 after revenue for the first quarter was lower than analysts’ estimates. The highest-rated television network had its advertising sales slide 12%.

Retailer Ralph Lauren plunged $4.74 or 3% to $147.25 after its estimates for revenue fell short of investor expectations. Gap hit $40.79 after adding $1.55 or 4%.

“There’s a pause here, but I think it’s a pause before a rise rather than a fall. The economic numbers will continue to get better,” David Kelly of JPMorgan is quoted by ABC as saying.

**relatedarticle**

Hotel chain Hilton Worldwide Holdings increased 66 cents or 3% to $23.30. The hotelier’s earnings for the first quarter were 13 cents as opposed to nine cents analysts had forecasted.

Symantec Corp jumped 78 cents or 4% to $20.91. The maker of security solutions for computer systems said fourth-quarter profit margins widened and net income surged, thanks to cost reductions.

The Stoxx Europe Index lost 0.3% against the background of lower-than-expected earnings reports. DAX of Germany retreated 0.3% while France’s CAC-40 shed 0.7%. The euro edged lower 0.5% to $1.3769.

The S&P GSCI measure of commodities slid 0.1% as coffee declined and wheat lost for the third day in a row.

To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.

To contact the reporter of this story; Jonathan Millet at john@forexminute.com