US markets fall off the pace due to mixed earnings reports
- US Market
- 2 months ago
U.S. indices retreated as Wall Street digested mixed quarterly earnings results as well as President Donald Trump's second State of the Union address.
The DJIA closed 21.22 points lower at 25,390.30 and ended a three-day winning streak while the S&P 500 slid by 0.22% to 2,731.62, ending a five-day winning streak.
Finishing the day’s exchange, the Nasdaq Composite retreated by 0.36% to about 7,375.28.
Shares of tech-related companies like Facebook, Amazon, Netflix and Google-parent Alphabet all declined at least 0.36%.
On Tuesday, the Dow gained more than 150 points, while the S&P 500 and Nasdaq rose 0.47% and 0.7%, respectively.
Over 55% of S&P 500 companies have posted quarterly results through Wednesday morning, with 68% beating expectations.
General Motors posted earnings beating expectations, driving shares up by 1.6%, Walt Disney and Snap also reported their respective figures.
Disney retreated by 1.1%, while Snap rocketed by 22%.
Eli Lilly and Cummins, meanwhile, reported earnings that missed expectations with shares falling by 0.95% and 0.3% respectively.
Source: Smart Trend Team